MutualFirst Financial Holds Annual Meeting

Thursday, April 26, 2007

Muncie, Indiana - April 25, 2007 - MutualFirst Financial, Inc. (NASDAQ: MFSF), the holding company for Mutual Federal Savings Bank, held its eighth annual meeting of stockholders at the Bank's headquarters on April 25, 2007. It was the 117th annual meeting for Mutual Federal Savings Bank.

The company acted on two items of business during the annual meeting. The first was the re-election of two members of the Board of Directors. The second item of business was to ratify the appointment of BKD, LLP as the Company's independent auditors for the fiscal year ending December 31, 2007. The shareholders re-elected for a term of three years Edward J. Dobrow and David W. Heeter.

President and CEO David W. Heeter reported to shareholders that the operating environment in 2006 presented many challenges. Heeter commented: "We are so appreciative of the confidence our customers have in Mutual Federal Savings Bank."

MutualFirst's wholly owned subsidiary, Mutual Federal Savings Bank, ended 2006 with assets of $961 million, down slightly from $972 million in 2005. CEO Heeter reported dividends per share in 2006 increased to 58 cents, or 9.4% in 2006.

The following Directors were elected:
Mr. Edward J. Dobrow has served on the board since 1988. He is president and owner of D&M Leasing since 2001, a property development company located in Muncie, Indiana. He was president and owner of Dobrow Industries from 1981 to September 2001, a scrap metal processing company located in Muncie, Indiana.

Mr. David W. Heeter has served on the board since 2003. He as been the President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank since 2003. He has been employed by the Bank in various other capacities since 1986.

MutualFirst Financial, Inc. is the holding company for Mutual Federal Savings Bank. The Bank was charter in 1889, and offers financial services through the Internet and a network of 21 banking offices located in Delaware, Grant Kosciusko, Randolph and Wabash Counties in Northeastern Indiana.