MutualFirst Financial, Inc. Declares Cash Dividend

Wednesday, May 10, 2006

FOR MORE INFORMATION CONTACT:
David W. Heeter, President and CEO
(765) 747-2880

MUNCIE, INDIANA - MutualFirst Financial, Inc. (NASDAQ:MFSF), the holding company of Mutual Federal Savings Bank, has announced that the Company will pay a cash dividend of $.14 per share for the second quarter of 2006. The dividend will be payable on June 27, 2006 to shareholders of record on June 9, 2006.

Mutual Federal Savings Bank primarily serves Delaware, Randolph, Kosciusko and Grant Counties in Indiana. The Bank exceeds all applicable regulatory capital requirements. The Company had $964 million in assets and $89 million in total equity as of March 31, 2006. The Company's stock is traded on the NASDAQ National Market under the symbol "MFSF."