MutualFirst Financial, Inc. Holds Annual Meeting

Thursday, April 27, 2006

From: MutualFirst Financial, Inc.
For Publication: Immediately
Contact: David W. Heeter (765) 747-2880

Muncie, Indiana - April 26, 2006 - MutualFirst Financial, Inc. (NASDAQ: MFSF), the holding company for Mutual Federal Savings Bank, held its seventh annual meeting of stockholders at the Bank's headquarters on April 26, 2006. It was the 116th 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 six 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, 2006. The shareholders re-elected for a term of three years Patrick Botts, William Hughes, Jerry McVicker, R. Donn Roberts, and James Rosema and for a term of one year, Lynne Richardson.

President and CEO David W. Heeter reported to shareholders that 2005 had been a challenging year which produced solid results. Heeter commented: "2005 presented a difficult operating environment. A dramatic flattening of the yield curve created significant pressure on our net interest margin."

MutualFirst's wholly owned subsidiary Mutual Federal Savings Bank ended the year with record assets of $972 million. CEO Heeter said: "We were able to grow in each of our markets this past year and the acquisition of Fidelity Federal was significant." Heeter also reported dividend per share in 2005 increased to 53 cents from 47 cents in 2004.

The following Directors were elected:
Mr. Patrick C. Botts has served on the board since 2003. He has been the Executive Vice President of the Company and President and Chief Operating Officer of the Bank since 2003. He has been employed by the Bank in various other capacities since 1986.

Mr. William V. Hughes has served on the board since 1999. He has been a partner in the law firm of Beasley & Gilkison, L.L.P., Muncie, Indiana, since 1977, which serves as general counsel to the Bank. He was an advisory director to the Bank from January 1995 to April 1999.

Mr. R. Donn Roberts has served on the board since 1985. He retired in 2003 and was President and Chief Executive Officer of the Company since its formation in 1999, and was President and Chief Executive Officer of the Bank, positions held since 1985. He was employed by the Bank in various other capacities since 1965.

Mr. James D. Rosema has served on the board since 1998. He has been President of Rosema Corporation since 1972, an interior finishing company located in Muncie and Fort Wayne, Indiana.

Mr. Jerry D. McVicker has served on the board since 2000. He retired in 1996 as Administrator for Marion Community Schools. He served as director of Marion Capital Holdings, Inc., which merged with MutualFirst in December 2000.

Dr. Lynne Richardson has served on the board since 2005. She is Dean and Professor of Marketing of the Miller College of Business at Ball State University, a position she has held since 2001. From 1999 to 2001, she was Associate Dean for Undergraduate Programs and External Relations, School of Business, University of Alabama at Birmingham.

MutualFirst Financial, Inc.,is the holding company for Mutual Federal Savings Bank. The Bank was chartered in 1889, and offers financial services through the Internet and a network of 20 banking offices located in Delaware, Randolph, Kosciusko and Grant Counties in Northeastern Indiana.