MutualFirst Financial, Inc. Declares Cash Dividend

Thursday, May 21, 2009

MUNCIE, INDIANA – MutualFirst Financial, Inc. (NASDAQ:MFSF), the holding company of MutualBank, has announced the Company will pay a cash dividend of $ .12 per share for the second quarter of 2009.  The dividend will be payable on June 26, 2009 to shareholders of record on June 12, 2009.

            "MutualFirst is pleased to declare a cash dividend during today's turbulent economic times" said David W. Heeter President and Chief Executive Officer.  "We will continue to evaluate the need to retain capital in the Company and to return an appropriate amount of capital to our shareholders through dividends."

            The Company's subsidiary, MutualBank, is well capitalized and strong by all regulatory standards.  

            MutualBank, an Indiana-based financial institution, has thirty-three full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana.  MutualBank also has two Wealth management and Trust offices located in Carmel and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan.  MutualBank is a leading residential lender in each of the market areas it serves, and provides a full range of financial services including wealth management and trust services and Internet banking services.  The Company's stock is traded on the NASDAQ National Market under the symbol "MFSF" and can be found on the internet at www.bankwithmutual.com.