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Mutual Home & Savings Assocation Established Mutual Home & Savings Association was established by George N. Higman to provide a safe place for saving money and to provide a source of funds available to the community for the building and purchasing of homes. The Muncie Daily Times headline read “Secure a Home. The books of the Mutual Home and Savings Association are now open. Every person interested in saving money or securing a home should become members at once." Charles E. Jones was the first President of Mutual Home and Savings Association.
David A. McLain, a prominent Muncie dentist as well as a founder of the Western Reserve Life Insurance Company, succeeded Charles E. Jones as President of Mutual Home & Savings Association.
George Ewing, Mutual’s first home loan customer, repaid his loan in full and the property was released on February 22nd. The loan was to be repaid at a rate no less than 50 cents per week. The house still stands today at 1113 W. Tenth St. in Muncie, Indiana.
Mutual Home opened its doors to the public at new headquarters at the corner of Charles and Mulberry streets in Downtown Muncie. That remained the home for Mutual Home for the next 60 years.
After the passing of David McLain, George Higman assumed the presidency of Mutual Home. In addition to founding Mutual Home, Higman's initial leadership was a catalyst behind the association's growth in its first half century of business. Higman's last year with Mutual Home was 1939 and he later passed away in 1940. One of Mr. Higman's famous quotes is as follows: "A penny is a small matter. Yet the comfort of thousands of families depends upon the proper saving and spending of pennies. The greater part of my life has been assisting in the building of Mutual Home into one of the best financial institutions in our country, and in serving the community in savings and home ownership. Without the confidence of the community, this could not have been done."
A brochure celebrating 40 years in business said “The Mutual Home Association has assisted so many of its members in purchasing and building homes that if all were on one street, they would cover every lot on both sides for more than 36 miles.”
President George Higman passed away at the age of 83. To succeed Mr. Higman, Everett Moffitt was named the 4th president of Mutual Home on April 4, 1940.
President, Everett Moffitt passed away. J.W. Kirkpatrick, a longtime director, was elected to the presidency of Mutual Home to replace Moffitt.
President, J.W. Kirkpatrick, passed away and Harry Guthrie became Mutual Home’s President. During his lifetime, Guthrie had been associated with Mutual Home for an astonishing 60 years. He stepped down after serving as President for seventeen years. He maintained his seat on the board of directors until his death in 1974.
Mutual Home moves into its new office building (and current corporate headquarters) at the corner of Charles and Mulberry. An estimated 6,000 people waited and toured the new building that featured a fresh and contemporary design and technology, much of which was state-of-the-art at the time.
During its first 80 years in business, Mutual Home had financed more than 69,000 homes for area residents. If lined up from end to end, these homes would have extended for 655 miles. Also, more than 130,000 savers had invested in the association since 1889.
The first Mutual Home Financial Center (apart from the main location in downtown Muncie) opened at 2900 W. Jackson St. in Muncie. The first customer recorded was a three month old boy!
Walter Burt assumed presidency following Mr. Guthrie.
Walter Burt retired as President after 45 years at Mutual Home. Gene Kern, who was serving as Vice President, succeeded Walter Burt as Mutual Home’s President. Mutual Home continued to thrive during the years of Kern's leadership. He served almost 40 years at Mutual Federal Savings Bank, spanning the entire scope of the postwar period.
By 1979, Mutual Home had completed 90 years of business in serving savers and home owners. It's total assets had grown from the initial $230 dollars it opened with to $230,000,000 in 1979. Mutual Home held a downtown gala featuring an ice cream social, a live band (pictured), rides, and other entertainment. An estimated 7,500 people attended.
Mutual Home changed its organizational charter to become Mutual Federal Savings Bank. The name change was to more accurately reflect the posture Mutual Home was taking in the banking industry.
Mutual Federal Savings Bank expanded services to Kosciusko County through the merger of Warsaw Federal Savings and Loan Association. This merger added two offices in the Warsaw, Indiana area.
Donn Roberts succeeded Gene as president of Mutual Federal Savings Bank after serving as Executive Vice President and Treasurer since 1981.
The year long celebration of Mutual Federal Savings Bank focused on the success of the bank but also the history and growth of east central Indiana and its people. The campaign was comprised of two components: a variety of community events designed to appeal to individuals of all ages as well as a historically based poster series and video created as a lasting commemoration for the community.
Mutual Federal introduced Business Banking giving businesses the ability to build a strong relationship with an institution dedicated to providing a broad range of business products and services.
Mutual Federal announced the approval to complete the conversion from a Mutual Savings Bank to a Stock Savings Bank.
MFS Financial, Inc stock was first offered for trade on the NASDAQ National Market under the symbol MFSF on Thursday, December 30, 1999.
MFS Financial changed its name to MutualFirst Financial, Inc.
MutualFirst completed a strategic alliance with Marion Capital Holdings, Inc., the holding company for First Federal Savings Bank of Marion, Indiana. This alliance added two Marion, Indiana offices. This alliance bridged the gap of the Delaware and Kosciusko County markets.
After serving 18 years as president, R. Donn Roberts retired. David Heeter was named President and CEO of MutualFirst Financial, Inc. From 2001 to 2002, Dave served as Executive Vice President and Chief Operating Officer of the Bank. Prior to 2001, he served as Vice President of Human Resources, Marketing and Administration of the Bank. He started with the MutualBank in 1986.
Pat Botts was named President & COO of MutualFederal to oversee the daily operations and growth of the bank. Prior to that appointment, Pat had served as the Executive Vice President and Chief Operating Officer of the Bank since April 2002. From 2001 to 2002, he served as Vice President of Human Resources, Marketing, and Administration of the Bank. Prior to 2001, he served as Vice President of Retail Lending for the Bank and has been employed by the Bank since 1986.
Mutual Federal acquired the assets of Fidelity Federal Savings Bank of Marion, Indiana. This acquisition represented Mutual Federal’s solid commitment to the Grant County community.
Mutual Federal completed the purchase of the Winchester, Wabash and Warsaw offices owned by First Financial Bank, N18A and operated as branches of Community First Bank and Trust.
Mutual Federal announced the acquisition of Wagley Investment Advisors, Inc. This new division, Mutual Financial Advisors, provides Mutual Federal with new and expanded investment options and money management.
Mutual Federal expanded into Elkhart County opening a new branch in Goshen, Indiana.
Known as Mutual Federal Savings Bank since 1984, the Bank underwent branding and a name change to MutualBank. The change simplified the name, while maintaining MutualBank’s true identity and important history in the banking industry. Mutual Financial Services also rebranded to MutualFinancial Investment Services.
MutualBank acquired MFB Corp., a community bank headquartered in Mishawaka, Indiana and also founded in 1889. Through this acquisition, MutualBank stretched into St. Joseph County, as far south as Hamilton County and as far West as Montgomery County. MutualBank expanded from 20 to 32 offices in Indiana. Additional services were added to MutualBank’s portfolio, including a wealth management division, known as MutualWealth Management Group.
MutualBank continued integration of the merger with MFB Corp. by expanding MutualWealth Management Group across our entire footprint.
MutualBank applied and was granted an Indiana commercial bank charter. The charter better reflects our business model and the products and services we provide to our clients without the limitations. Additionally, MutualBank participated in the Small Business Lending Fund, the preferred stock held by the United States Treasury.
MutualBank fully paid the Small Business Lending Fund. Established by the Small Business Jobs Act of 2010, the Small Business Lending Fund was a dedicated fund designed to provide capital to qualified community banks to encourage small business lending.
2014 was a year-long celebration of MutualBank's 125th Anniversary. The celebration put the spotlight back on the communities and individuals MutualBank serves, recognizing those who quietly make a positive impact in their community. People submitted nominations of someone who they felt helps others live better lives and then voting took place across the state to determine the Better Life Award winners. These winners then received money to give back to their favorite nonprofit organization! In addition, each of MutualBank's employees received $125 to give to a nonprofit. In total, $125,000 was given as a gift back to our communities.
MutualBank completed a trust acquisition of accounts from First Farmers Bank & Trust Co.
MutualBank's first foray into Fort Wayne, IN was in December, 2015. MutualBank acquired SummitMortgage, a long-standing mortgage lender and opened a new financial center as well to serve surrounding communities.
MutualFirst Financial, Inc. (Holding company for MutualBank) and Universal Bancorp (Holding company for BloomBank) finalized a merger agreement in which the combination expanded MutualFirst's presence into central and southern Indiana. Eleven new locations were added to MutualBank's existing 39 financial centers.
As a result of the BloomBank partnership, MutualBank surpassed $2 billion dollars in assets for the first time.
MutualBank was proud to be recognized as a 2018 "Best Places to Work" by the Indiana Chamber of Commerce in 2018. This statewide survey and awards program was designed to identify, recognize and honor the best employers in Indiana, the state’s economy, workforce, and businesses. The award criteria focused on overall efforts towards employee wellness and employee satisfaction.
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