Bank Mutual Corporation announces proposal for addition of Mike Shafir to Board of Directors

– USA, WI – Bank Mutual Corporation (NASDAQ: BKMU) and Clover Partners, L.P., today announced that they have reached an agreement under which Mike I. Shafir, an Analyst with Clover Partners, L.P., is being nominated to Bank Mutual Corporation’s Board of Directors for election at its Annual Meeting of Shareholders to be held on May 2, 2016. With this addition, the Bank Mutual Board of Directors would be expanded from nine members to ten; the three Bank Mutual directors whose terms expire at the 2016 annual meeting are also being nominated for re-election.

“We are pleased to have reached this agreement with Clover Partners and look forward to having Mike Shafir as a new director,” said Dave Baumgarten, Bank Mutual Corporation’s CEO. “We have known Mike for many years as an investment professional focused on the financial institutions industry, and we look forward to his contributions to the Board.”

“We are pleased to have Mike be nominated to join the Bank Mutual Corporation Board of Directors and actively work with the Board on behalf of shareholders,” said Johnny Guerry, Managing Partner of Clover Partners.

Pursuant to the agreement, Clover Partners will not propose its own nominees as directors at Bank Mutual Corporation’s 2016 Annual Meeting or oppose management’s director nominees.

Bank Mutual Corporation is the third largest financial institution holding company headquartered in the state of Wisconsin based on total assets. Its stock is quoted on the NASDAQ Global Select Market under the ticker BKMU. As of December 31, 2015, its subsidiary bank operated 68 banking locations in the state of Wisconsin and one in Minnesota.

Clover Partners, L.P., is a long/short hedge fund with approximately $240 million assets under management and invests in small-cap banks.

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