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Bank Mutual Corporation
4949 West Brown Deer Road, Brown Deer, WI 53223 * (414) 354-1500
Business Description The Company is restructuring into the mutual holding company form of organization. As part of the restructuring, the Company formed Bank Mutual, a stock holding company and Mutual Savings Bancorp, MHC, a mutual holding company, which is called the MHC.
Offering
Information

Company has
gone public

Trading As  BKMU (NASNTL) Industry  Financial (SIC 6035)
Type of Stock Offered  Common Shares Filing Date  6/15/00
Domestic Shares Offered  6,100,000 Offer Date  11/2/00
Foreign Shares Offered  0 Filing Price  $10.00
Company Shares  6,100,000 Offer Price  $10.00
Selling Shrhldrs Shares  0 Gross Spread  - -
Gross Proceeds  $61,000,000 Selling  - -
Expenses  - - Reallowance  - -
Post-IPO Shares  - - Employees  - -
Primary
Underwriting
Group
Underwriter NameParticipationUnderwriter Phone
Ryan, Beck & Co. Lead Manager (800) 342-2325
Income
Statement
and
Cash Flow
Summary
  Prior
Audited
Income
Latest
Unaudited
Income
  Full Year Audited Figures 3 Months Ending
Figures in U.S. millions except per share data 12/31/95 12/31/96 12/31/97 12/31/98 12/31/99 3/31/99 3/31/00
Revenues   81.793 81.674 115.993 125.470 118.302 29.151 29.842
Income from Oper.   - - - - - - -
Net Income   7.644 3.501 10.185 11.151 -4.483 1.841 3.046
E.P.S   - - - - - - -
Revenue Growth (%)      -0.15 42.02 8.17 -5.713   2.37
Net Income Growth (%)      -54.20 190.92 9.48 -   65.45
Oper. Profit Margin (%)    - - - - - - -
Net Profit Margin (%)    9.35 4.29 8.78 8.89 - 10.21 6.32
Cash Flow - Oper.     17.34 -6.40 -2.89
Cash Flow - Inv.     -84.61 54.95 -113.94
Cash Flow - Fin.     -84.02 -14.10 -22.43
Balance Sheet
Summary
and
Financial
Ratios
Balance sheet as of: 3/31/00 Financial Ratios
Total Assets    1,742.18 Current Assets    - Current Ratio    -
Total Liab.    1,578.28 Current Liab.    1,319.19 Debt Ratio    90.59%
Total Equity    163.91 Working Cap.    - Debt to Equity Ratio    9.63
Cash    -    Return on Assets   0.17%
Use Of
Proceeds
The proceeds from the proposed offering will be used as part of the cash consideration to First Northern shareholders in the First Northern merger; to the Mutual employee stock ownership plan to fund its purchase of common stock; and to be retained by Bank Mutual.
Legal Counsel
Registrar
Auditor
Issuer's Law Firm  Quarles & Brady
Bank's Law Firm  Luse Lehman Gorman Pomerenk & Schick
Auditor  Ernst & Young
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Last updated: 11/19/00 12:58:35 PM
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