Standard & Poor's Announces Changes to U.S. Index

NEW YORK, May 3  /PRNewswire/ -- Bank Mutual Corp. (NASDAQ:BKMU) will replace Stewart & Stevenson Services Inc. (NYSE:SVC) in the S&P SmallCap 600 after the close of trading on Tuesday, May 9, 2006.  Stewart & Stevenson is being acquired by S&P SmallCap 600 constituent Armor Holdings Inc. (NYSE:AH) in a deal expected to close on or about that date, pending final approval.

Standard & Poor's will monitor this transaction, and post any relevant updates on its website: http://www.standardandpoors.com/.

Bank Mutual owns and operates community banking centers in Wisconsin and Minnesota.  Headquartered in Milwaukee, WI, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Thrifts & Mortgage Finance Sub-Industry index.

  Following is a summary of the change:

                   S&P SMALLCAP 600 INDEX - May 9, 2006

                 COMPANY      GICS ECONOMIC SECTOR    GICS SUB-INDUSTRY
  ADDED        Bank Mutual         Financials     Thrifts & Mortgage Finance
  DELETED   Stewart & Stevenson   Industrials        Industrial Machinery



Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.

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DATASOURCE: Standard & Poor's



CONTACT:  David M. Blitzer, Ph.D.,

Managing Director & Chairman of the Index Committee,

[phone]



Web site:  http://www.standardandpoors.com/

http://www.mcgraw-hill.com/ 

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