Bank Mutual Corporation Shareholders Vote to Approve Merger Agreement With Associated Banc-Corp

Bank Mutual Corporation (“Bank Mutual”) (NASDAQ:BKMU) announced that its shareholders, at a special meeting held earlier today, voted to approve the previously announced merger agreement providing for the merger of Bank Mutual with Associated Banc-Corp (NYSE:ASB). Shareholders also voted, in an advisory vote, to approve certain compensation arrangements for Bank Mutual’s named executive officers in connection with the merger.

The merger transaction remains subject to regulatory approvals and customary closing conditions; the companies expect the transaction will close in early 2018.

Bank Mutual Corporation’s stock is quoted on the NASDAQ Global Select Market under the ticker symbol BKMU. As of October 24, 2017, Bank Mutual’s subsidiary bank operated 57 banking locations in Wisconsin and one in Minnesota. 

This release contains forward-looking statements that are based on the current expectations and beliefs of management. Forward-looking statements may contain, and are intended to be identified by, words such as “anticipate,” “believe,” “expect,” “intends,” and similar expressions; the use of verbs in the future tense and discussions of periods after the date on which this report is issued are also forward-looking statements. The statements contained herein involve certain assumptions, risks, and uncertainties, many of which are beyond the Bank Mutual’s control and that could cause future events to differ materially from what is stated or expected; in particular, it is possible that the proposed merger with Associated Banc-Corp may not be completed in a timely manner or at all. These factors also include, but are not limited to, the factors discussed in Bank Mutual’s filings with the Securities and Exchange Commission, particularly under Part I, Item 1A, “Risk Factors,” of Bank Mutual’s 2016 Annual Report on Form 10-K, under the caption “Forward Looking Statements” in Bank Mutual’s Current Report on Form 8-K filed on July 20, 2017, and under the caption “Risk Factors” in Bank Mutual’s Schedule 14A, “Definitive Proxy Statement,” filed on September 15, 2017.

CONTACTS:  Bank Mutual CorporationDavid A. BaumgartenPresident and Chief Executive Officer or Michael W. DoslandSenior Vice President and Chief Financial Officer[phone]