First Mutual Bancshares to Present at Cohen Bros. & Company Investor Conference

First Mutual Bancshares, Inc. (Nasdaq:FMSB) announced
today that John Valaas, President and CEO, will be presenting in a
Pacific Northwest Panel at the Cohen Bros. & Company Second Annual
Investor Conference. The holding company for First Mutual Bank is
scheduled to present on Tuesday, March 14, 2006, at 10:25 am EST. The
live and archived presentation can be viewed at www.firstmutual.com.
   In January, First Mutual reported its 53rd consecutive quarter of
year-over-year earnings growth, with fourth-quarter diluted earnings
per share rising 13% from the same period in 2004. For the full year,
earnings per share were $1.86, up 11% from $1.68 in 2004.
   First Mutual's consistent performance has garnered attention from
a number of sources. Keefe, Bruyette & Woods named First Mutual to its
Honor Roll in 2005 and 2004 for the company's 10-year earnings per
share growth rate. In August 2005, U.S. Banker magazine ranked First
Mutual #34 in the Top 100 Publicly Traded Mid-Tier Banks, which
includes those with less than $10 billion in assets, based on its
three-year return on equity.
   First Mutual Bancshares, Inc. is the holding company for its
wholly owned subsidiary, First Mutual Bank, an independent,
community-based bank that operates 12 full-service banking centers in
the Puget Sound area and a sales finance office in Jacksonville,
Florida.

   www.firstmutual.com