MutualFirst Financial, Inc. Declares Cash Dividend

MUNCIE, Ind., June 7, 2011 /PRNewswire/ — MutualFirst Financial, Inc. (NASDAQ:
MFSF), the holding company of MutualBank, has announced the Company will pay a
cash dividend of $ .06 per share for the second quarter of 2011. The dividend
will be payable on June 24, 2011 to shareholders of record on June 10, 2011.

The Company’s subsidiary, MutualBank, is well capitalized and strong by all
regulatory standards.

MutualBank, an Indiana-based financial institution, has thirty-two full-service
retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St.
Joseph and Wabash Counties in Indiana. MutualBank also has two Wealth Management
and Trust offices located in Carmel and Crawfordsville, Indiana and a loan
origination office in New Buffalo, Michigan. MutualBank is a leading residential
lender in each of the market areas it serves, and provides a full range of
financial services including wealth management and trust services and Internet
banking services. The Company’s stock is traded on the NASDAQ National Market
under the symbol “MFSF” and can be found on the internet at
www.bankwithmutual.com.

Statements contained in this release, which are not historical facts, are
forward-looking statements, as that term is defined in the Private Securities
Reform Act of 1995. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ from those currently
anticipated due to a number of factors, which include, but are not limited to
factors discussed in documents filed by the Company with the Securities and
Exchange Commission from time to time.

SOURCE MutualFirst Financial, Inc.