March 14, 2014 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Bank Mutual Corporation (NASDAQ:BKMU) was initiated concerning whether certain Bank Mutual officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Bank Mutual officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval of Bank Mutual Corporations 2014 Incentive Compensation Plan.

In the Proxy Statement filed by Bank Mutual Corporation with the Securities and Exchange Commission the Board of Directors recommends that Bank Mutuals shareholders vote to approve the issuance of shares of the common stock by 3,000,000 under the 2014 Incentive Compensation Plan.
According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of Bank Mutual Corporation.

Bank Mutual Corporation reported that its Net Loss of $72.64 million in 2010 turned into a Net Income of $10.80 million in 2013.

Shares of Bank Mutual Corporation (NASDAQ:BKMU) grew from $2.59 per share in October 2011 to as high as $7.34 per share in January 2014.

On March 14, 2014, NASDAQ:BKMU shares closed at $6.47 per share.