EXHIBIT 21.1

The following table sets forth the name and jurisdiction of incorporation/charter of the Registrant’s subsidiaries. Inactive subsidiaries are not listed. Except as noted, all of the subsidiaries are 100% owned by Bank Mutual.

Name of Subsidiary	Jurisdiction of Incorporation/Charter
Bank Mutual (1)	USA
First Northern Investments, Inc.	Nevada
BancMutual Financial & Insurance Services, Inc.	Wisconsin
MC Development LTD	Wisconsin
Mutual Investment Corporation	Nevada

(1) Direct subsidiary of Bank Mutual Corporation.

Two other entities are 50% owned by Bank Mutual

Name of Subsidiary	Jurisdiction of Incorporation/Charter
Savings Financial Corporation (50% owned)	Wisconsin
Arrowood Development LLC (50% owned) (2)	Wisconsin

(2) Owned by MC Development LTD