X0202 5 2007-12-31 0 0 0 0001123270 BANK MUTUAL CORP BKMU 0001230350 CALLEN CHRISTOPHER J 4949 WEST BROWN DEER RD MILWAUKEE WI 53223 0 1 0 0 Senior Vice President Common Stock 129377 D Common Stock 25177 I By ESOP Plan Option to buy 3.2056 2011-05-08 Common Stock 165086 165086 D Option to buy 10.673 2014-05-03 Common Stock 100000 100000 D Held in the Bank Mutual Corpration ESOP Plan. The information presented is based on the Plan statement dated 12-31-2007. Employee Stock Option. The option is fully vested. Stock option granted under the 2004 Stock Incentive Plan. The options (100,000 in the original grant) vest in annual installments of 20% each based on the number of shares granted beginning May 3, 2005. This Form 5 does not report any transactions. Rather, it is being filed to update information on the securities held, certain items of which have changed as a result of transactions exempt from reporting. /s/Christopher J. Callen 2008-02-13