Consent of Independent Auditors

We consent to the use in this Registration  Statement of MutualFirst  Financial,
Inc.  on Form S-4 of our  report  dated  February  4,  2000 on the  consolidated
financial   statements  of  MutualFirst   Financial,   Inc.,  appearing  in  the
Prospectus, which is part of this Registration Statement. We also consent to the
reference to our firm appearing under the headings "Selected  Historical and Pro
Forma Financial Data" and "Experts" in the Prospectus.




Olive LLP

Indianapolis, Indiana
September 20, 2000