EXHIBIT 99

FOR MORE INFORMATION CONTACT:

David W. Heeter, President and CEO

765-747-2880
FOR IMMEDIATE RELEASE:

February 20, 2007

MutualFirst Financial, Inc.

DECLARES CASH DIVIDEND

             MUNCIE, INDIANA - MutualFirst Financial, Inc. (NASDAQ:MFSF), the

holding company of Mutual Federal Savings Bank, has announced that the Company will

pay a cash dividend of $ .15 per share for the first quarter of 2007. The dividend will be

payable on March 23, 2007 to shareholders of record on March 9, 2007.

             Mutual Federal Savings Bank primarily serves Delaware, Randolph, Kosciusko,

Grant, and Wabash Counties in Indiana. The Bank exceeds all applicable regulatory

capital requirements. The Company had $961 million in assets and $88 million in total

equity as of December 31, 2006. The Company's stock is traded on the NASDAQ

National Market under the symbol "MFSF".