FOR MORE INFORMATION CONTACT:	FOR IMMEDIATE RELEASE
David W. Heeter, President and CEO	August 8, 2007
(765) 747-2880

MutualFirst Financial, Inc.

DECLARES CASH DIVIDEND

MUNCIE, INDIANA - MutualFirst Financial, Inc. (NASDAQ:MFSF), the holding company of Mutual Federal Savings Bank, has announced the Company will pay a cash dividend of $ .15 per share for the third quarter of 2007. The dividend will be payable on September 28, 2007 to shareholders of record on September 14, 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 $948.7 million in assets and $87.7 million in total equity as of June 30, 2007. The Company’s stock is traded on the NASDAQ National Market under the symbol “MFSF”.