EXHIBIT 21

SUBSIDIARIES OF THE REGISTRANT

SUBSIDIARIES OF THE REGISTRANT

Parent	Subsidiary	Percentage of Ownership			State of Incorporation or Organization
MutualFirst Financial, Inc.	MutualBank		100	%	United States
	MFBC Statutory Trust I		100	%	Indiana
MutualBank	First M.F.S.B. Corporation		100	%	Indiana
	Mutual Federal Investment Co.		100	%	Nevada
	Mishawaka Financial Services, Inc.		100	%	Indiana
Mutual Federal Investment Co.	Mutual Federal REIT, Inc.		100	%	Maryland