History

September 7, 1889
The Mutual Home and Savings Association was formed. The purpose of Mutual Home over a century ago was very simple. The Association provided a safe place for saving money, and a source of funds available to the community for the building and purchasing of homes. Throughout the years of service to our communities, what is now Mutual Federal Savings Bank, has always promoted and delivered thrift and home ownership.

Strength with growth has always been Mutual Federal's agenda. From its simple beginning in 1889, Mutual Federal's assets grew to over twenty million dollars by 1950, and more than doubled to $52,500,000 by 1960. The 1960's saw the beginning of a new era for Mutual Federal. On March 11, 1963, Mutual Federal moved into its new office building at the corner of Charles and Mulberry. In addition, Mutual Federal opened its first convenience branch office at 2900 West Jackson Street. By the close of the 1960's, Mutual Federal's expansion was rewarded when its total assets neared the $100,000,000 mark.

The 1970's
Mutual Federal saw continued growth and expansion. In 1970, a second branch office was opened at the corner of Oakwood and McGalliard Avenue. Mutual Federal's strength was critical as it expanded into Randolph County. On January 1, 1975, Mutual Federal acquired Winchester Home and Savings. This acquisition served to further promote Mutual Federal's goals of thrift and home ownership. In 1977, Mutual Federal opened two additional convenience centers. An office in Yorktown, at the corner of Yorktown-Gaston Pike and State Road 32, and a new office to replace the first branch office on Jackson Street. In 1978 a sixth convenience office at 2000 S. Madison Street was added. During the 1970's, Mutual Federal's diligence to quality growth proved important as the firm's assets grew to almost $230,000,000.

The 1980's
Difficult times were brought to savings institutions. Interest rates rose to an all-time high, forcing many institutions to alter their philosophy of doing business. Mutual Federal never strayed from its mission of providing customers competitive interest rates on savings and funds to purchase their homes. New products were offered during the 1980's, as deregulation required Mutual Federal to compete for retail services. Mutual Federal changed its organizational charter to become Mutual Federal Savings Bank in April of 1984. The name change was to more accurately reflect the posture Mutual Federal was taking in the banking industry. Mutual Federal continued to expand to serve customers by opening a sixth Delaware County, Indiana, branch office at 3613 N. Broadway to serve northeast county residents. Despite tough economic times during the early 80's, Mutual Federal was able to expand services to Kosciusko County in Northern Indiana through the merger of Warsaw Federal Savings and Loan Association. This merger gave Mutual Federal great exposure to a booming economy, while quality growth occurred. The merger added two more offices to serve customers, and the opening of yet another office at 2034 E. Center Street in Warsaw brought the number of Mutual Federal offices to ten. However, critical to the ability to grow, is financial strength. As Mutual Federal reached its centennial year, 1989, its reserves to assets remained exceptionally high.

1991
Mutual Federal's second century of quality began with assets in excess of $337,000,000. The eleventh Mutual Federal office was opened at 3701 W. Bethel Avenue in Muncie.

1993
The year 1993 again marked a record in earnings as reserves continued to grow, exceeding all regulatory requirements.

1995
We saw the grand opening of our new North Webster office. This office saw tremendous growth during 1995 and is more effectively able to serve our many customers in Kosciusko County.

1997
Mutual Federal introduced Business Banking. With this introduction Mutual Federal provided businesses the ability to build a strong relationship with an institution dedicated to providing a broad range of business products and services.

November 1997
There was an acquisition of an NBD branch in Albany. This expanded Mutual Federal's service in northeastern Delaware County.

June 23, 1999
Mutual Federal's first branch located in a grocery store was opened. Winchester East is located in the Marsh store in Winchester.

December 28, 1999
Mutual Federal announced that they received regulatory approval to complete its conversion from a Mutual Savings Bank to a Stock Savings Bank. MFS Financial, Inc. stock was first offered for trade on the NASDAQ National Market under the symbol MFSF on Thursday, December 30, 1999.

April 2000
MFS Financial changed its name to MutualFirst Financial, Inc. Also in 2000, Mutual Federal opened its newest Delaware County office at 4710 E. Jackson Street in Muncie, Indiana.

December 8, 2000
MutualFirst completed a strategic alliance with Marion Capital Holdings, Inc., the holding company for First Federal Savings Bank of Marion, Indiana. This alliance added two Marion offices, one at 100 W. 3rd St. and a second in the Wal-Mart Supercenter at 3240 W. Western Ave. In addition a third former First Federal office is located in Gas City, Indiana at 1010 E. Main St. The alliance brought a profitable, well-managed bank into the Mutual organization. This alliance strengthens Mutual Federal by capturing the largest deposit market share in Grant County, and helps bridge the geographic gap between the Delaware and Kosciusko County markets.

March 2005
Mutual Federal acquired the assets of Fidelity Federal Savings Bank of Marion, Indiana. This acquisition represented Mutual Federal's solid commitment to the Grant County community, and added a convenient branch location at the bypass.

August 18, 2006
Mutual Federal completed the purchase of the Winchester, Wabash and Warsaw offices owned by First Fianancial Bank, NA and operated as branches of Community First Bank and Trust. The acquisition of two of the purchased branches has enhanced our position in two of our present markets, while the third provided a missing link in our franchise footprint in Wabash County.

March 22, 2007
Mutual Federal Savings Bank announced the acquisition of Wagley Investment Advisors, Inc. This new division, Mutual Financial Advisors, provides Mutual Federal with new and expanded investment options and money management.

July 1, 2007
Mutual Federal had 303 employees dedicated to serving customers through its twenty-one offices. Mutual Federal continues to be dedicated to accepting deposits and making mortgage loans to customers in its market area.

December 31, 2007
Mutual Federal has assets of 962.5 million.

March 2, 3008
Mutual Federal opened the doors of their newest branch located in Goshen, Indiana.  This branch is the first for Mutual Federal in Elkhart County.

Over the years, Mutual Federal Savings Bank has been committed to serving the communities needs first. The communities that Mutual Federal serves have responded with a resounding vote of confidence by doing business with the Bank. With continued financial strength and strategic growth, Mutual Federal will remain successful through continued strong customer patronage.