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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Washington, D.C. 20549</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FORM 8-K<BR>
CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Pursuant to Section 13 or 15(d)<BR>
of the Securities Exchange Act of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of Report: <U>January 27, 2012</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BANK MUTUAL CORPORATION<BR STYLE="mso-special-character: line-break">
&nbsp;</P>

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    <TD STYLE="width: 100%; border-top: windowtext 1pt solid; text-align: center; font-size: 10pt">(Exact name of registrant as specified in its charter)</TD></TR>
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    <TD STYLE="width: 30%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Wisconsin</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 36%; text-align: center; border-bottom: Black 1pt solid">000-31207</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center; border-bottom: Black 1pt solid">39-2004336</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">(State or other jurisdiction</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">of incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">File Number</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;Identification No.)</TD></TR>
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    <TD STYLE="width: 50%"><U>4949 West Brown Deer Road, Milwaukee, Wisconsin</U></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%"><U>53223</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">Registrant&rsquo;s telephone
number, including area code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><U>(414) 354-1500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

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<TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

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<TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

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<TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Item 2.02.&#9; Results of Operations and Financial Condition.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On January 19, 2012, Bank Mutual Corporation announced its results
for the three and twelve months ended December 31, 2011. A copy of Bank Mutual&rsquo;s related press release is furnished to the
Commission by attaching it as Exhibit 99.1 to this report.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * * * *</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.&nbsp;</P>

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    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"> January 27, 2012</U>&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%">BANK MUTUAL CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 33pt">(Registrant)</TD></TR>
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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 46%; padding-left: 9pt; border-bottom: Black 1pt solid">/s/Michael W. Dosland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Michael W. Dosland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Senior Vice President and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 9pt">Chief Financial Officer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

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{"company-data": {"conformed-name": "BANK MUTUAL CORP", "cik": "0001123270", "assigned-sic": "6035", "irs-number": "392004336", "state-of-incorporation": "WI", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-31207", "film-number": "12554621"}, "business-address": {"street1": "4949 W. BROWN DEER RD", "city": "BROWN DEER", "state": "WI", "zip": "53223", "phone": "4143626113"}, "mail-address": {"street1": "4949 W. BROWN DEER RD", "city": "BROWN DEER", "state": "WI", "zip": "53223"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report:
January 27, 2012
BANK MUTUAL CORPORATION
(Exact name of registrant as specified in its charter)
Wisconsin
000-31207
39-2004336
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number
Identification No.)
4949 West Brown Deer Road, Milwaukee, Wisconsin
53223
(Address of principal executive offices)
(Zip Code)
Registrant's telephone
number, including area code:
(414) 354-1500
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02.	 Results of Operations and Financial Condition.
On January 19, 2012, Bank Mutual Corporation announced its results
for the three and twelve months ended December 31, 2011. A copy of Bank Mutual's related press release is furnished to the
Commission by attaching it as Exhibit 99.1 to this report.
* * * * *
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:
January 27, 2012
BANK MUTUAL CORPORATION
(Registrant)
By:
/s/Michael W. Dosland
Michael W. Dosland
Senior Vice President and
Chief Financial Officer