FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Schroeder Richard L 		2. Issuer Name and Ticker or Trading Symbol

BANK MUTUAL CORP [ BKMU ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Controller
(Last)          (First)          (Middle)

4949 WEST BROWN DEER RD 		3. Date of Earliest Transaction (MM/DD/YYYY)

1/17/2017
(Street)

MILWAUKEE, WI 53223
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   1/17/2017     A    1300   A   (1) 3800   D    
Common Stock                  1036   (2) I   Shares held in 401(k)   (3)
Common Stock                  1834   I   Shares held by wife  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Options to buy   $5.05                      (4) 1/18/2021   Common Stock   8000     8000   D    
Options to buy   $3.39                      (4) 1/17/2022   Common Stock   7500     7500   D    
Options to buy   $4.82                      (5) 1/22/2023   Common Stock   5000     5000   D    
Options to buy   $7.17                      (6) 1/21/2024   Common Stock   3500     3500   D    
Options to buy   $6.70                      (7) 1/20/2025   Common Stock   1500     1500   D    
Options to buy   $7.29                      (8) 1/19/2026   Common Stock   3600     3600   D    

Explanation of Responses:
( 1)  Restricted stock grant under the 2014 Incentive Compensation Plan. The shares (1,300 shares in the original grant) vest in annual installments of 33% each beginning January 17, 2018.
( 2)  Includes shares acquired through a dividend reinvestment plan.
( 3)  Held in the Bank Mutual Corporation 401(k) Plan.
( 4)  Stock options granted under the 2004 Stock Incentive Plan. The options are fully vested.
( 5)  Stock options granted under the 2004 Stock Incentive Plan. The options (5,000 in the original grant) vest in annual installments of 20% each beginning January 22, 2014.
( 6)  Stock options granted under the 2004 Stock Incentive Plan. The options (3,500 in the original grant) vest in annual installments of 20% each beginning January 21, 2015.
( 7)  Stock options granted under the 2014 Incentive Compensation Plan. The options (1,500 in the original grant) vest in annual installments of 33% each beginning January 20, 2016
( 8)  Stock options granted under the 2014 Incentive Compensation Plan. The options (3,600 in the original grant) vest in annual installments of 33% each beginning January 19, 2017.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Schroeder Richard L
4949 WEST BROWN DEER RD
MILWAUKEE, WI 53223

Controller

Signatures
/s/Richard L. Schroeder 1/19/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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