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|Maryland                                        | 000-27905                | 35-2085640                       
|----------------------------------------------- | ------------------------ | ---------------------------------
|(State or other jurisdiction of	 incorporation) | (Commission File Number) | (IRS Employer Identification No.)

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Item 9.  Regulation FD Disclosure

On July 24, 2002, the Registrant presented to analysts and investors at the KBW Community Bank Investors Conference a slide presentation and read from the script which are attached as Annex A and Annex B to this Item 9.

Annexes A and B were prepared to assist investors, financial analysts and other interested parties in their analysis of *MutualFirst* Financial, Inc.  These annexes are incorporated herein by reference and have been furnished, not filed.



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 thereunto duly authorized.

| | ***MUTUALFIRST* FINANCIAL, INC.**
| | ---------------------------------

|Date:     July 24, 2002 | By:   /s/ R. Donn Roberts       R. Donn Roberts       President and Chief Executive          Officer
|----------------------- | ----------------------------------------------------------------------------------------------------

Annex A







































































Annex B

*MutualFirst* Financial, Inc.
Presentation to the KBW Community Bank Investors Conference
Wednesday, July 24, 2002

Good Morning.  Tim and I appreciate your attendance here this morning and your interest
in *MutualFirst* Financial, Inc.



Please note the obligatory Forward-Looking Statements statement.  We will attempt to be
as accurate and candid as we can in those statements.



Let me tell you a little bit about *MutualFirst* Financial, Inc. and Mutual Federal Savings
Bank.  We are located in Muncie, Indiana.

We are a $775 million in assets savings bank.  We operate out of seventeen offices in four
counties.   We have 21 ATM machines.

We converted to stock ownership on December 30, 1999.  Our conversion price was $10
per share, and we are currently at $______ per share.

At that time, we funded Mutual Federal Savings Bank Charitable Foundation, Inc. and I
mention that because of the appreciation our stock has had.  The Foundation now has $6
1/2 million in assets and this fiscal year we will give away over $300,000 in grants.  This
is three times more than the Bank ever gave away and this is $300,000 that is out there
getting positive recognition for our institution. It also is saving the Bank $100,000 a year
in charitable contribution expense.  We believe this was a great investment on the part of
our institution in our community.

We have approximately 19% inside ownership, which indicates a strong belief by our
management and directors in our institution.

We are blessed with a very strong management team.  The executive officers and other
senior management have considerable seniority and experience in their specialties and we
have a good mix of former commercial bank experience on the team.  We believe this
depth bodes well for management succession planning, as well as growth opportunities.



We are located in four counties in northeast Indiana.  Our home office is in Muncie,
bordered on either side by Randolph County and Grant County, with Kosciusko County
to the north.  This is our fastest growing market with a growth rate faster than that of the
state of Indiana.  We anticipate additional branches in that market.



What is our strategy?  We are a non-traditional thrift institution and I say that because for
a long time our emphasis has been on more than residential mortgage lending and time
deposits.

We have over twenty-five years of consumer lending experience offering home equity,
automobile, boats, and recreational vehicle loans, both direct and indirect.

For the last five years we have had additional emphasis on commercial lending.  We now
have a senior commercial lender in our three major markets, each having over 25 years of
commercial bank lending experience.  They are good, conservative lenders and we are
adding to that staff as we find qualified personnel.

We emphasize, continually, quality customer service.  It has to be measurably the best
and we measure ourselves, both internally and externally to insure that we are the best in
our market areas.

We are organized for management focus on results.  We have an Executive Vice
President, Chief Operating Officer who concentrates solely on the operation of the Bank,
increasing productivity, improving efficiency, compliance, making good loans, etc., while
we at the holding company level, above the "roar of the crowd," can concentrate on
broader company issues, such as:

| | shareholder relations,
improving shareholder value,
corporate development
strategic planning,
regulatory and legislative issues, etc.
| | -------------------------------------------------------------------------------------------------------------------------------------



Here we see our newly remodeled Holding Company area in our main office in Muncie.

We believe that with this focus of management on more specific areas of expertise we can
continue to increase shareholder value on a sustainable basis.



Continuing with 'What We Do', our Strategic Plan calls for incenting management and
staff to balance growth, productivity, and quality to maximize profitability.  Now that
may sound familiar to you if you are familiar with the Higgins Stakeholders Incentive
Program.  That's the program we use and we constantly balance a reasonable growth rate,
good productivity, and maintaining quality to maximize the profitability.  The Incentive
Plan is built around that and it becomes a part of any decision-making process.

It is our intent to continue to migrate our balance sheet toward higher interest rate margin
products and services.  We are trying to control our interest rate risk, we think consumer
lending helps immensely in that area.  Commercial products, with their floating rates help
us on that. We want to improve our asset quality; we have had a history of good asset
quality.  We had some deterioration with our merger, but we are in the process of
improving that again; and we want to improve our non-interest income, of course.

We are constantly looking for opportunities in high growth areas.  I mentioned the
Kosciusko County area in the northern part of the state.  That is our greatest opportunity
in our existing markets, but we are always looking at opportunities to move into high
growth areas, or ones that solidify our position from a management standpoint.



We are looking for strategic alliances to achieve our strategy.  We have done three, in
addition to deposit purchases and branch purchases.  The first one was several years ago,
when we helped form Family Financial Life Insurance Company.  It is owned by six
financial institutions, of which we are one.  That gives us an opportunity to own an equity
position and improve our rate of return on equity.  We sell mortgage and credit life
through this company and are well on our way to solving the issue of the credit life
insurance product, probably moving toward a debt cancellation contract.

As of the first of the year, we formed a limited liability corporation in the development of
Indiana Title Insurance, L.L.C.  We purchased two large title insurance agencies, along
with two other bank holding companies.  We will soon be issuing title insurance policies
in twenty counties in the state of Indiana.  Those are the counties in which the three
holding companies have bank branches.  They also do loan closings for a fee.



Here we see a picture of those offices in downtown Muncie.  We feel the opportunities
for improving ROE are extremely good.



Another type strategic alliance we entered into was the merger with Marion Capital
Holding Company, owner of First Federal Savings Bank of Marion, Indiana.  That merger
was completed on December 8, 2000.  We closed on that date and did the actual
conversion the following two days, and opened on December 11th as one institution, all on
one accounting system and it has been a great move for us.

Our goal, as we stated in our Prospectus, was to achieve accretion to earnings.  We have
had that accretion.

We also had a goal to achieve a 25% reduction in Marion operating expenses.  We have
achieved more than a 25% savings.

First Federal Marion was deeper in commercial loans than we were.  They had a greater
percentage of assets, so that helped our overall percentage and they gave us an outlet that
we did not have for consumer lending in Grant County. We are taking advantage of that.

Our goal, as we announced in that alliance, was to repurchase 100% of the stock issued.
We have actually repurchased approximately 110%.  We think we have achieved all the
things we set out to do, plus some.  We believe that we can handle other similar type
alliances and will work toward that end.

Now, I will turn you over to Tim McArdle for the financial portion of our presentation.