Mutual Federal Savings Bank was originally chartered in 1922 as First Mutual Savings and Loan Association. In 2007, Mutual Bancorp, Inc. then merged into Richmond Mutual Bancorporation, Inc., a mutually owned holding company based in Richmond, Indiana. Richmond Mutual Bancorporation is presently a community banking company, operating Mutual Federal Savings Bank in Sidney and First Bank Richmond in Richmond, Indiana. Both banks remain separately chartered, separately managed, and independently operated with local Boards of Directors serving each bank.