Mutual Federal was originally chartered in 1922 as First Mutual Savings and Loan Association, headquartered in Sidney, Ohio. In 1940, the Association applied for and received a federal charter, changing its name to Mutual Federal Savings and Loan Association, and joining the Federal Home Loan Bank System to have its accounts insured up to the applicable regulatory limits by the FSLIC. Mutual Federal then converted from a federal mutual savings and loan association to a federal stock savings bank in 1988 and changed its name to the Mutual Federal Savings Bank, solely owned by a local holding company, Mutual Bancorp, Inc. The bank successfully opened three branches during this period, with the expansion into Miami County including office locations in Piqua and Troy, and with the first store branch opened within the Sidney Kroger store location. In July 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 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.