Mutual Federal bank, a wholly-owned subsidiary of Mutual Federal Bancorp, will open a new branch in Naperville, Illinois. The branch will be headed by Harry Katz and Supriyo Roy, who have joined the board of directors of the bank.

Stephen Oksas, president and CEO of Mutual Federal Bank, said: “The formation of this branch and the hiring of Harry Katz and Supriyo Roy are part of a strategic initiative designed to grow the bank by expanding its geographic market area and enhancing its mix of products and services.”

Mr Katz is an experienced commercial banker with over 30 years in the industry, including serving as president and chairman of the board of GreatBank Chicago, a subsidiary of GreatBanc, which was sold to Charter one bank, in January 2007.

Mr Roy has extensive banking experience and in-depth expertise in strategy, financial planning, and information technology, having served as the director of financial analysis and planning and as the CIO at GreatBanc, where he managed strategy, planning, budgeting, forecasting, deposit operations and information technology.

Plans call for the new branch, which will operate under the name of Great American Bank, in Naperville. The bank has received regulatory approval to open a temporary branch facility, which is adjacent to the proposed permanent site and is expected to open in June 2010.