Exhibit 99.1






                                                   August 5, 1996

                                                   FOR IMMEDIATE RELEASE
                                                   Contact: Patrick S. Smith,
                                                            Investor Relations
                                                            (419) 483-3375




                          NEW CHIEF EXECUTIVE OFFICER

     Industrial Bancorp, Inc. (Nasdaq:  INBI) announced today that Lawrence R.
Rhoades has retired as Chief Executive  Officer  effective August 5, 1996. Mr.
Rhoades will continue as Chairman of the Board and Chief Financial Officer.

     Mr. David M. Windau will assume the  responsibilities  of Chief Executive
Officer,  as well as President of the Company.  Mr. Windau has been affiliated
with the Industrial Savings and Loan Association in various capacities for the
past 19 years.

     Industrial  Bancorp,  Inc.  is the  holding  company  for the  Industrial
Savings and Loan  Association,  headquartered  in Bellevue,  Ohio. At June 30,
1996,  Industrial Bancorp reported  consolidated  assets of $313.6 million and
shareholders' equity of $60.8 million.