LOGANSPORT FINANCIAL CORPORATION ANNOUNCES THE
            RETIREMENT OF ITS PRESIDENT AND APPOINTMENT OF SUCCESSOR

     Logansport,  Indiana (January 26, 2000). Logansport Financial Corp. (NASDAQ
Small Cap Market, "LOGN"), an Indiana corporation (the "Company"),  which is the
holding  company of Logansport  Savings Bank,  FSB, a federal  savings bank (the
"Bank"),  announced  today that its President,  Thomas G. Williams,  will retire
effective as of the date of the Company's  annual  shareholder  meeting on April
11, 2000.  His successor  will be David G.  Wihebrink,  a current  member of the
Board of Directors  of the  Company,  who will assume the duties of President of
the Company and the Bank on April 11, 2000.

     Williams'  tenure at  Logansport  Savings  Bank,  FSB began in 1959 when he
became the Bank's manager.  He was later named  Executive Vice President  before
being  named  President  in 1971.  He  became a member  of the  Bank's  Board of
Directors in 1962.  During the 41 years  Williams has been with the Bank,  total
assets have increased from approximately $750,000 to $117,000,000.

     David Wihebrink is currently the Vice President and Chief Financial Officer
of T.M.  Morris  Manufacturing  Company.  He has been a member  of the  Board of
Directors of the Bank since 1991. Prior to his employment with T.M.  Morris,  he
was a partner in the accounting  firm of Wihebrink & Zehner,  and before that of
the accounting firm Smith, Thompson and Wihebrink.

     William  Tincher,  a member  of the  Board  of  Directors  of the  Company,
expressed  the  Board's   gratitude  toward  Williams  for  his  many  years  of
outstanding  leadership  and making the local bank one of the  strongest  in the
industry.  "Tom has shown  strong and steady  leadership  during his long tenure
with the bank. He has helped the bank weather all kinds of economic  conditions,
while being  extremely loyal and devoted to the bank. As a Board we are grateful
for his leadership."

     At December 31,  1999,  the Company had  consolidated  total assets of $117
million  and  shareholders'  equity  of  $16  million.  The  Bank  is  based  in
Logansport, Indiana.