Exhibit 5






                                                              September 26, 1996


Logansport Financial Corp.
723 East Broadway
Logansport, Indiana   46947


Gentlemen:

         You have  requested  our opinion in  connection  with the  Registration
Statement on Form S-8 (the  "Registration  Statement")  of Logansport  Financial
Corp. (the  "Corporation"),  relating to the offer and sale of 132,250 shares of
the Common Stock,  without par value,  of the  Corporation  under the Logansport
Financial  Corp.  Stock  Option  Plan  approved  by the  Corporation's  Board of
Directors on February 13, 1996 (the "Plan"). In connection with your request, we
have made such  examination  of the  corporate  records and  proceedings  of the
Corporation  and considered  such questions of law and taken such further action
as we deemed necessary or appropriate to enable us to render this opinion.

         Based upon such examination, we are of the opinion that when the Common
Stock  has been  purchased  and the  purchase  price  therefor  has been paid as
contemplated by the Plan and as described in the Registration  Statement, as the
same may be amended,  and when the  Corporation has complied with the Securities
Act of 1933, as amended,  and with the  securities  laws of the State of Indiana
and all other  jurisdictions in which the Common Stock is to be sold pursuant to
the exercise of stock options  granted under the Plan,  the Common Stock will be
legally issued, fully paid and nonassessable.

         We  consent  to  the  filing  of  this  opinion  as  Exhibit  5 to  the
Registration Statement. In giving this consent, however, we do not admit that we
are in the category of persons whose consent is required  under Section 7 of the
Securities  Act of 1933 or the  Rules  and  Regulations  of the  Securities  and
Exchange Commission thereunder.

                                                         Very truly yours,



                                                         BARNES & THORNBURG