LOGANSPORT FINANCIAL CORP.
                       ANNOUNCES STOCK REPURCHASE PROGRAM

Logansport,  Indiana  (September 8, 1998) Logansport  Financial  Corp.,  (NASDAQ
Small Cap

Market,  LOGN),  an  Indiana  corporation  which  is  the  holding  company  for
Logansport  Savings Bank, FSB, a federal savings bank,  announced today that the
Board of Directors has approved the  repurchase,  from time to time, on the open
market of up to 5% of the Company's  outstanding shares of common stock, without
par value ("Common Stock"),  or 63,090 such shares.  Such purchases will be made
subject to market  conditions  in open  market or block  transactions  at prices
deemed  appropriate by management.  Repurchases  may begin as early as September
14, 1998, since the required regulatory clearance has been received.

According  to Thomas G.  Williams,  President of the  Corporation,  the Board of
Directors believes the repurchase program is in the best interest of the Company
and its  shareholders.  The  open  market  purchases  will  have the  effect  of
enhancing  the book value per share and the potential for growth in earnings per
share of the Company's remaining outstanding shares.

As of June 30, 1998, the Company had consolidated  total assets of $90.3 million
and shareholders' equity of $17.0 million.