EXHIBIT 5

                                                              September 30, 1999



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 115,000 shares of
the Common Stock,  without par value,  of the  Corporation  under the Logansport
Financial  Corp. 1999 Stock Option Plan approved by the  Corporation's  Board of
Directors on February 9, 1999 (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,


                                                         /s/ Barnes & Thornburg
                                                         BARNES & THORNBURG