[AMERIANA BANCORP LETTERHEAD]







Contact:  Jerome J. Gassen
          President and Chief Executive Officer
          (765) 529-2230




              AMERIANA BANCORP COMPLETES STOCK REPURCHASE PROGRAM


NEW CASTLE, Ind. (March 16, 2007) - Ameriana Bancorp (NASDAQ: ASBI) today
announced that it has completed its previously announced program to repurchase
up to 225,000 shares of its outstanding common stock. The average price of these
shares, repurchased since May 2006, was $13.29.

         Ameriana Bancorp is a bank holding company. Through its wholly owned
subsidiary, Ameriana Bank, SB, the Company offers an extensive line of banking
services and provides a range of investments and securities products through
banking centers in the central Indiana area. Ameriana owns Ameriana Insurance
Agency, a full-service insurance agency, and has interests in Family Financial
Holdings, Inc. and Indiana Title Insurance Company. Ameriana Financial Services
offers securities and insurance products through Linsco/Private Ledger.

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