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[AMERIANA BANCORP LOGO]                                       2118 Bundy Avenue
                                                                       PO Box H
                                                 New Castle, Indiana 47362-1048
                                                                   800-482-2118
                                                               www.ameriana.com


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


                 AMERIANA TO EXPAND INDIANAPOLIS AREA FOOTPRINT
                   WITH NEW BANKING CENTER IN FISHERS, INDIANA


NEW CASTLE, Ind. (January 9, 2008) - Jerome J. Gassen, President and Chief
Executive Officer of Ameriana Bancorp (NASDAQ: ASBI), today announced plans to
open a new full-service banking center in Fishers, Indiana, northeast of
Indianapolis. The new banking center will be located at 11521 Olio Road in an
existing bank facility and will be Ameriana Bank's fifth location in the greater
Indianapolis area and its twelfth across central Indiana. Ameriana expects to
open its Fishers banking center in September 2008.

      Commenting on the development, Jerome J. Gassen, President and Chief
Executive Officer, said, "We are pleased to announce our continued expansion
into the fast-growing corridor northeast of Indianapolis. In particular, our new
banking center in Fishers will bolster our existing presence in McCordsville and
Anderson, giving us considerably more visibility in the Indianapolis
metropolitan area. Fishers is a focal point for both commercial and residential
development, highlighted by attractive demographics. It's a great area, one that
fits well with both our capabilities and strategic objectives, and we look
forward to bringing our style of community banking to Fishers."

      Ameriana's new banking center in Fishers will provide full-service
banking, including a range of services tailored to retail and commercial
customers such as commercial banking and lending products, investment and
brokerage services, mortgage lending and insurance products.

      The Company's application to establish its Fishers banking center remains
subject to regulatory approval.

      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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ASBI Announces Plans to Open New Branch in Fishers, Indiana
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January 9, 2008


      This news release contains forward-looking statements within the meaning
of the federal securities laws. Statements in this release that are not strictly
historical are forward-looking and are based upon current expectations that may
differ materially from actual results. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ materially
from those anticipated by the statements made herein. These risks and
uncertainties involve general economic trends, changes in interest rates, loss
of deposits and loan demand to other financial institutions, substantial changes
in financial markets, changes in real estate value and the real estate market,
regulatory changes, possibility of unforeseen events affecting the industry
generally, the uncertainties associated with newly developed or acquired
operations, the outcome of pending litigation, and market disruptions and other
effects of terrorist activities. For discussion of these and other risks that
may cause actual results to differ from expectations, refer to the Company's
Annual Report on Form 10-K for the year ended December 31, 2006, and our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2007, June 30,
2007, and September 30, 2007, on file with the Securities and Exchange
Commission, including the sections entitled "Risk Factors." The Company
undertakes no obligation to update these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unforeseen events, except as required under the rules and regulations of the
Securities and Exchange Commission.

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