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                         [AMERIANA BANCORP LETTERHEAD]


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


                 AMERIANA TO EXPAND INDIANAPOLIS AREA FOOTPRINT
                        WITH NEW BANKING CENTER IN CARMEL


NEW CASTLE, Ind. (March 25, 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 Carmel, Indiana, north of
Indianapolis. The new banking center will be located at 3975 West 106th Street
in an existing bank facility, making it Ameriana Bank's sixth location in the
greater Indianapolis area and its thirteenth across central Indiana. Ameriana
expects to open its Carmel banking center by January 2009.

         Commenting on the development, Jerome J. Gassen, President and Chief
Executive Officer, said, "Coming on the heels of our plans announced in January
to open a full-service banking center northeast of Indianapolis in Fishers, we
are pleased to continue our expansion in the economically vibrant corridor on
the north side of the city. The strategic placement of these two new banking
centers on the northwest and northeast sides of Indianapolis, complemented by
our Commercial Lending Center in Carmel, will expand our presence in two of the
fastest growing areas in the state. Linking with our other banking centers in
Avon, McCordsville, New Palestine and Greenfield, they also will establish a
solid footprint for Ameriana in key economic growth markets across Hamilton,
Hendricks and Hancock Counties, which continue to enjoy strong commercial and
retail development."

         Ameriana's new banking center in Carmel 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. "Our retail and
commercial banking officers are actively developing new accounts and expanding
existing relationships, efforts that we expect will result in continued growth
in our loan portfolio," Gassen continued. "With a community-minded focus and
forward-looking philosophy, clients and customers of all sizes - particularly
small businesses and middle-market companies - are discovering the difference
Ameriana brings to banking."

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

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ASBI Announces Plans to Open New Banking Center in Carmel
Page 2
March 25, 2008


         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 LPL Financial (Member
FINRA/SIPC).

         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.

                                      -END-