[AMERIANA BANCORP LETTERHEAD]


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


              AMERIANA INSURANCE AGENCY SIGNS AGREEMENT TO PURCHASE
                        CHAPIN-HAYWORTH INSURANCE AGENCY


NEW CASTLE, Ind. (May 27, 2009) - Ameriana Bancorp (NASDAQ: ASBI), parent
company for Ameriana Bank, SB, announced today that Ameriana Insurance Agency, a
bank subsidiary, has signed an agreement to purchase the book of business of the
Chapin-Hayworth Insurance Agency Inc. Chapin-Hayworth is a multi-line property
and casualty insurance agency located in New Castle. The transaction is expected
to close on or before July 1, 2009.

         Following the purchase, Ruth Hayworth, the current owner of
Chapin-Hayworth Insurance Agency, and her staff will remain and continue to
serve existing and new clients as part of Ameriana.

         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 Bank owns Ameriana
Insurance Agency, a full-service insurance agency, Ameriana Financial Services,
which offers securities and insurance products through LPL Financial (Member
FINRA/SIPC), and Ameriana Investment Management.

         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, 2008, on file with
the Securities and Exchange Commission, including the section 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-