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[AMERIANA BANCORP LETTERHEAD]

News Release

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


              MICHAEL E. BOSWAY NAMED DIRECTOR OF AMERIANA BANCORP


NEW CASTLE, Indiana (July 27, 2009) - Ameriana Bancorp (NASDAQ: ASBI), parent
company of Ameriana Bank, today announced that Michael E. Bosway has been
appointed to the Company's Board of Directors and also to the Board of Directors
of Ameriana Bank. Bosway (51) currently serves as President and Chief Executive
Officer of City Securities Corporation in Indianapolis. His appointment expands
the Company's board to eight members.

         Commenting on the announcement, Jerome J. Gassen, President and Chief
Executive Officer of Ameriana Bancorp, said, "We are delighted that Mike has
agreed to join our Board. With his extensive background in business, finance,
and capital and investment markets, he brings impressive credentials and an
important perspective to the Board. His ties to the Indianapolis business
community and knowledge of that market will be especially pertinent to us as we
continue to strengthen our presence in the Indianapolis metropolitan area. As an
independent director and a member of Ameriana's Audit Committee, his appointment
also will enhance our continued efforts to ensure the highest caliber of
corporate governance for our shareholders. We look forward to his participation
as a director and expect him to contribute measurably to the work of the Board."

         "There is a growing awareness of Ameriana Bank in Indianapolis, and a
sense that Ameriana is bringing fresh thinking and a new approach to the way
people bank here," Bosway added. "Ameriana has created a banking experience that
provides customer-centered service, convenience and comfort, marking a distinct
shift from commodity-type relationships you see at so many other banks. I am
pleased and honored to join the Boards of the Company and Ameriana Bank, and to
become a part of the continued effort to move Ameriana forward and build a
leading brand in Indiana banking."

         Bosway began his career with City Securities Corporation in 1982 as
Senior Vice President and Retail Investment Consultant. During his tenure there,
he also served as Executive Vice President and Chief Operating Officer before
being appointed President and Chief Executive Officer in 1999. Bosway began is
his business career with the consulting division of Arthur Anderson & Co.

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ASBI:  Michael Bosway Named Director of Ameriana Bancorp
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July 27, 2009

         Bosway earned a Bachelor of Arts degree in Economics from the
University of Dayton and an MBA degree from The Ohio State University. He
currently serves on the boards of directors of City Securities Corporation and
the Indianapolis Chamber of Commerce; is a member of the SIFMA Regional Firms
Committee and SIFMA CEO Roundtable; served as Chairman of the FINRA Advisory
Council in 2007 and Chairman of the FINRA District 8 Committee in 2006; and is a
member of the Indianapolis Chamber of Commerce's Fiscal Policy Council. Outside
of business, he serves in leadership positions for numerous charitable,
philanthropic and private organizations.

         Bosway and his wife, Elizabeth, have two children and reside in
Indianapolis.

         Ameriana Bancorp is a bank holding company. Through its wholly owned
subsidiary, Ameriana Bank, 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-

2118 Bundy Avenue
PO Box H
New Castle, IN 47362-1048
765.529.2230
Fax 765.521.7628
www.ameriana.com