Exhibit 28.1


                             FOR IMMEDIATE RELEASE
                             JULY 31, 2002
                             FOR ADDITIONAL INFORMATION
                             CONTACT:  RANDY J SIZEMORE
                                       SR VICE PRESIDENT, CFO
                                       (260) 358-4680



        NORTHEAST INDIANA BANCORP, INC. ANNOUNCES QUARTERLY CASH DIVIDEND



HUNTINGTON,  INDIANA, -- (NASDAQ:  "NEIB") Northeast Indiana Bancorp,  Inc., the
parent  corporation  of First Federal  Savings Bank,  today  announced  that the
Corporation  has approved a quarterly cash dividend of $0.12 per share.  This is
the twenty- eighth  consecutive  quarterly cash dividend the board has approved.
This cash dividend will be payable on August 27, 2002 to  shareholders of record
on August 13, 2002.

The book value of NEIB's  stock was $17.14  per share as of June 30,  2002.  The
last  reported  trade of stock at the  close of  business  on July 29,  2002 was
$14.40 per share and the number of  outstanding  shares was  1,547,243 as of the
same date.  The company  reported  total assets of $225.3 million as of June 30,
2002.

First Federal Savings Bank serves primarily  Huntington County,  Indiana through
its three full service offices located in Huntington, Indiana.

Northeast Indiana Bancorp,  Inc. is headquartered at 648 North Jefferson Street,
Huntington,  Indiana  46750 and the  Company  is traded on the  Nasdaq  National
Market under the symbol "NEIB".