Exhibit 99.1







                                             FOR IMMEDIATE RELEASE
                                             March 31, 2004
                                             FOR ADDITIONAL INFORMATION
                                             CONTACT:  Randy J SIZEMORE
                                                       SENIOR VICE PRESIDENT/CFO
                                                       (260) 358-4680



                         NORTHEAST INDIANA BANCORP, INC.
                          ANNOUNCES RE-AUTHORIZATION OF
                            STOCK REPURCHASE PROGRAM

HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. (the "Company")
announced today that it will close out a stock repurchase program announced
March 26, 2003 prior to its completion. The Company was able to repurchase
28,265 of the authorized 74,195 common shares previously announced over the past
twelve months. At the same time, the Company announced a re-authorization of a
new stock repurchase program and intends to repurchase up to 5.00% or 74,446
shares of its current outstanding shares in the open market over the next twelve
months. These shares will be purchased at prevailing market prices and may
include odd lot purchases over the twelve month period depending upon market
conditions. The Company currently has 1,488,914 shares outstanding.

Stephen E. Zahn, President of the Company, indicated that the Board of Directors
approved the repurchase program in view of the current price level of the
Company's common stock and the strong capital position of the Company's
subsidiary, First Federal Savings Bank. Mr. Zahn stated that "we continue to be
of the opinion that the repurchase of our shares represents an attractive
investment opportunity which will benefit the Company and our stockholders. The
repurchased shares will become treasury shares and will be used for general
corporate purposes, including the issuance of shares in connection with grants
and awards under the Company's stock based benefit plans."

The book value of the Company's stock was $18.28 per common share as of December
31, 2003. The last reported trade of the Company's stock on March 29, 2004 was
$21.49 per common share.

Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street,
Huntington, Indiana. The Company offers a full array of banking, trust and
financial brokerage services to its customers through three full service
branches located in Huntington, Indiana. The Company is traded on The NASDAQ
Stock Market under the symbol "NEIB".