EXHIBIT 99.1











                                            FOR IMMEDIATE RELEASE
                                            JULY 28, 2004
                                            FOR ADDITIONAL INFORMATION
                                            CONTACT:  RANDY J SIZEMORE
                                                      SENIOR VICE PRESIDENT, CFO
                                                         (260) 358-4680



                    NORTHEAST INDIANA BANCORP, INC. ANNOUNCES
                             QUARTERLY CASH DIVIDEND

HUNTINGTON,  INDIANA,  -- Northeast Indiana Bancorp,  Inc.,  (NEIB),  the parent
company of First Federal Savings Bank, has announced that the  Corporation  will
pay a cash dividend of $0.14 per common  share.  The dividend will be payable on
August 24, 2004 to shareholders of record on August 10, 2004.

The book value of NEIB's  stock was $18.07 per common share as of June 30, 2004.
The last  reported  trade of stock at the close of business on July 27, 2004 was
$21.90 per common share and the number of outstanding shares was 1,450,217 as of
the same date.

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  in  Huntington,  Indiana.  The  Company is traded on The NASDAQ  Stock
Market under the symbol "NEIB".