FOR IMMEDIATE RELEASE
                                             SEPTEMBER 29, 2004
                                             FOR ADDITIONAL INFORMATION
                                             CONTACT:  RANDY J SIZEMORE
                                                       SENIOR VICE PRESIDENT/CFO
                                                       (260) 358-4680



                         NORTHEAST INDIANA BANCORP, INC.
                       ANNOUNCES STOCK REPURCHASE PROGRAM

HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. (the "Company")
announced its intention today to repurchase up to 5.00% or 71,268 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 1,425,357 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 $18.07 per common share as of June 30,
2004. The last reported trade of the Company's stock on September 28, 2004 was
$21.28 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".