EXHIBIT 99.1

                       [LOGO OF FIDELITY FEDERAL BANCORP]


Date:             February 1, 2005

Contacts:         Donald R. Neel, President and CEO           (812) 424-0921
                  Mark A. Isaac, Vice President and CFO       (812) 424-0921


                    FIDELITY FEDERAL BANCORP ANNOUNCES DATES
                          FOR GOING PRIVATE TRANSACTION

The Board of Directors of Fidelity Federal Bancorp (the "Company") (NASDAQ:
FFED) has declared a 1-for-30,000 reverse stock split of its common stock to all
shareholders of the Company of record as of February 4, 2005, and effective as
of the close of business on February 28, 2005. The Company intends to begin
mailing its disclosure document regarding this transaction to all shareholders
of record on or about February 7, 2005.

As previously announced on November 10, 2004, the Company is engaging in the
reverse stock split in order to reduce the number of shareholders of record to
less than 300 so that the Company may deregister its common stock under federal
securities laws. In connection with the deregistration of the Company's common
stock, the Company will also de-list its shares from the NASDAQ stock market.

The reverse stock split will affect all shareholders of record as of the
effective time of the transaction. Those shareholders who own of record fewer
than 30,000 shares of Company stock immediately prior to the reverse stock split
will cease to be a shareholder of the Company and will be entitled to receive
cash in the amount of $1.85 per share for each pre-split share. All shares held
by a single nominee will be considered as held by one shareholder of record for
purposes of the reverse split. Shareholders who own of record greater than
30,000 shares and who would otherwise hold a fraction of a share following the
reverse stock split will receive, in addition to a share or shares, cash in an
amount equal to $1.85 per share for each pre-split share that becomes a
fractional interest. The Company intends to mail a letter of transmittal to
those shareholders promptly following the effective time of the reverse stock
split for use in delivering their share certificates to the Company in exchange
for the cash payment.

The Company also declared a 2,500-for-1 forward stock split immediately
following the reverse stock split. This will effect only those shareholders who
continue to hold of record at least one whole share of common stock of the
Company following the reverse stock split. The forward stock split is intended
to facilitate liquidity for the remaining shareholders.

Under Indiana law and the Articles of Incorporation of the Company, the Board of
Directors of the Company may conduct both the reverse stock split and the
forward stock split without the approval of the shareholders. Accordingly, the
Company is not seeking any approval of the shareholders in connection with
either the reverse stock split or the forward stock split. Details of the
transaction can be found in the Company's Rule 13E-3 Transaction Statement (the
"Schedule 13E-3") filed with the SEC. The disclosure document which is being
mailed to shareholders is also filed with the SEC as an Exhibit to the Schedule
13E-3, and both can be obtained free of charge on the SEC's website www.sec.gov.

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About Fidelity Federal
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The Company is a unitary savings and loan holding company headquartered in
Evansville, Indiana (NASDAQ:FFED). Its savings bank subsidiary, United Fidelity
Bank, fsb, maintains four locations in Evansville and one in Warrick County. For
more information about the Company, visit our website at www.unitedfidelity.com.
The Company's stock, which is quoted on NASDAQ under the symbol FFED, closed on
February 1, 2005 at $1.81.

This news release contains forward-looking statements that are based upon the
Company's current expectations, but are subject to certain risks and
uncertainties that may cause actual results to differ materially. Among the
risks and uncertainties that could cause actual results to vary materially are
economic conditions generally and in the market areas of the Company and the
Bank, overall loan demand, increased competition in the financial services
industry which could negatively impact the Company's ability to increase total
earning assets, and retention of key personnel. Actions by the Federal Reserve
Board and changes in interest rates, loan prepayments by, and the financial
health of, the Bank's borrowers, and other factors described in the reports
filed by the Company with the Securities and Exchange Commission could also
impact current expectations.




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