SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C.  20549



                             FORM 8-K



                          CURRENT REPORT



             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934



         Date of Report (Date of earliest event reported)
                         January 26, 1999




                      LSB FINANCIAL CORP.
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      (Exact name of Registrant as specified in its charter)



    Indiana                  0 - 25070               35-1934975
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 (State or other       (Commission File No.)       (IRS Employer
 jurisdiction of                                  Identification
 incorporation)                                         No.)



 101 Main Street, Lafayette, Indiana                    47902
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  (Address of principal executive offices)           (Zip Code)



Registrant's telephone number, including area code (765) 742-1064
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                              N/A
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  (Former name or former address, if changed since last report)







Item 5.  Other Events
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     On January 26, 1999, LSB Financial Corp.  issued the attached press release
announcing the completion of its repurchase of 5% of its common stock.

     The  Exhibits  referred  to in  Item 7 of this  Report  and  listed  on the
accompanying Exhibit Index are filed as part of this Report and are incorporated
herein by reference.

Item 7.  Financial Statements, Pro Forma Financial Information
         and Exhibits
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    (c)   Exhibits:

     Exhibit 99 -   Press release dated January 26, 1999




                            SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                   LSB FINANCIAL CORP.



Date: January 26, 1999        By:  /S/JOHN W. COREY
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                                  John W. Corey
                                   President and Chief Executive
                                     Officer