EXHIBIT 21
                                        

                                            Percentage          State of
Subsidiaries (1)                               Owned          Incorporation
- ----------------                            ----------        -------------

Ameriana Bank of Indiana, F.S.B. (2)           100%           United States

Ameriana Bank of Ohio, F.S.B. (2)              100%           United States

Indiana Title Insurance Company (2)            100%           Indiana

Ameriana Insurance Agency, Inc. (2)            100%           Indiana

Ameriana Financial Services, Inc. (3)          100%           Indiana

Family Financial Life (4)                       19%           Louisiana

Deer Park Service Corporation (5)              100%           Ohio

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(1)  Operations of the Company's wholly-owned direct subsidiaries,
     Ameriana-Indiana, Ameriana-Ohio, Ameriana Insurance and Indiana Title, and
     Ameriana-Indiana's wholly-owned subsidiary, AFS, are included in the
     Company's consolidated financial statements attached as an exhibit to the
     Annual Report.

(2)  First-tier subsidiary of the Company.

(3)  Second-tier subsidiary of the Company 100% owned by Ameriana-Indiana, a
     first-tier subsidiary of the Company.

(4)  Third-tier subsidiary of the Company 1/10 owned through stock investment
     and less than 1/10 owned through partnership interests of AFS, a
     second-tier subsidiary of the Company 100% owned by Ameriana-Indiana, a
     first-tier subsidiary of the Company.

(5)  Second-tier subsidiary of the Company 100% owned by Ameriana-Ohio, a
     first-tier subsidiary of the Company.