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                                                                   Exhibit 5
              [ELIAS, MATZ, TIERNAN & HERRICK L.L.P. LETTERHEAD]
                                  12th Floor
                             734 15th Street, N.W.
                            Washington, D.C. 20005

                           Telephone: (202) 347-0300
                           Facsimile: (202) 347-2172

                               November 5, 1998



Board of Directors
Enterprise Federal Bancorp, Inc.
7810 Tylersville Square Drive
West Chester, Ohio 45069

        Re:   Registration Statement on Form S-8
              226,860 Shares of Common Stock


Gentlemen:

        We are special counsel to Enterprise Federal Bancorp, Inc., an Ohio
corporation (the "Corporation"), in connection with the preparation and filing
with the Securities and Exchange Commission pursuant to the Securities Act of
1933, as amended, of a Registration Statement on Form S-8 (the "Registration
Statement"), relating to the registration of up to 226,860 shares of common
stock, par value $0.01 per share ("Common Stock"), to be issued pursuant to the
Corporation's 1994 Stock Option Plan (the "Plan") upon the exercise of stock
options (referred to as "Option Rights"). The Registration Statement also
registers an indeterminate number of additional shares which may be necessary
under the Plan to adjust the number of shares reserved thereby for issuance as
the result of a stock split, stock dividend or similar adjustment of the
outstanding Common Stock of the Corporation. We have been requested by the
Corporation to furnish an opinion to be included as an exhibit to the
Registration Statement.

        For this purpose, we have reviewed the Registration Statement and
related Prospectus, the Articles of Incorporation, Code of Regulations and
Bylaws of the Corporation, the Plan, a specimen stock certificate evidencing the
Common Stock of the Corporation and such other corporate records and documents
as we have deemed appropriate. We are relying upon the originals, or copies
certified or otherwise identified to our satisfaction, of the corporate records
of the Corporation and such other instruments, certificates and representations
of public officials, officers and representatives of the Corporation as we have
deemed relevant as a basis for the opinions expressed herein. In addition, we
have assumed, without independent verification, the genuineness



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of all signatures and the authenticity of all documents furnished to us and the
conformance in all respects of copies to originals. Furthermore, we have made
such factual inquiries and reviewed such laws as we determined to be relevant
for this opinion.

        For purposes of this opinion, we have also assumed that (i) the shares
of Common Stock issuable pursuant to the Option Rights granted under the terms
of the Plan will continue to be validly authorized on the dates the Common
Stock is issued pursuant to the Option Rights; (ii) on the dates the Option
Rights are exercised, the Option Rights granted under the terms of the Plan
will constitute valid, legal and binding obligations of the Corporation and
will (subject to applicable bankruptcy, moratorium, insolvency, reorganization
and other laws and legal principles affecting the enforceability of creditors'
rights generally) be enforceable as to the Corporation in accordance with their
terms; (iii) the Option Rights are exercised in accordance with their terms and
the exercise price therefor is paid in accordance with the terms thereof; (iv)
no change occurs in applicable law or the pertinent facts; and (v) the
provisions of "blue sky" and other securities laws as may be applicable will
have been complied with to the extent required.

        Based on the foregoing, and subject to the assumptions set forth
herein, we are of the opinion as of the date hereof that the shares of Common
Stock to be issued pursuant to the Plan, when issued and sold pursuant to the
Plan and upon receipt of the consideration required thereby, will be legally
issued, fully paid and non-assessable shares of Common Stock of the
Corporation.

        We hereby consent to the reference to this firm under the caption
"Legal Opinion" in the Prospectus of the Plan and to the filing of this opinion
as an exhibit to the Registration Statement.

                                           Very truly yours,

                                           ELIAS, MATZ, TIERNAN & HERRICK L.L.P.


                                           By: /s/ KEVIN M. HOULIHAN
                                               ----------------------------
                                               Kevin M. Houlihan, a Partner