EXHIBIT 99.1

              BLUE RIVER BANCSHARES, INC. ANNOUNCES SALE OF CHARTER

     Shelbyville, Indiana, September 19, 2006 -- Blue River Bancshares, Inc.
(NASDAQ: BRBI), headquartered in Shelbyville, Indiana announced today that it
has entered into a definitive agreement to sell the charter of its subsidiary
savings bank, Paramount Bank, to FirstAtlantic Financial Holdings, Inc. The sale
of the charter does not include the transfer of any operations, facilities or
personnel of Paramount Bank which will continue to be owned by Blue River and
serve the Lexington, Kentucky market.

     Under the terms of an Agreement and Plan of Reorganization with
FirstAtlantic Financial Holdings, Blue River will transfer the capital stock,
and thereby, the charter, of Paramount Bank to FirstAtlantic Financial Holdings
in consideration of a cash payment in an amount equal to $1,675,000 and will
transfer Paramount Bank's operating assets to another of Blue River's
subsidiaries, Shelby County Bank, in an intercompany transaction. In keeping
with its philosophy of operating a holding company of community based financial
institutions, each operating independently, with a decentralized governance
structure, Blue River intends to operate Paramount Bank as a division under its
current name. There will be no transfer of any personnel, facilities, name or
operations to FirstAtlantic Financial Holdings.

     Blue River expects the transaction to result in a one-time increase to
pre-tax net income of $1,675,000, less direct expenses of the transaction which
are estimated to be $150,000.

     Russell Breeden III, Chairman, CEO and President of Blue River commented,
"This is a very unusual business opportunity for us that will not change the
people, products or facilities serving the clients in either of our markets, but
is expected to have a significant positive impact on shareholders equity and
income"

     Blue River Bancshares is the holding company for Shelby County Bank, a
federal savings bank with assets of approximately $132 million operating banking
offices in Shelby County, Indiana and the surrounding communities, and Paramount
Bank, a federal savings bank with assets of approximately $81 million operating
in Lexington, Kentucky.

     These transactions are expected to close in the first quarter of 2007.

     Certain matters in this news release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 and
are subject to certain risks and uncertainties, which may cause actual results
to differ materially. Among the risks and uncertainties that could cause actual
results to vary materially are: (1) failure to obtain necessary financing for
the transactions by FirstAtlantic, (2) failure to obtain necessary regulatory
approval of the transactions, (3) necessary conditions in the



agreement not being satisfied, and (4) the occurrence or existence of any facts
or circumstances which would allow any party to the agreement to terminate the
agreement. Blue River's actual results, performance and achievements may differ
materially from those suggested, expressed or implied by forward-looking
statements due to a wide range of factors including, but not limited to, the
general business environment, interest rates, the economy, competitive
conditions between banks and non-bank financial services providers, regulatory
changes and other risks detailed in reports filed with the Securities and
Exchange Commission and other regulatory authorities.

FOR MORE INFORMATION CONTACT:

     Russell Breeden, III
     Chairman and CEO
     Blue River Bancshares, Inc.
     (317) 681-1233