EXHIBIT 99.1

PRESS RELEASE

DATE:      June 18, 2007

CONTACT:   Russell Breeden, III, Chairman, Chief Executive Officer and President
           Blue River Bancshares, Inc.
           (317) 398-9721

               BLUE RIVER BANCSHARES, INC. ANNOUNCES ENTRY INTO AN
                AMENDMENT TO AGREEMENT AND PLAN OF REORGANIZATION

         Shelbyville, IN, June 18, 2007 -- Blue River Bancshares, Inc. (NASDAQ:
BRBI), headquartered in Shelbyville, Indiana, announced today that it has
entered into an agreement to amend the Agreement and Plan of Reorganization,
dated September 18, 2006, by and between the Company and FirstAtlantic Financial
Holdings, Inc.

         Under the terms of the amendment, Blue River and FirstAtlantic have
agreed to extend the date after which either party may terminate the Agreement
and Plan of Reorganization from June 30, 2007 until July 15, 2007 and for up to
four (4) additional one-week periods. FirstAtlantic Financial Holdings has
agreed to pay Blue River, in consideration for each such one-week extension, an
amount equal to $25,000. One-half of each such payment will be credited by Blue
River against the purchase price under the Agreement and Plan of Reorganization.

         Further, in consideration for Blue River's agreeing to the extensions,
the parties have agreed that $500,000 of earnest money provided for in the
Agreement and Plan of Reorganization shall immediately be fully non-refundable
and shall be disbursed in full to Blue River. The earnest money shall still be
applied to the purchase price, however.

         The sale of the charter of Paramount Bank which is the subject of the
Agreement and Plan of Reorganization remains subject to approval by regulatory
authorities and other contingencies and conditions which are customary in a
transaction of this nature.

         Russell Breeden, III, Chairman, Chief Executive Officer and President
of Blue River said, "In spite of this delay in closing the transaction, I remain
excited about the opportunities that will arise from the sale of the charter of
Paramount Bank. In light of the surrounding circumstances, the compensation that
we will receive for the extensions is fair."

         The sale of the charter of Paramount Bank contemplated by the Agreement
and Plan of Reorganization is expected to close in the third quarter of 2007.




SAFE HARBOR STATEMENT

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.