Exhibit 99(a)

        Press Release, dated August 7, 1997




            Harrington Financial Group, Inc.

NEWS RELEASE


Investor Contact:  Catherine A. Habschmidt
                   722 East Main Street
                   Richmond, Indiana 47374
                   (765) 962-8531


HARRINGTON FINANCIAL GROUP APPROVES STOCK REPURCHASE PROGRAM

RICHMOND,  INDIANA,  August  7,  1997.....Harrington  Financial Group, Inc.
(NASDAQ:   HFGI),  the holding company for Harrington Bank,  FSB,  approved
today a stock repurchase  program  of up to 5% (162 thousand shares) of the
3.2 million shares of stock outstanding and issued.   Given the adequacy of
the firm's capital for its near term  growth  prospects,  the December 1997
expiration of in-the-money options on the Company's stock,  and  the market
price  of  the  Company's shares, the Board of Directors agreed to initiate
such a program.   The shares for this repurchase program are anticipated to
be purchased from time  to  time  over  the next 12 months and will be used
partially  to fund the Company's Employee  Stock  Ownership  Plan  for  the
fiscal year 1998.

Harrington Financial  Group,  Inc. is a $447 million thrift holding company
headquartered  in  Richmond,  Indiana,  with  full  service  facilities  in
Richmond, Carmel, Fishers and Noblesville, Indiana.

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