First Bancorp of Indiana, Inc. Announces Stock Repurchase Program

EVANSVILLE, Ind., Sept. 9  /PRNewswire-FirstCall/ -- First Bancorp of Indiana, Inc. (NASDAQ:FBEI), today announced that the Corporation will commence a stock repurchase program to acquire up to 80,000 shares or 5% of the Corporation's outstanding common stock.  The program will commence on or about October 17, 2005, with repurchases generally conducted through open market transactions although unsolicited negotiated transactions or other types of repurchases may be considered.  The program is expected to be completed within twelve months, at which time the Corporation will reassess the program and determine whether it should be continued or terminated.

The stock repurchase program announced today is the Corporation's third such program since becoming a publicly traded stock institution in 1999.  The most recent program was announced in February 2003 and recently concluded.

First Bancorp of Indiana, Inc. is the holding company for First Federal Savings Bank, a federally chartered savings bank. 

DATASOURCE: First Bancorp of Indiana, Inc.



CONTACT:  Michael H. Head, President and CEO of First Bancorp of Indiana,

Inc., [phone]

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