Northeast Indiana Bancorp, Inc. Announces Re-Authorization of Stock Repurchase Program

Northeast Indiana Bancorp, Inc. Announces Re-Authorization of
Stock Repurchase Program 


HUNTINGTON, Ind., March 31  /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp,
Inc. (the "Company") announced today that it will close out a stock repurchase
program announced March 26, 2003 prior to its completion.  The Company was able
to repurchase 28,265 of the authorized 74,195 common shares previously announced
over the past twelve months.  At the same time, the Company announced a
re-authorization of a new stock repurchase program and intends to repurchase up
to 5.00% or 74,446 shares of its current outstanding shares in the open market
over the next twelve months.  These shares will be purchased at prevailing
market prices and may include odd lot purchases over the twelve month period
depending upon market conditions.  The Company currently has 1,488,914 shares
outstanding.

Stephen E. Zahn, President of the Company, indicated that the Board of Directors
approved the repurchase program in view of the current price level of the
Company's common stock and the strong capital position of the Company's
subsidiary, First Federal Savings Bank.  Mr. Zahn stated that "we continue to be
of the opinion that the repurchase of our shares represents an attractive
investment opportunity which will benefit the Company and our stockholders. The
repurchased shares will become treasury shares and will be used for general
corporate purposes, including the issuance of shares in connection with grants
and awards under the Company's stock based benefit plans."

The book value of the Company's stock was $18.28 per common share as of December
31, 2003.  The last reported trade of the Company's stock on March 29, 2004 was
$21.49 per common share.

Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street,
Huntington, Indiana.  The Company offers a full array of banking, trust and
financial brokerage services to its customers through three full service
branches located in Huntington, Indiana.  The Company is traded on The NASDAQ
Stock Market under the symbol "NEIB". 

DATASOURCE: Northeast Indiana Bancorp, Inc.



CONTACT:  Randy J Sizemore, Senior Vice President/CFO of Northeast

Indiana Bancorp, Inc., [phone]



Website:  http://www.firstfedhuntington.com/ 

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