Northeast Indiana Bancorp, Inc. Announces Stock Repurchase Program

Northeast Indiana Bancorp, Inc. Announces Stock Repurchase
Program 


HUNTINGTON, Ind., Sept. 29  /PRNewswire-FirstCall/ -- Northeast Indiana
Bancorp, Inc. (the "Company") announced its intention today to repurchase up to
5.00% or 71,268 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 1,425,357 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 $18.07 per common share as of June
30, 2004.  The last reported trade of the Company's stock on September 28, 2004
was $21.28 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]



Web site:  http://www.firstfedhuntington.com/ 

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