Northeast Indiana Bancorp, Inc. Increases Cash Dividend

Northeast Indiana Bancorp, Inc. Increases Cash Dividend 


HUNTINGTON, Ind., Oct. 29  /PRNewswire-FirstCall/ --  Northeast Indiana Bancorp,
Inc., the parent corporation of First Federal Savings Bank, today announced that
the Corporation has approved a quarterly cash dividend of $0.14 per common
share.  This represents a 7.7% increase over the Company's previous quarter
dividend of $0.13 per common share, and is the eighth consecutive year the
dividend has been increased.  This cash dividend will be payable on November 28,
2003 to shareholders of record on November 17, 2003.

Northeast Indiana Bancorp Chairman Stephen E. Zahn stated that "the Board of
Directors has increased this cash dividend in recognition of the Company's
continued profitability and our commitment to return a portion of those earnings
to our shareholders in cash."

The book value of NEIB's stock was $18.41 per common share as of September 30,
2003.  The last reported trade of the Company's stock at the close of business
on October 28, 2003 was $18.64 per common share and the number of outstanding
common shares was 1,472,944 as of the same date.  The Company reported total
assets of $221.5 million as of September 30, 2003.

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, Sr. Vice President, CFO of Northeast Indiana

Bancorp, Inc., [phone]



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

Copyright