Northeast Indiana Bancorp, Inc. Increases Cash Dividend

Northeast Indiana Bancorp, Inc. Increases Cash Dividend 


HUNTINGTON, Ind., Oct. 27  /PRNewswire-FirstCall/ -- Northeast Indiana Bancorp,
Inc. (NASDAQ:NEIB), the parent corporation of First Federal Savings Bank, today
announced that the Corporation has approved a quarterly cash dividend of $0.15
per common share.  This represents a 7.1% increase over the Company's previous
quarter dividend of $0.14 per common share, and is the ninth consecutive year
the dividend has been increased.  This cash dividend will be payable on
November 23, 2004 to shareholders of record on November 9, 2004.

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 $18.22 per common share as of September 30,
2004.  The last reported trade of the Company's stock at the close of business
on October 26, 2004 was $21.60 per common share and the number of outstanding
common shares was 1,425,357 as of the same date.  The Company reported total
assets of $228.7 million as of September 30, 2004.

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/ 

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