CORRECTING and REPLACING Union Community Bancorp Releases Earnings

Union Community Bancorp (the "Company") (NASDAQ:UCBC):
Please replace the release dated April 27, 2005, with the following
corrected version, which reflects the Company's revised results of
operation after making adjustments to reflect subsequently received
information about a pre-tax loss on investments in two limited
partnerships during the quarter, the net effect of which loss, after
decreasing income and income tax expense, was a $69,000 decline in net
income.

   The corrected release reads in its entirety as follows:

   UNION COMMUNITY BANCORP RELEASES EARNINGS

   Union Community Bancorp (the "Company") (NASDAQ:"UCBC"), the
holding company of Union Federal Savings and Loan Association (the
"Association"), announced earnings for the three months ended 
March 31, 2005. For the three months ended March 31, 2005, the Company
had net income of $289,000 compared to $444,000 the first quarter of
2004. Basic and diluted earnings per share were $0.16 for the three
months ended March 31, 2005 compared to $0.23 for the 2004 period.
   The decrease in net income for the period was primarily
attributable to a decrease in net interest income and non-interest
income and an increase in non-interest expense. The net yield on
average interest-earning assets decreased from 3.20% for the 2004
three month period to 3.11% for the comparable 2005 period.
Non-interest income decreased $58,000 and the increase in non-interest
expense was $92,000.
   From December 31, 2004 to March 31, 2005, total assets increased
$4.4 million to $261.3 million and net loans increased $5.9 million to
$222.9 million. During the same time frame, deposits decreased by
$827,000 to $187.6 million. Shareholders' equity increased $219,000 to
$33.7 million at March 31, 2005.
   The Company and Association are headquartered in Crawfordsville,
Indiana with two branch offices in Crawfordsville and branch offices
in Covington, Williamsport and Lafayette, Indiana.
   The statements contained in this press release contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which involve a number of
risks and uncertainties. A number of factors could cause results to
differ materially from the objectives and estimates expressed in such
forward-looking statements. These factors include, but are not limited
to, changes in the financial condition of issuers of the Company's
investments and borrowers, changes in economic conditions in the
company's market area, changes in policies by regulatory agencies,
fluctuations in interest rates, demand for loans in the Company's
market area, changes in the position of banking regulators on the
adequacy of our allowance for loan losses, and competition, all or
some of which could cause actual results to differ materially from
historical earnings and those presently anticipated or projected.
These factors should be considered in evaluating any forward-looking
statements, and undue reliance should not be placed on such
statements. The Company does not undertake and specifically disclaims
any obligation to update any forward-looking statements to reflect
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements.
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            SELECTED CONSOLIDATED FINANCIAL DATA OF THE COMPANY
                               (Unaudited)
               (Dollars in thousands, except share data)

Balance Sheet Data:                          March 31,   December 31,
                                                2005         2004
                                             ----------- -------------
          Assets
   Cash                                           $804          $706
   Interest-bearing demand deposits             11,572        12,782
                                             ----------  ------------
     Cash and cash equivalents                  12,376        13,488
   Interest-bearing deposits                       116           116
   Investment securities available for sale      2,995         3,037
   Investment securities held to maturity          131           152
   Loans, net                                  222,914       217,056
   Premises and equipment                        4,111         4,180
   Federal Home Loan Bank stock                  3,760         3,721
   Investment in limited partnership             2,023         2,184
   Foreclosed assets and real estate held for
    development, net                             1,733         1,623
   Goodwill                                      2,393         2,393
   Cash value of life insurance                  6,971         6,900
   Other Assets                                  1,791         2,049
                                             ----------  ------------
          Total assets                        $261,314      $256,899
                                             ==========  ============

          Liabilities
   Deposits                                   $187,634      $188,461
   Federal Home Loan Bank advances              37,881        32,908
   Other liabilities                             2,143         2,093
                                             ----------  ------------
          Total liabilities                    227,658       223,462

   Shareholders' equity                         33,656        33,437
                                             ----------  ------------

          Total liabilities and shareholders'
           equity                             $261,314      $256,899
                                             ==========  ============

   Book value per common share                  $17.36        $17.34
   Shares outstanding                        1,939,000     1,928,000
   Average equity to average assets              12.99 %       13.26 %
   Allowance for loan losses to total loans       0.43 %        0.42 %


                                                Three Months Ended
                                                    March 31,
                                                2005         2004
                                             ----------- -------------
Operating Data:
   Total interest and dividend income           $3,489        $3,554
   Total interest expense                        1,622         1,598
                                             ----------  ------------
     Net interest income                         1,867         1,956
   Provision for loan losses                        60           110
                                             ----------  ------------
     Net interest income after provision for
      loan losses                                1,807         1,846
                                             ----------  ------------
   Other income:
     Service charges of deposit accounts            67            38
     Equity in losses of limited partnerships     (114)            -
     Other                                         148           121
                                             ----------  ------------
       Total other income                          101           159
                                             ----------  ------------
   Other expenses:
     Salaries and employee benefits                840           746
     Net occupancy and equipment expenses          171           171
     Legal and professional fees                    72            96
     Data processing                               105           101
     Other                                         292           274
                                             ----------  ------------
       Total other expenses                      1,480         1,388
                                             ----------  ------------
   Income before income taxes                      428           617
   Income taxes                                    139           173
                                             ----------  ------------
     Net income                                   $289          $444
                                             ==========  ============


Other Data:
   Return on average assets                       0.45 %        0.68 %
   Return on average equity                       3.44 %        4.97 %
   Basic earnings per share                      $0.16         $0.23
   Diluted earnings per share                    $0.16         $0.23
   Cash dividends per common share               $0.15         $0.15
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