Ameriana Bancorp Board Declares Regular Quarterly Dividend; Shareholders Elect Three Directors.

Business Editors

NEW CASTLE, Ind.--(BUSINESS WIRE)--May 23, 2002

Speaking to shareholders assembled for the Company's 2002 annual meeting, Paul W. Prior, Chairman of the Board of Ameriana Bancorp (Nasdaq:ASBI), today announced that Ameriana's Board of Directors has declared a regular quarterly cash dividend. The dividend, which continues the current rate of $0.16 per share, will be paid on July 5, 2002, to shareholders of record on June 14, 2002.

In formal business conducted at the meeting, shareholders re-elected three Directors to new terms that expire with the 2005 annual meeting of shareholders. Elected to new three-year terms were: Harry J. Bailey, President and Chief Executive Officer of the Company; Charles M. Drackett, Jr., Chairman, President and General Manager of Fairholme Farms Inc. in Lewisville, Indiana; and Ronald R. Pritzke, a partner in the law firm Pritzke & Davis in Greenfield, Indiana.

The Company's Directors continuing in office to future years, include: R. Scott Hayes, a partner in Hayes Copenhaver Crider, the New Castle, Indiana law firm that serves as General Counsel to the Company; Michael E. Kent, a private investor and former Chairman, President and Chief Executive Officer of Modernfold, Inc. of New Castle, Indiana; Donald C. Danielson, Vice Chairman of City Securities Corporation of Indianapolis, Indiana; and Paul W. Prior, Chairman of the Board of Ameriana Bancorp.

Shareholders also ratified the appointment of BKD, LLP as the Company's independent auditors for 2002.

Separately, Prior also noted that Ted R. Girton (age 41) has joined the Company as Senior Vice President - Credit Administration. In this newly created position, Girton will be responsible for supervising and directing all of the Bank's various lending programs.

Girton was previously Vice President and Head of Credit Administration for the Commercial Lending Unit at Union Federal Bank in Indianapolis after beginning at that bank as its Business Lending Unit Portfolio Manager. He also has served as Vice President and Head of Credit Administration for the Eastern Region of Old National Bancorp in Evansville and formerly was Director of Loan Review for ANB Corporation in Muncie. He received his Bachelors Degree in Finance from the University of Evansville.

Ameriana Bancorp is a bank holding company. Through its wholly owned subsidiary, Ameriana Bank and Trust, the Company offers an extensive line of banking services and provides a range of investments and securities products through branches in central Indiana and in the greater Cincinnati, Ohio area. As its name implies, Ameriana Bank and Trust also offers trust and investment management services, has interests in Family Financial Life Insurance Company and Indiana Title Insurance Company, and owns Ameriana Insurance Agency, a full-service insurance agency.