Ameriana Bancorp Reports Revised Earnings

NEW CASTLE, Ind.--(Business Wire)--
Ameriana Bancorp (NASDAQ: ASBI), today announced revised earnings
for the year ended December 31, 2007, of $1.2 million or $0.39 per
share. The decrease from the amount previously reported for 2007
related to an additional write down of $520,000 on a commercial real
estate construction property held as other real estate owned, and
reduced net income by $343,000 after tax. The additional write down
reflected a further decline in the "as is" market value of the
property after its transfer to other real estate owned in the third
quarter of 2007, based on an appraisal received on March 28, 2008.

For further discussion of Ameriana Bancorp's financial condition
and results of operation, see Ameriana Bancorp's Form 10-K for the
year ended December 31, 2007, as filed with the Securities and
Exchange Commission on March 31, 2008.

Ameriana Bancorp is a bank holding company. Through its wholly
owned subsidiary, Ameriana Bank, SB, the Company offers an extensive
line of banking services and provides a range of investments and
securities products through banking centers in the central Indiana
area. Ameriana owns Ameriana Insurance Agency, a full-service
insurance agency, and has interests in Family Financial Holdings, Inc.
and Indiana Title Insurance Company. Ameriana Financial Services
offers securities and insurance products through LPL Financial (Member
FINRA/SIPC).

This news release contains forward-looking statements within the
meaning of the federal securities laws. Statements in this release
that are not strictly historical are forward-looking and are based
upon current expectations that may differ materially from actual
results. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those anticipated by the statements made herein. These risks and
uncertainties involve general economic trends, changes in interest
rates, loss of deposits and loan demand to other financial
institutions, substantial changes in financial markets, changes in
real estate value and the real estate market, regulatory changes,
possibility of unforeseen events affecting the industry generally, the
uncertainties associated with newly developed or acquired operations,
the outcome of pending litigation, and market disruptions and other
effects of terrorist activities. For discussion of these and other
risks that may cause actual results to differ from expectations, refer
to the Company's Annual Report on Form 10-K for the year ended
December 31, 2007, and our Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2007, June 30, 2007, and September 30, 2007,
on file with the Securities and Exchange Commission, including the
sections entitled "Risk Factors." The Company undertakes no obligation
to update these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unforeseen events, except as required under the rules and regulations
of the Securities and Exchange Commission.

Ameriana Bancorp
Jerome J. Gassen, 765-529-2230
President and Chief Executive Officer

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