Ameriana Bank Completes Charter Conversion to Become an Indiana Commercial Bank

NEW CASTLE, Ind.--(Business Wire)--
Ameriana Bancorp (NASDAQ:ASBI), parent company of Ameriana Bank, today announced
that the Indiana Department of Financial Institutions has approved Ameriana
Bank's application to convert its charter from an Indiana savings bank to an
Indiana commercial bank. The charter conversion does not involve any significant
financial or regulatory changes and will not affect Ameriana Bank's current
activities.

Commenting on the announcement, Jerome J. Gassen, President and Chief Executive
Officer of Ameriana Bancorp, said, "We are pleased to complete this charter
conversion process and consider it a milestone in the continued growth of
Ameriana Bank. With an increased emphasis on commercial lending over the past
several years, a commercial bank charter represents a more logical fit for our
current operations and better positions us to compete in our market and
effectively execute our business strategy."

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 Bank owns Ameriana Insurance Agency, a
full-service insurance agency, Ameriana Financial Services, which offers
securities and insurance products through LPL Financial (Member FINRA/SIPC), and
Ameriana Investment Management.

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, 2008, on file with
the Securities and Exchange Commission, including the section 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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