UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b) (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. )*
INDIANA UNITED BANCORP
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
455149104
(CUSIP Number)
December 13, 1999
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
( Rule 13d-1(b)
X Rule 13d-1(c)
( Rule 13d-1(d)
The remainder of this cover page shall be filled out for a
reporting person's initial filing of this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of
the Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
CUSIP No. 455149104 13G Page 2 of 6 Pages
1. Name of Reporting Persons
I.R.S. Identification Nos. of above persons (entities only):
DOUGLAS T. BREEDEN
S.S.# ###-##-####
2. Check the Appropriate Box if a Member of a Group*
(a) (
(b) (
3. SEC Use Only
4. Citizenship or Place of Organization
UNITED STATES OF AMERICA
Number of 5. Sole Voting Power 246,564
Shares
Beneficially 6. Shared Voting Power -0-
Owned by
Each 7. Sole Dispositive Power 246,564
Reporting
Person With 8. Shared Dispositive Power -0-
9. Aggregate Amount Beneficially Owned by Each Reporting Person
246,564
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares* (
11. Percent of Class Represented by Amount in Row 9 5.08%
12. Type of Reporting Person IN
Item 1 (a) Name of Issuer:
INDIANA UNITED BANCORP
Item 1 (b). Address of the Issuer's Principal Executive Offices:
201 NORTH BROADWAY
P. O. BOX 87
GREENSBURG, IN 47240-9979
Item 2 (a). Name of Person(s) Filing:
DOUGLAS T. BREEDEN
Item 2 (b). Address of Principal Business Office, or, if None, Residence:
SMITH BREEDEN ASSOCIATES, INC.
100 EUROPA DRIVE, SUITE 200
CHAPEL HILL, NC 27514
Item 2 (c). Citizenship:
USA
Item 2 (d). Title of Class of Securities:
COMMON STOCK
Item 2 (e). CUSIP Number:
455149104
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), Check Whether the Person Filing is a:
(a).( Broker or dealer registered under Section 15 of the Exchange Act.
(b).( Bank as defined in Section 3 (a) (6) of the Exchange Act.
(c).( Insurance company as defined in Section 3 (a) (19) of the Exchange Act.
(d).( Investment company registered under Section 8 of the Investment
Company Act.
(e).( An investment adviser in accordance with Rule 13d-1(b) (1) (ii) (E);
(f).( An employee benefit plan, or endowment fund in accordance with Rule
13d-1 (b) (1) (ii) (F),
(g).( A parent holding company or control person in accordance with Rule
13d-1 (b) (ii) (G);
(h).( A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) ( A church plan that is excluded from the definition of an
investment company under Section 3 (c) (14) of the Investment Company Act;
(j) ( Group, in accordance with Rule 13d-1(b) (1) (ii) (J).
If this statement is filed pursuant to Rule 13d-1 (c), check this box. X
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.
(a). Amount beneficially owned: (See Exhibit A attached hereto) 246,564
(b). Percent of class: 5.08%
(c). Number of shares as to which such person has:
(i). Sole power to vote or to direct the vote: 246,564
(ii). Shared power to vote or to direct the vote: -0-
(iii).Sole power to dispose or to direct the disposition of: 246,564
(iv). Shared power to dispose or to direct the disposition of: -0-
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certifications.
By signing below, I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are not held for
the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction having
such purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
December 13, 1999
(Date)
(Signature)
Douglas T. Breeden s/
(Name/Title)
EXHIBIT A
Smith Breeden Associates, Inc. holds 96,700 shares of the
Common Stock of Indiana United Bancorp (the "Shares").
Douglas T. Breeden owns 63% of the voting stock of
Smith Breeden Associates, and by virtue of this ownership
owns and has control over the Shares. Individually,
Douglas T. Breeden owns 149,864 shares.
