Exhibit 28.1
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FOR IMMEDIATE RELEASE
August 4, 2000
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES Stock Repurchase Program
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. (the "Company")
announced its intention today to repurchase up to 6.75% or 117,000 shares of its
current outstanding shares in the open market over the next twelve months. These
shares will be purchased at prevailing market prices and may include odd lot
purchases over the twelve month period depending upon market conditions.
On June 29, 1999, the Company announced a stock repurchase program to buyback up
to approximately 10% of the then outstanding shares over a twelve month period.
During that twelve month period, the Company repurchased 63,100 of those shares.
The Company currently has 1,733,036 shares outstanding.
Stephen E. Zahn, President of the Company, indicated that the Board of Directors
approved the repurchase program in view of the current price level of the
Company's common stock and the strong capital position of the Company's
subsidiary, First Federal Savings Bank. Mr. Zahn stated that "we continue to be
of the opinion that the repurchase of our shares represents an attractive
investment opportunity which will benefit the Company and our stockholders. The
repurchased shares will become treasury shares and will be used for general
corporate purposes, including the issuance of shares in connection with grants
and awards under the Company's stock based benefit plans."
The stock closed yesterday at $11.625. The last reported book value at June 30,
2000 was $15.21.
Northeast Indiana Bancorp, Inc. is headquartered at 648 North Jefferson Street,
Huntington, Indiana 46750 and the Company is traded on the Nasdaq National
Market under the symbol "NEIB".
