FOR IMMEDIATE RELEASE
NOVEMBER 14, 2000
FOR ADDITIONAL INFORMATION
CONTACT: STEPHEN E. ZAHN
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES INTENTION TO AMEND RESULTS ANNOUNCED
PREVIOUSLY FOR QUARTER ENDED SEPTEMBER 30, 2000
HUNTINGTON, INDIANA, -- (NASDAQ: "NEIB") Northeast Indiana Bancorp, Inc., the
parent company of First Federal Savings Bank, has announced that the Corporation
will amend its earlier announcement of the results of the quarter ended
September 30, 2000. "Our earlier earnings announcement did not take into account
an alleged fraud with respect to one of our borrowers," stated Stephen E. Zahn,
Chairman and Chief Executive Officer. " We believe that this alleged fraud will
materially and adversely impact the results of operations for the quarter ended
September 30, 2000." The Company declined to give a range of possible impact at
this time, stating that "we are reviewing the matter with our lending staff and
our accountants, and expect to announce September's results within the next
several days," according to Darrell E. Blocker, Chief Financial Officer. In
addition earnings will be impacted to a much lesser extent by additional ESOP
allocation expense. Mr. Blocker continued that "due to the Company's strong
capital position, there is no question that our main subsidiary, First Federal,
will remain in compliance with all federal bank capital requirements."
At June 30, 2000, the Corporation has assets of $255.9 million and stockholder's
equity of $26.4 million. The Corporation's stock is quoted on the Nasdaq
National Market under the ticker symbol "NEIB".
