SECURITIES AND EXCHANGE COMMISSION

                           Washington, D. C.  20549

                                  FORM 10-K

               Annual Report Pursuant to Section 13 or 15(d) of
                     the Securities Exchange Act of 1934

For the fiscal year ended December 31, 1997     Commission file number 0-18925

                               ANB CORPORATION
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

           Indiana                                              35-1612066
-------------------------------                            -------------------
(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization                             Identification No.)

               120 West Charles Street, Muncie, Indiana   47305
             ----------------------------------------------------
             (Address of principal executive offices)  (Zip Code)

      Registrant's telephone number, including area code: (765) 747-7575

       Securities registered pursuant to Section 12(b) of the Act: None

         Securities registered pursuant to Section 12(g) of the Act:

                          Common Stock, No-Par Value
                               (Title of Class)

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K.  [X]

Indicate by check mark whether the registrant (1) has filed all reports
required be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.  Yes [X]   No [ ]

The aggregate market value of voting stock held by non-affiliates of the
registrant (for purposes of such calculation, includes persons who are not
directors, executive officers or holders of more than 10% of the registrant's
common stock) based upon the average of the bid and asked prices as of March
11, 1998 was approximately $125,492,000.

Indicate the number of shares outstanding of each of the registrant's classes
of common stock as of March 11, 1998:
                Common Stock, No-Par Value - 4,549,874 shares

Documents incorporated by reference:

Portions of the Annual Report to Shareholders of ANB Corporation for the year
ended December 31, 1997 are incorporated by reference into Part II.

Portions of the definitive proxy statement dated March 19, 1998 relating to
the annual meeting of shareholders of ANB Corporation to be held on April 21,
1998 are incorporated by reference into Part III.

Exhibit index - page 22

<PAGE>

FORM 10-K TABLE OF CONTENTS
-----------------------------------------------------------------------

                                                                          Page
Part I

  Item  1 - Business...................................................     3

  Item  2 - Properties.................................................    15

  Item  3 - Legal Proceedings..........................................    15

  Item  4 - Submission of Matters to a Vote of Security Holders........    15

Part II

  Item  5 - Market For the Registrant's Common Equity and
              Related Stockholder Matters..............................    15

  Item  6 - Selected Financial Data....................................    15

  Item  7 - Management's Discussion and Analysis of Financial
              Condition and Results of Operations......................    15

  Item  7A - Quantitative and Qualitative Disclosures
              About Market Risk........................................    15

  Item  8 - Financial Statements and Supplementary Data................    15

  Item  9 - Changes in and Disagreements with Accountants on
              Accounting and Financial Disclosure......................    16

Part III

  Item 10 - Directors and Executive Officers of the Registrant.........    16

  Item 11 - Executive Compensation.....................................    16

  Item 12 - Security Ownership of Certain Beneficial
              Owners and Management....................................    16

  Item 13 - Certain Relationships and Related Transactions.............    16

Part IV

  Item 14 - Exhibits, Financial Statement Schedules, and
              Reports on Form 8-K......................................    17

Signatures    .........................................................    20

                                      2
<PAGE>

                                    PART I

ITEM 1. BUSINESS
------------------------------------------------------------------------------

GENERAL

ANB Corporation (the "Registrant") is a multibank holding company located in
Muncie, Indiana, engaged in the business of commercial banking, and trust and
asset management.  The business of the Registrant is conducted through its
financial institution and trust subsidiaries, American National Bank and Trust
Company of Muncie ("American National"), American National Trust and
Investment Management Company ("ANTIM") and Peoples Loan & Trust Bank
("Peoples"), which provide a broad range of financial services.

American National is a national banking association with its principal offices
in Muncie, Delaware County, Indiana.  American National was originally
incorporated under the laws of the State of Indiana in 1918.  In 1960,
American National received its charter as a national banking association.
Muncie Federal Savings Bank ("Muncie Federal"), a federally chartered mutual
savings and loan association, was acquired by the Registrant in 1991 and
converted to a savings bank.  Muncie Federal and American National merged in
1993.  The acquisition of Muncie Federal benefited the Registrant through an
increase in market share and an expansion of its operations.  The additional
Muncie Federal offices allowed American National to increase the number of
full service banking locations within Delaware County and to expand into Jay
County, Indiana, northeast of the Registrant's home county.  At December 31,
1997, American National had assets of $358.3 million, deposits of $280.8
million and stockholder's equity of $30.6 million.

The Registrant acquired Winchester Bancorporation ("Winchester") in
Winchester, Indiana and its subsidiary bank, Peoples in early 1994. The
Registrant acquired 100% of the outstanding common stock of Winchester for
approximately $11.0 million.  Peoples' customers are located primarily in
Randolph, Wayne and surrounding counties.  In December, 1995, The Saratoga
State Bank ("Saratoga"), previously a subsidiary of the Registrant, was merged
into Peoples.  Saratoga was located in Saratoga, Randolph County, Indiana,
immediately east of the Registrant's home county.  In 1997, Peoples acquired a
branch in Parker City, Indiana with deposits approximately $9 million.  At
December 31, 1997, Peoples had assets of $158.3 million, deposits of $131.1
million and stockholder's equity of $16.6 million.

ANTIM, previously the trust department of American National, traces its
history to 1900 and is the successor of The Muncie Trust Company.  To
capitalize on its profitable $1.5 billion trust operation, American National
formed its previously wholly owned subsidiary, ANTIM, which has succeeded to
American National's trust business.  Ownership of ANTIM was transferred from
American National to the Registrant in December, 1996.  ANTIM provides trust
and asset management services with offices in Indianapolis, Anderson, Fort
Wayne, Winchester and Muncie.  In September 1997, ANTIM acquired a 15%
interest in Indiana Trust & Investment Management Company in Mishawaka,
Indiana, and under a Stock Acquisition Agreement, is obligated to acquire the
remaining 85% by the year 2002, subject to various terms and conditions. Trust
operations provide a significant source of fee income to the Registrant and in
1997 constituted 10.8% of the Registrant's total operating income.

ANB Financial Planning Services ("ANBFPS") is a wholly owned subsidiary of
American National. ANBFPS offers a full range of financial planning services.

The Registrant provides its commercial banking, trust and asset management
products and services through its 26 affiliated offices in eight Indiana
counties, and this expanded financial base has enabled it to compete with
larger bank holding companies in east central Indiana.

                                      3
<PAGE>

BUSINESS ACTIVITIES

American National and Peoples offer a wide range of depository, lending,
fiduciary and related financial services to individual and business customers.
The financial institutions offer checking and savings plans; investment
accounts consisting of certificates of deposit, money market deposit accounts,
IRA accounts and interest paying deposit accounts; provide lending services
consisting of simple interest consumer loans, car and home improvement loans,
student loans, commercial loans and mortgage loans; and offer credit cards
(Master Card and Visa), safety deposit services, travelers checks, U. S.
Savings Bonds, night depositories, bank by mail and automatic transfer
services.  Automated teller machines provide 24-hour service in Muncie,
Winchester, Richmond, Parker City, Portland, Farmland and Yorktown.  Trust
services are provided to both individual and corporate customers, including
personal trust and agency accounts, employee benefit plans and corporate bond
trustee accounts.

The lending philosophy of the Registrant is to develop sound loans with the
resources of its subsidiary financial institutions.  The subsidiaries
emphasize loans to existing customers, potential customers in proximity to the
branch offices and potential customers within their respective market areas.
The Registrant lends almost exclusively within its market area and does not
make loans to foreign countries.

The Registrant is dedicated to minimizing risk in the loan portfolio through
careful pre-loan investigation, through clearly understood loan terms, through
acquisition of adequate collateral and through close monitoring of loan and
financial information on customer accounts.  Efforts are made to avoid
industry concentrations by type of business through diversification of
borrowers.

EMPLOYEES

As of December 31, 1997, the Registrant and its subsidiaries had approximately
275 full-time equivalent employees to whom it provides a variety of benefits
and with whom it enjoys excellent relations.

STATISTICAL INFORMATION

The following tables present statistical information with respect to the
Registrant, which is not included in Registrant's 1997 Annual Report to
Shareholders.

                                      4
<PAGE>

LOAN PORTFOLIO

Types of Loans
--------------

The loan portfolio at the dates indicated is presented below:

<TABLE>
<CAPTION>

December 31                       1997         1996         1995         1994         1993
--------------------------------------------------------------------------------------------
                                                       (In Thousands)
<S>                             <C>          <C>          <C>          <C>          <C>
Commercial                      $ 99,378     $ 81,142     $ 75,083     $ 68,361     $ 48,293
Term federal funds sold            1,500        5,500        8,784        9,969        6,260
Real estate mortgage             262,711      243,115      226,069      211,442      159,068
Individuals' loans for
  household expenditures          39,654       42,507       35,736       35,495       23,790
Tax-exempt and other loans         5,528        3,817        3,241        3,536        1,938
                                ------------------------------------------------------------

     Total loans                $408,771     $376,081     $348,913     $328,803     $239,349
                                ============================================================
</TABLE>

Maturities and Sensitivities of Loans to Changes in Interest Rates
------------------------------------------------------------------

Presented in the table below are the maturities of the commercial loan
portfolio and the sensitivity of the portfolio at December 31, 1997 as to
predetermined or adjustable interest rates.

<TABLE>
<CAPTION>
                          Within        1-5         Over
                          1 Year       Years       5 Years      Total
---------------------------------------------------------------------
                                      (Dollars in Thousands)
<S>                       <C>         <C>          <C>         <C>
Fixed rate loans          $14,964     $16,049      $ 2,156     $33,169
Variable rate loans        46,200      15,242        4,767      66,209
                          --------------------------------------------

  Totals                  $61,164     $31,291      $ 6,923     $99,378
                          ============================================

Per cent                    61.5%       31.5%         7.0%      100.0%
</TABLE>

Principal balances of term loans included in the 1-5 Years and Over 5 Years
categories are shown based on maturity date.

Risk Elements
-------------

Nonaccrual, past due and restructured loans

<TABLE>
<CAPTION>

December 31                       1997         1996         1995         1994         1993
--------------------------------------------------------------------------------------------
                                                       (In Thousands)
<S>                             <C>          <C>          <C>          <C>          <C>
Nonaccruing loans*              $  538       $1,326       $1,184       $2,472       $  822
Accruing loans contractually
  past due 90 days or more
  as to interest or principal
  payments                         300          472          241          390          516
Restructured loans*                590           63          880          156          629
</TABLE>

*Impaired loans for 1997 included in nonaccruing loans totaled $190; impaired
loans for 1996 included in nonaccruing and restructured loans totaled $657 and
$63, respectively.

                                      5
<PAGE>

Nonaccruing loans are loans which are reclassified to a nonaccruing status
when in management's judgment the collateral value and financial condition of
the borrower do not justify accruing interest. Interest previously recorded
but not deemed collectible is reversed and charged against current income.
Interest income on these loans is then recognized when collected.

Restructured loans are loans for which the contractual interest rate has been
reduced or other concessions are granted to the borrower because of a
deterioration in the financial condition of the borrower resulting in the
inability of the borrower to meet the original contractual terms of the loans.

Interest income of $59,000 for the year ended December 31, 1997 was recognized
on the nonaccruing and restructured loans listed in the table above, whereas
interest income of $83,000 would have been recognized under their original
loan terms.

Potential problem loans:

Management has identified  additional impaired loans of $518,000 as of
December 31, 1997, not included in the risk element table, about which there
are doubts as to the borrowers' ability to comply with present repayment
terms.  Loans are considered to be impaired when it becomes probable that the
bank subsidiaries will be unable to collect all amounts due according to the
contractual terms of the loan agreement.

Risk elements are considered by management in determining the appropriate
level of the allowance for loan losses.

Allocation of the Allowance for Loan Losses at December 31
----------------------------------------------------------

Presented below is an analysis of the composition of the allowance for loan
losses (in thousands) and per cent of loans in each category to total loans:

<TABLE>
<CAPTION>
                                       1997                  1996                  1995
-----------------------------------------------------------------------------------------------
                                 Amount    Per Cent    Amount    Per Cent    Amount    Per Cent
-----------------------------------------------------------------------------------------------
                                                     (Dollars in Thousands)
<S>                              <C>        <C>        <C>        <C>        <C>        <C>
Balance at December 31:
  Commercial                     $1,505      24.3%     $1,337      21.6%     $  827      21.5%
  Term federal funds sold                      .4                   1.5                   2.5
  Real estate mortgage              838      64.2         889      64.6         878      64.8
  Loans to individuals              730       9.7         581      11.3         554      10.3
  Tax exempt and other               25       1.4          23       1.0          12        .9
  Unallocated                       399                   570                   626
                                 -------------------------------------------------------------

  Totals                         $3,497     100.0%     $3,400     100.0%     $2,897     100.0%
                                 =============================================================
</TABLE>

<TABLE>
<CAPTION>
                                                             1994                  1993
-----------------------------------------------------------------------------------------------
                                                       Amount    Per Cent    Amount    Per Cent
-----------------------------------------------------------------------------------------------
                                                               (Dollars in Thousands)
<S>                                                    <C>        <C>        <C>        <C>
Balance at December 31:
  Commercial                                           $  867      20.8%     $  664      20.2%
  Term federal funds sold                                           3.0                   2.6
  Real estate mortgage                                  1,172      64.3         343      66.5
  Loans to individuals                                    481      10.8         353       9.9
  Tax exempt and other                                     20       1.1                    .8
  Unallocated                                             158                    81
                                                       ---------------------------------------

  Totals                                               $2,698     100.0%     $1,441     100.0%
                                                       =======================================
</TABLE>

                                      6
<PAGE>

Loan Loss Charge-off Procedures
-------------------------------

The subsidiary financial institutions have weekly loan committee meetings at
which loans in excess of certain amounts are approved or disapproved and loan
delinquencies, maturities and problems are reviewed.

The boards of directors of the subsidiaries receive and review reports on
loans monthly, including information on new and renewed, delinquent and
problem loans.

All chargeoffs are reported to and approved by the subsidiaries' boards
monthly.  Loans are charged off when a determination is made that all or a
portion of a loan is uncollectible or as a result of examinations by
regulators and the independent auditors.

Provision for Loan Losses
-------------------------

In banking, loan losses are one of the costs of doing business.  Although the
financial institutions' management emphasize the early detection and chargeoff
of loan losses, it is inevitable that at any time certain losses exist in the
portfolio which have not been specifically identified.  Accordingly, the
provision for loan losses is charged to earnings on an anticipatory basis, and
recognized loan losses are deducted from the allowance so established.  Over
time, all net loan losses must be charged to earnings.  During the year, an
estimate of the loss experience for the year serves as a starting point in
determining the appropriate level for the provision.  However, the amount
actually provided in any period may be greater or less than net loan losses,
based on management's judgment as to the appropriate level of the allowance
for loan losses.  The determination of the provision in any period is based on
management's continuing review and evaluation of the loan portfolio, and its
judgment as to the impact of current economic conditions on the portfolio. The
evaluation by management includes consideration of past loan loss experience,
changes in the composition of the loan portfolio, the current condition and
amount of loans outstanding, and the probability of collecting all amounts
due.

SECURITIES PORTFOLIO

The carrying values of the components of the securities portfolio at the dates
indicated were:

<TABLE>
<CAPTION>

December 31                          1997         1996         1995
---------------------------------------------------------------------
                                             (In Thousands)
<S>                                <C>          <C>          <C>
Available for sale(1)
  U. S. Treasury                   $ 14,880     $ 17,838     $ 18,173
  Federal agencies                    8,248        7,972        4,153
  State and municipal                45,031       44,166       43,105
  Corporate obligations                 100          200          447
  Mortgage-backed                                  3,078        3,695
  Other securities                      813          690          941
                                   ----------------------------------

    Total available for sale       $ 69,072     $ 73,944     $ 70,514
                                   ==================================
</TABLE>


(1)  Available for sale securities are carried at market value.

                                      7
<PAGE>

The maturity distribution and average yields for the securities portfolio at
December 31, 1997 were:

<TABLE>
<CAPTION>
                              Within 1 Year          1-5 Years           5-10 Years        Over 10 Years
----------------------------------------------------------------------------------------------------------
                             Amount    Yield*    Amount     Yield*    Amount    Yield*    Amount    Yield*
----------------------------------------------------------------------------------------------------------
                                                         (Dollars in Thousands)
<S>                          <C>        <C>      <C>        <C>       <C>        <C>      <C>        <C>
Available for sale(2)
  U. S. Treasury             $ 5,536    6.5%     $ 9,275     6.0%
  Federal agencies                                 7,904     6.1      $   349    6.5%
  State and municipal            370    8.5        6,556    10.2       16,824    9.2      $19,043    9.3%
  Corporate obligations                              100     5.5
  Other securities               813    7.0
                             ----------------------------------------------------------------------------

    Totals                   $ 6,719    6.9%     $23,835     7.2%     $17,173    9.2%     $19,043    9.3%
                             =======             =======              =======             =======
</TABLE>

(2)  Available for sale amounts shown in the maturity distribution table are
     at amortized cost for computation of yields.

*    Interest yields on state and municipal securities are presented on a
     fully taxable equivalent basis using a 34% rate after adjustment for
     effect of non-deductible interest expense attributed to such investments.

DEPOSITS

The following table shows the average amount of deposits and the average rate
of interest paid thereon for the years indicated.

<TABLE>
<CAPTION>
                                             1997                 1996                 1995
------------------------------------------------------------------------------------------------
                                       Amount     Rate      Amount     Rate      Amount     Rate
------------------------------------------------------------------------------------------------
                                                        (Dollars in Thousands)
<S>                                   <C>         <C>      <C>         <C>      <C>         <C>
Noninterest-bearing demand            $ 48,556             $ 42,816             $ 39,780
NOW accounts                            74,511    2.5%       71,954    2.5%       67,742    2.4%
Money market investment accounts        40,304    3.2        40,383    3.1        44,235    3.0
Savings                                 26,592    2.5        28,174    2.5        29,277    2.6
Certificates of deposit                219,853    5.3       217,350    5.4       207,075    5.5
                                      --------             --------             --------

   Totals                             $409,816             $400,677             $388,109
                                      ========             ========             ========
</TABLE>

As of December 31, 1997, certificates of deposit and other time deposits of
$100,000 or more mature as follows:

<TABLE>
<CAPTION>
                                            3-6         6-12        Over
                              3 Months     Months      Months     12 Months     Total
--------------------------------------------------------------------------------------
                                               (Dollars in Thousands)
<S>                            <C>         <C>         <C>         <C>         <C>
Certificates of deposit        $33,022     $13,675     $ 6,252     $ 6,717     $59,666

Per cent                         55.3%       22.9%       10.5%       11.3%      100.0%
</TABLE>


                                      8
<PAGE>

SHORT-TERM BORROWINGS

<TABLE>
<CAPTION>

December 31                                          1997        1996        1995
----------------------------------------------------------------------------------
                                                            (In Thousands)
<S>                                                <C>         <C>         <C>
Short-term borrowings
 Federal funds purchased                           $ 6,375     $ 6,600
 Securities sold under repurchase agreements         3,980       7,203     $ 4,594
 U. S. Treasury demand notes                         2,980       3,873       3,155
                                                   -------------------------------

    Totals                                         $13,335     $17,676     $ 7,749
                                                   ===============================
</TABLE>

Securities sold under repurchase agreements are borrowings maturing within one
year and are secured by U. S. Treasury and Federal agencies securities.

Pertinent information with respect to short-term borrowings is summarized
below:

<TABLE>
<CAPTION>

December 31                                                1997        1996        1995
-----------------------------------------------------------------------------------------
<S>                                                      <C>         <C>         <C>
Weighted average interest rate on outstanding balance
 Securities sold under repurchase agreements                 5.1%        5.1%        5.3%
 Total short-term borrowings                                 5.9         5.9         5.2

Weighted average interest rate paid on short-term
 borrowings during the year                                  5.5         5.2         5.6

Highest amount outstanding at any month end
 during the year (in thousands)
 Securities sold under repurchase agreements             $ 6,932     $ 7,203     $ 8,502

 Total short-term borrowings                              19,523      17,676      12,933

Average short-term borrowings outstanding
 during the year (in thousands)                           11,277       9,267       8,516
</TABLE>

REGULATION AND SUPERVISION OF THE REGISTRANT

The Registrant is a bank holding company within the meaning of the Bank
Holding Company Act of 1956, as amended ("BHCA"), and is registered as such
with the Board of Governors of the Federal Reserve System ("Federal Reserve").
The Registrant is examined, regulated and supervised by the Federal Reserve
and is required to file annual reports and other information regarding its
business and operations and the business and operations of its subsidiaries
with the Federal Reserve.  The Federal Reserve has the authority to issue
cease-and-desist orders against a bank holding company and nonbank
subsidiaries if it determines that activities of such entities represent an
unsafe and unsound practice or a violation of law.

Under the BHCA, a bank holding company is, with limited exceptions, prohibited
from acquiring direct or indirect ownership or control of voting stock of any
company which is not a bank and from engaging in any activity other than
managing or controlling banks.  A bank holding company may, however, own
shares of a company engaged in activities which the Federal Reserve has
determined to be so closely related to banking or managing or controlling
banks as to be a proper incident thereto.

                                      9
<PAGE>

Acquisitions by the Registrant of banks and savings associations are subject
to federal and state regulation.  Any acquisition by the Registrant of more
than five percent of the voting stock of any bank requires prior approval of
the Federal Reserve.  Acquisition of savings associations is also subject to
the approval of the Office of Thrift Supervision ("OTS").

Federal law imposes, with certain limited exceptions, a "cross-guarantee" on
the part of commonly controlled depository institutions.  Under this
provision, if one depository institution subsidiary of a multi-unit holding
company, such as the Registrant, fails or requires Federal Deposit Insurance
Corporation ("FDIC") assistance, the FDIC may assess a commonly controlled
depository institution for the loss or estimated loss suffered by the FDIC.
While the FDIC's claim is junior to the claims of nonaffiliated depositors,
holders of secured liabilities, general creditors, and subordinated creditors,
it is superior to the claims of stockholders and any affiliate of the
depository institution.  In addition, under Federal Reserve policy the
Registrant is expected to act as a source of financial strength to, and commit
resources to support, each of its affiliate banks.  As a result, the
Registrant may be required to commit resources to its affiliate banks in
circumstances where it might not otherwise do so.

REGULATION AND SUPERVISION OF THE SUBSIDIARY BANKS

American National and ANTIM are supervised, regulated and examined by the
Comptroller of the Currency. Peoples is supervised, regulated and examined by
the Indiana Department of Financial Institutions and, as state non-member
bank, by the FDIC.  A cease and desist order may be issued by the Comptroller
of the Currency against American National and by the Indiana Department of
Financial Institutions and FDIC against Peoples, if the respective agency
finds that the activities of such institution represents an unsafe and unsound
banking practice or violation of law.  In addition, under certain
circumstances, the FDIC may also issue a cease-and-desist order against any
subsidiary financial institution of the Registrant.

With certain exceptions, a bank, a savings and loan association, and a
subsidiary or affiliate thereof, may not extend credit, lease or sell property
or furnish any services or fix or vary the consideration for the foregoing on
the condition that (i) the customer must obtain or provide some additional
credit, property or services from, or to, any of them, or (ii) the customer
may not obtain some other credit, property or service from a competitor,
except to the extent reasonable conditions are imposed to assure the soundness
of credit extended.

The deposits of American National and Peoples are insured by the Bank
Insurance Fund ("BIF") of the FDIC. The deposits of Muncie Federal, previously
a separate entity (merged into American National in 1993), continue to be
insured by the Savings Association Insurance Fund ("SAIF") of the FDIC. The
insurance rates paid by banks range from 0 to 27 basis points.  Insurance
premiums paid by banks to SAIF are also at a range from 0 to 27 basis points.
The FDIC is authorized to make limited adjustments to the BIF rate schedule
without notice or rulemaking as deemed necessary by the FDIC to maintain the
BIF designated reserve ratio.  Increases in the rate schedule could adversely
impact, and decreases would positively impact, the Registrant and its
subsidiary banks.

Branching by banks in Indiana is subject to the jurisdiction, and requires the
prior approval, of the bank's primary federal regulatory authority and, if the
branching bank is a state bank, of the Indiana Department of Financial
Institutions.  Under Indiana law, American National and Peoples may branch
anywhere in the state.

The Registrant is a legal entity separate and distinct from its subsidiary
banks.  There are various legal limitations on the extent to which the
subsidiary banks can supply funds to the Registrant.  The principal source of
the Registrant's funds consists of dividends from its subsidiaries.  State and
Federal laws restrict the amount of dividends which may be paid by banks and
savings associations.  In addition, the subsidiary banks are subject to
certain restrictions on extensions of credit to the Registrant or any of its
subsidiaries, on investments in the stock or other securities of the
Registrant or in any of its subsidiaries and in taking such stock or
securities as collateral for loans.

                                      10
<PAGE>

FDICIA

The Federal Deposit Insurance Corporation Improvement Act of 1991 ("FDICIA")
directs that each federal banking agency prescribe standards for depository
institutions relating to internal controls, information systems, internal
audit systems, loan documentation, credit underwriting, interest rate
exposure, asset growth and quality, management compensation, minimum earnings
sufficient to absorb losses, and such other standards as the agency deems
appropriate.  The federal banking agencies have issued guidelines establishing
standards for safety and soundness for operational and managerial standards
and compensation standards, and has proposed guidelines for asset quality and
earnings. If an institution fails to comply with any of the standards set
forth in the guidelines, the institution's primary federal regulator may
require the institution to submit a plan for achieving and maintaining
compliance.  Failure to submit an acceptable compliance plan, or failure to
adhere to a compliance plan that has been accepted by the appropriate
regulator, would constitute grounds for further enforcement action.

Under FDICIA, as implemented by final regulations adopted by the FDIC,
FDIC-insured state banks are prohibited, subject to certain exceptions, from
directly or indirectly acquiring or retaining any equity investments of a
type, or in an amount, that are not permissible for a national bank.  FDICIA,
as implemented by FDIC regulations, also prohibits FDIC-insured state banks
and their subsidiaries, subject to certain exceptions, from engaging as
principal in any activity that is not permitted for a national bank or its
subsidiary, respectively, unless the bank meets, and continues to meet, its
minimum regulatory capital requirements and the FDIC determines the activity
would not pose a significant risk to the deposit insurance fund of which the
bank is a member.  Impermissible investments and activities must be divested
or discontinued within certain time frames set by the FDIC in accordance with
FDICIA.  These restrictions are not currently expected to have a material
impact on the operations of Peoples.

The federal banking regulators have adopted regulations to implement the
prompt corrective action provisions of FDICIA, effective as of December 19,
1992.  Among other things, the regulations define the relevant capital
measures for the five capital categories.  An institution is deemed to be
"well capitalized" if it has a total risk-based capital ratio of 10% or
greater, a Tier 1 risk-based capital ratio of 8% or greater, and a leverage
ratio of 5% or greater, and is not subject to a regulatory order, agreement or
directive to meet and maintain a specific capital level for any capital
measure.  An institution is deemed to be "adequately capitalized" if it has a
total risk-based capital ratio of 8% or greater, a Tier 1 risk-based capital
ratio of 4% or greater, and generally a leverage ratio of 4% or greater.  An
institution is deemed to be "undercapitalized" if it has a total risk-based
capital ratio of less than 8%, a Tier 1 risk-based capital ratio of less than
4%, or generally a leverage ratio of less than 4%, and "significantly
undercapitalized" if it has a total risk-based capital ratio of less than 6%,
a Tier 1 risk-based capital ratio of less than 3%, or a leverage ratio of less
than 3%.  An institution is deemed to be "critically undercapitalized" if it
has a ratio of tangible equity (as defined in the regulations) to total assets
that is equal to or less than 2%.

"Undercapitalized" banks are subject to growth limitations and are required to
submit a capital restoration plan.  A bank's compliance with such plan is
required to be guaranteed by any company that controls the undercapitalized
institution as described above.  If an "undercapitalized" bank fails to submit
an acceptable plan, it is treated as if it is significantly undercapitalized.
"Significantly undercapitalized" banks are subject to one or more of a number
of requirements and restrictions, including an order by the appropriate
federal banking regulator to sell sufficient voting stock to become adequately
capitalized, requirements to reduce total assets and cease receipt of deposits
from correspondent banks, and restrictions on compensation of executive
officers.  "Critically undercapitalized" institutions may not, beginning 60
days after becoming "critically undercapitalized", make any payment of
principal or interest on certain subordinated debt or extend credit for a
highly leveraged transaction or enter into any transaction outside the
ordinary course of business.  In addition, "critically undercapitalized"
institutions are subject to appointment of a receiver or conservator.

                                      11
<PAGE>

Additionally, under FDICIA, a bank holding company is required to guarantee
the compliance of any insured depository institution subsidiary that may
become "undercapitalized" (as defined in the statute) with the terms of any
capital restoration plan filed by such subsidiary with its appropriate federal
banking agency up to the lesser of (i) an amount equal to 5% of the
institution's total assets at the time the institution became
undercapitalized, or (ii) the amount that is necessary (or would have been
necessary) to bring the institution into compliance with all applicable
capital standards as of the time the institution fails to comply with such
capital restoration plan.

CAPITAL REQUIREMENTS

The Registrant and its subsidiary banks must meet certain minimum capital
requirements mandated by the Federal Reserve, the Comptroller of the Currency,
the FDIC and state banking regulators in Indiana. These regulatory agencies
require bank holding companies and banks to maintain certain minimum ratios of
primary capital to total assets and total capital to total assets.  As of
January 1, 1991, the Federal Reserve required bank holding companies to
maintain a minimum Tier 1 leverage ratio of 3 percent capital to total assets;
however, for all but the most highly rated institutions which do not
anticipate significant growth, the minimum Tier 1 leverage ratio is 3 percent
plus an additional cushion of 100 to 200 basis points.  As of December 31,
1997, the Registrant's leverage ratio of capital to total assets was 9.8
percent.

The Federal Reserve, the Comptroller of the Currency and the FDIC each have
approved the imposition of "risk-adjusted" capital ratios on bank holding
companies and financial institutions.  At least half of the total required
capital, or 4%, must be "Tier 1 capital," consisting principally of common
shareholders' equity, noncumulative perpetual preferred stock, a limited
amount of cumulative perpetual preferred stock and minority interest in the
equity accounts of consolidated subsidiaries, less certain goodwill items. The
remainder ("Tier 2 capital") may consist of a limited amount of subordinated
debt and intermediate-term preferred stock, certain hybrid capital instruments
and other debt securities, cumulative perpetual preferred stock, and a limited
amount of the general loan loss allowance.

The Registrant and each of its subsidiaries had capital to assets ratios and
risk-adjusted capital ratios at December 31, 1997 in excess of the applicable
regulatory minimum requirements.  The following table summarizes the
Registrant's risk-adjusted capital ratios under Federal Reserve guidelines at
December 31, 1997:

<TABLE>
<CAPTION>
                                                  Registrant    Regulatory
                                                 Consolidated     Minimum
                                                     Ratio      Requirement
                                                     -----      -----------
<S>                                                  <C>             <C>
Tier 1 Capital to Risk-Weighted Assets Ratio         13.3%           4%

Total Capital to Risk-Weighted Assets Ratio          14.3%           8%
</TABLE>





                                      12
<PAGE>

The Comptroller of the Currency and the FDIC include, in evaluations of a
bank's capital adequacy, an assessment of the bank's exposure to declines in
the economic value of the bank's capital due to changes in interest rates.  In
1996, the FDIC, along with the Comptroller of the Currency and the Federal
Reserve, issued a joint policy statement to provide guidance on sound
practices for managing interest rate risk.  The statement sets forth the
factors the federal regulatory examiners will use to determine the adequacy of
a bank's capital for interest rate risk.  These qualitative factors include
the adequacy and effectiveness of the bank's internal interest rate risk
management process and the level of interest rate exposure.  Other qualitative
factors that will be considered include the size of the bank, the nature and
complexity of its activities, the adequacy of its capital and earnings in
relation to the bank's overall risk profile, and its earning exposure to
interest rate movements.  The interagency supervisory policy statement
describes the responsibilities of a bank's board of directors in implementing
a risk management process and the requirements of the bank's senior management
in ensuring the effective management of interest rate risk.  Further, the
statement specifies the elements that a risk management process must contain.

The Federal Reserve, the Comptroller of the Currency, and the FDIC have issued
final regulations further revising their risk-based capital standards to
include a supervisory framework for measuring market risk.  The effect of
these regulations is that any bank holding company or bank which has
significant exposure to market risk must measure such risk using its own
internal model, subject to the requirements contained in the regulations, and
must maintain adequate capital to support that exposure.  These regulations
apply to any bank holding company or bank whose trading activity equals 10% or
more of its total assets, or whose trading activity equals $1 billion or more.
Examiners may require a bank holding company or bank that does not meet the
applicability criteria to comply with the capital requirements if necessary
for safety and soundness purposes. These regulations contain supplemental
rules to determine qualifying and excess capital, calculate risk-weighted
assets, calculate market risk equivalent assets and calculate risk-based
capital ratios adjusted for market risk.

INTERSTATE BANKING

The Riegle Community Development and Regulatory Improvement Act of 1994
allows bank holding companies to acquire banks anywhere in the United States
subject to certain state restrictions and permits an insured bank to merge
with an insured bank in another state without regard to whether such merger is
prohibited by state law.  Additionally, an out-of-state bank may acquire the
branches of an insured bank in another state without acquiring the entire
bank; provided, however, that the law of the state where the branch is located
permits such an acquisition.  Indiana permits interstate branching (both
denovo and by acquisition), subject to certain conditions, as contemplated by
the Act.  Bank holding companies may merge existing bank subsidiaries located
in different states into one bank.

An insured bank subsidiary may act as an agent for an affiliated bank or
thrift in offering limited banking services (receive deposits, renew time
deposits, close loans, service loans and receive payments on loans
obligations) both within the same state and across state lines.





                                      13
<PAGE>

ADDITIONAL MATTERS

In addition to the matters discussed above, the Registrant's affiliate banks
are subject to additional regulation of their activities, including a variety
of consumer protection regulations affecting their lending, deposit and
collection activities and regulations affecting secondary mortgage market
activities. Both federal and state law extensively regulate various aspects of
the banking business such as reserve requirements, truth-in-lending and
truth-in-savings disclosure, equal credit opportunity, fair credit reporting,
community reinvestment activities, trading in securities and other aspects of
banking operations.  Current federal law also requires banks, among other
things, to make deposited funds available within specified time periods.  The
extensive regulation, supervision and examination of financial institutions by
the bank regulatory agencies is intended primarily for the protection of the
insurance fund and depositors.  Moreover, such regulation imposes substantial
restrictions on the operations and activities of such institutions, and grants
to regulators broad discretion in connection with their supervisory and
enforcement activities and examination policies, including policies with
respect to classification of assets and establishment of adequate loan loss
reserves.  Any changes in such regulations, whether by legislation or
regulatory action, could have a material impact on the subsidiary banks and
their operations.  The Registrant cannot predict what, if any, future actions
may be taken by legislative or regulatory authorities or what impact any such
actions may have on the operations of the subsidiary banks.

The earnings of financial institutions are also affected by general economic
conditions and prevailing interest rates, both domestic and foreign, and by
the monetary and fiscal policies of the United States Government and its
various agencies, particularly the Federal Reserve.

Additional legislation and administrative actions affecting the banking
industry are being considered and in the future may be considered by the
United States Congress, state legislatures and various regulatory agencies,
including those referred to above.  It cannot be predicted with certainty
whether such legislation of administrative action will be enacted or the
extent to which the banking industry in general or the Registrant and its
affiliate banks in particular would be affected thereby.

YEAR 2000 SAFETY AND SOUNDNESS

Safety and soundness guidance on the risks posed to financial institutions by
the Year 2000 problem has been issued by the Federal Institutions Examination
Council.  The guidance underscores that Year 2000 preparation is not only an
information systems issue, but also an enterprise-wide challenge that must be
addressed at the highest level of a financial institution.   The guidance sets
out the responsibilities of senior management and boards of directors in
managing their Year 2000 projects. Among the responsibilities of institution
managers and directors is that of managing the internal and external risks
presented by providers of data-processing products and services, business
partners, counterparties and major loan customers.  Under the guidance, senior
management must provide the board of directors with status reports, at least
quarterly, on efforts to reach Year 2000 goals both internally and by the
institution's major vendors.  Senior managers and directors must allocate
sufficient resources to ensure that high priority is given to seeing that
remediation plans are fulfilled, and that the project receives the quality
personnel and timely support it requires.  The guidance does not require
financial institutions to obtain Year 2000 certification from their vendors.
Rather, an institution must implement its own internal testing or verification
processes for vendor products and services to ensure that its different
computer systems function properly together.


                                      14
<PAGE>

ITEM 2. PROPERTIES
------------------------------------------------------------------------------

As of December 31, 1997, the Registrant operated through twenty-six affiliated
offices.  American National operates eleven branch offices, nine of which are
in Muncie and one in Yorktown and in Portland.  Peoples operates nine
full-service offices, including branches in Winchester, Saratoga, Richmond,
Farmland, Parker City and Lynn.  Other offices are operated by ANTIM and
ANBFPS.  All such offices are owned by the subsidiaries with the exception of
two branches of American National and three facilities of ANTIM which are
leased.


ITEM 3. LEGAL PROCEEDINGS
------------------------------------------------------------------------------

As a part of the ordinary course of business, the Registrant's subsidiaries
are parties to lawsuits involving claims to the ownership of funds and
involving the collection of delinquent accounts.  All such litigation is
incidental to the business of the financial institutions.  Management believes
that no litigation is threatened or pending in which the Registrant or its
subsidiaries face potential loss or exposure which will materially affect the
Registrant's stockholders' equity or financial position.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
------------------------------------------------------------------------------

None


                                   PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
  MATTERS
------------------------------------------------------------------------------

Market for the Registrant's common equity and related stockholder matters
included in the 1997 Annual Report to Shareholders of the Registrant on page 5
is incorporated herein by reference.

As of March 13, 1998, the Registrant had approximately 654 stockholders of
record.


ITEM 6. SELECTED FINANCIAL DATA
------------------------------------------------------------------------------

Selected financial data under the heading "Financial Highlights" included in
the 1997 Annual Report to Shareholders of the Registrant on page 6 is
incorporated herein by reference.


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
  RESULTS OF OPERATIONS
------------------------------------------------------------------------------

Management's Discussion and Analysis of Financial Condition and Results of
Operation included in the 1997 Annual Report to Shareholders of the Registrant
on pages 36 through 55 is incorporated herein by reference.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
------------------------------------------------------------------------------

Quantitative and qualitative disclosures about market risk included in the 1997
Annual Report to Shareholders of the Registrant on pages 50-52 is incorporated
herein by reference.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
------------------------------------------------------------------------------

Consolidated financial statements as of and for the three-year period ended
December 31, 1997 and the independent auditor's report included in the 1997
Annual Report to Shareholders of the Registrant on pages 11 through 35 are
incorporated herein by reference.

                                      15
<PAGE>

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
  FINANCIAL DISCLOSURE
------------------------------------------------------------------------------

None

                                   PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
------------------------------------------------------------------------------

The information to be provided under this item is incorporated by reference
herein from pages 2 and 3 of the Registrant's definitive proxy statement dated
March 19, 1998 as filed with the Commission pursuant to Regulation 14A.


ITEM 11.  EXECUTIVE COMPENSATION
------------------------------------------------------------------------------

The information to be provided under this item is incorporated by reference
herein from pages 6 through 12 of the Registrant's definitive proxy statement
dated March 19, 1998 as filed with the Commission pursuant to Regulation 14A.


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
------------------------------------------------------------------------------

The information to be provided under this item is incorporated by reference
herein from pages 2, 4,and 5 of the Registrant's definitive proxy statement
dated March 19, 1998 as filed with the Commission pursuant to Regulation 14A.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
------------------------------------------------------------------------------

The information to be provided under this item is incorporated by reference
herein from page 5 of the Registrant's definitive proxy statement dated March
19, 1998 as filed with the Commission pursuant to Regulation 14A.












                                      16
<PAGE>

                                   PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
------------------------------------------------------------------------------

(a)(1)  The following consolidated financial statements of the Registrant and
        subsidiaries are incorporated by reference in Item 8:

                                                                       Annual
                                                                       Report
                                                                        Page
                                                                       Number
                                                                       ------

        Independent Auditor's Report                                     11

        Consolidated Balance Sheet as of December 31, 1997 and 1996      12

        Consolidated Statement of Income for the years ended
        December 31, 1997, 1996 and 1995                                 13

        Consolidated Statement of Changes in Stockholders' Equity
        for the years ended December 31, 1997, 1996 and 1995             14

        Consolidated Statement of Cash Flows for the years ended
        December 31, 1997, 1996 and 1995                                 15

        Notes to Consolidated Financial Statements                    16 -- 35

   (2)  All financial statement schedules have been omitted because they are
        not applicable or the required information is shown in the
        consolidated financial statements or notes thereto.

   (3)  Listing of Exhibits:

           Exhibit Number                    Description
           --------------                    -----------

                2.01       Restated and Amended Plan and Agreement of
                           Reorganization (Incorporated herein by reference to
                           Exhibit 2.01 of Form S-1 Registration Statement,
                           Commission File No. 33-36958).

                2.02       Restated and Amended Plan of Merger-Conversion
                           (Incorporated herein by reference to Exhibit 2.02
                           of Form S-1 Registration Statement, Commission File
                           No. 33-36958).









                                      17
<PAGE>

   (3)  Listing of Exhibits:

           Exhibit Number                    Description
           --------------                    -----------

                2.03       Agreement of Merger and Reorganization, as amended
                           by Amendment and Waiver (Incorporated herein by
                           reference to Exhibit 2.03 of the Registrant's Form
                           8-K filed on February 4, 1994).

                3.01       Articles of Incorporation of the Registrant, as
                           amended (Incorporated herein by reference to
                           Exhibit 3.01 of the Registrant's 1995 Form 10-K
                           Annual Report).

                3.02       Bylaws of the Registrant, as amended (Incorporated
                           herein by reference to Exhibit 3.02 of the
                           Registrant's 1996 Form 10-K Annual Report).

               10.01       ANB Corporation Stock Option Plan (Incorporated
                           herein by reference to Exhibit 4.3 of Form S-8
                           Registration Statement, Commission File No. 33-
                           95868 filed on August 18, 1995).

               10.02       Nonqualified Stock Option Plan of ANB Corporation
                           for Former Directors of Muncie Federal Savings and
                           Loan Association (Incorporated herein by reference
                           to Exhibit 28 of the Registrant's Form 10-Q as of
                           March 31, 1991).

               10.03       Agreement to Merge by and between American National
                           Bank and Trust Company and Muncie Federal Savings
                           Bank dated June 16, 1992 (Incorporated herein by
                           reference to Exhibit 10.12 of the Registrant's 1992
                           Form 10-K Annual Report).

               10.04       1993 Amended and Restated Employment Agreement
                           dated September 7, 1993 by and among James R.
                           Schrecongost, ANB Corporation and a subsidiary of
                           ANB Corporation (Incorporated herein by reference
                           to Exhibit 10.13 of the Registrant's 1993 Form 10-K
                           Annual Report).

               10.05       1993 Amended and Restated Employment Agreement
                           dated September 7, 1993 by and among Lloyd M.
                           Townsend, ANB Corporation and a subsidiary of ANB
                           Corporation (Incorporated herein by reference to
                           Exhibit 10.14 of the Registrant's 1993 Form 10-K
                           Annual Report).

               10.06       1993 Amended and Restated Employment Agreement
                           dated September 7, 1993 by and among Larry E.
                           Thomas, ANB Corporation and a subsidiary of ANB
                           Corporation (Incorporated herein by reference to
                           Exhibit 10.15 of the Registrant's 1993 Form 10-K
                           Annual Report).

               10.07       1993 Amended and Restated Employment Agreement
                           dated September 7, 1993 by and among David W.
                           Spade, ANB Corporation and a subsidiary of ANB
                           Corporation (Incorporated herein by reference to
                           Exhibit 10.16 of the Registrant's 1993 Form 10-K
                           Annual Report).




                                      18
<PAGE>

   (3)  Listing of Exhibits:

           Exhibit Number                    Description
           --------------                    -----------

               10.08       1993 Amended and Restated Employment Agreement
                           dated September 8, 1993 by and among Paul L.
                           Sehnert, Jr., ANB Corporation and a subsidiary of
                           ANB Corporation (Incorporated herein by reference
                           to Exhibit 10.17 of the Registrant's 1993 Form 10-K
                           Annual Report).

               10.09       1994 Amended and Restated Employment Agreement
                           dated November 30, 1994 by and among Chris L.
                           Talley, ANB Corporation and a subsidiary of ANB
                           Corporation (Incorporated herein by reference to
                           Exhibit 10.19 of the Registrant's 1994 Form 10-K
                           Annual Report).

               10.10       1994 Amended and Restated Employment Agreement
                           dated November 30, 1994 by and among Philip R.
                           Hirschfeld, ANB Corporation and a subsidiary of ANB
                           Corporation (Incorporated herein by reference to
                           Exhibit 10.20 of the Registrant's 1994 Form 10-K
                           Annual Report).

               10.11       ANB Corporation 1995 Stock Option Plan
                           (Incorporated herein by reference to Exhibit 4.3 of
                           Form S-8 Registration Statement, Commission File
                           No. 33- 95866 filed on August 18, 1995).

               10.12       ANB Corporation 1996 Directors' Stock Option Plan
                           (Incorporated herein by reference to Exhibit 10.13
                           of the Registrant's 1996 Form 10-K Annual Report).

               10.13       Employment Agreement dated December 1, 1997 by and
                           among Jerome J. Gassen, ANB Corporation and a
                           subsidiary of ANB Corporation.

               10.14       Employment and Noncompetition Agreement dated
                           September 16, 1997 by and among R. Michael Miner,
                           ANB Corporation and a subsidiary of ANB
                           Corporation.

               10.15       Employment and Noncompetition Agreement dated
                           October 17, 1997 by and among Mark W. Cremonie, ANB
                           Corporation and a subsidiary of ANB Corporation

                 13        1997 Annual Report to Shareholders of ANB
                           Corporation (Incorporated in part into this Form
                           10-K by reference).

                 21        Subsidiaries of the Registrant.

                 23        Consent of Geo. S. Olive & Co. LLC.

                 27        Financial Data Schedule (Included in electronic
                           version only).

                 99        Annual financial statements and independent
                           auditor's report for Stock Investment Plan of ANB
                           Corporation for the year ended December 31, 1997.

(b)     During the fourth quarter of 1997, the Registrant did not file any
        reports on Form 8-K.

(c)     See the listing of exhibits in Item 14(a)(3).

(d)     No financial statement schedules are required to be submitted.


                                      19
<PAGE>

                                  SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, as of the 23rd day of
March, 1998.

                                     ANB CORPORATION
                                       (Registrant)


                                     By: /s/  James R. Schrecongost
                                     -----------------------------------------
                                              James R. Schrecongost, Vice
                                              Chairman, President and Chief
                                              Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities indicated below as of the 23rd day of March,
1998.

Name            Title
------------------------------------------------------------------------------


/s/ Kelly N. Stanley                 Chairman of the Board of Directors
---------------------------------
    Kelly N. Stanley



/s/ James R. Schrecongost            Vice Chairman, President and
---------------------------------    Chief Executive Officer
    James R. Schrecongost



/s/ Larry E. Thomas                  Treasurer (Chief Financial Officer
---------------------------------    and Principal Accounting Officer)
    Larry E. Thomas



/s/ Ben E. Delk                      Director
---------------------------------
    Ben E. Delk



/s/ Madelyn K. Ferris                Director
---------------------------------
    Madelyn K. Ferris



/s/ R. David Hoover                  Director
---------------------------------
    R. David Hoover



                                      20
<PAGE>




                                     Director
---------------------------------
    William L. Peterson



/s/ Donald A. Ross                   Director
---------------------------------
    Donald A. Ross



/s/ Chris L. Talley                  Director
---------------------------------
    Chris L. Talley



/s/ Leon V. Towne                    Director
---------------------------------
    Leon V. Towne
















                                      21
<PAGE>

                                EXHIBIT INDEX


Exhibit Number                       Description
--------------                       -----------

    2.01        Restated and Amended Plan and Agreement of Reorganization
                (Incorporated herein by reference to Exhibit 2.01 of Form S-1
                Registration Statement, Commission File No. 33-36958).

    2.02        Restated and Amended Plan of Merger-Conversion (Incorporated
                herein by reference to Exhibit 2.02 of Form S-1 Registration
                Statement, Commission File No. 33-36958).

    2.03        Agreement of Merger and Reorganization, as amended by
                Amendment and Waiver (Incorporated herein by reference to
                Exhibit 2.03 of the Registrant's Form 8-K filed on February 4,
                1994).

    3.01        Articles of Incorporation of the Registrant, as amended
                (Incorporated herein by reference to Exhibit 3.01 of the
                Registrant's 1995 Form 10-K Annual Report).

    3.02        Bylaws of the Registrant, as amended (Incorporated herein by
                reference to Exhibit 3.02 of the Registrant's 1996 Form 10-K
                Annual Report).

   10.01        ANB Corporation Stock Option Plan (Incorporated herein by
                reference to Exhibit 4.3 of Form S-8 Registration Statement,
                Commission File No. 33- 95868 filed on August 18, 1995).

   10.02        Nonqualified Stock Option Plan of ANB Corporation for Former
                Directors of Muncie Federal Savings and Loan Association
                (Incorporated herein by reference to Exhibit 28 of the
                Registrant's Form 10-Q as of March 31, 1991).

   10.03        Agreement to Merge by and between American National Bank and
                Trust Company and Muncie Federal Savings Bank dated June 16,
                1992 (Incorporated herein by reference to Exhibit 10.12 of the
                Registrant's 1992 Form 10-K Annual Report).

   10.04        1993 Amended and Restated Employment Agreement dated September
                7, 1993 by and among James R. Schrecongost, ANB Corporation
                and a subsidiary of ANB Corporation (Incorporated herein by
                reference to Exhibit 10.13 of the Registrant's 1993 Form 10-K
                Annual Report).

   10.05        1993 Amended and Restated Employment Agreement dated September
                7, 1993 by and among Lloyd M. Townsend, ANB Corporation and a
                subsidiary of ANB Corporation (Incorporated herein by
                reference to Exhibit 10.14 of the Registrant's 1993 Form 10-K
                Annual Report).

   10.06        1993 Amended and Restated Employment Agreement dated September
                7, 1993 by and among Larry E. Thomas, ANB Corporation and a
                subsidiary of ANB Corporation (Incorporated herein by
                reference to Exhibit 10.15 of the Registrant's 1993 Form 10-K
                Annual Report).

   10.07        1993 Amended and Restated Employment Agreement dated September
                7, 1993 by and among David W. Spade, ANB Corporation and a
                subsidiary of ANB Corporation (Incorporated herein by
                reference to Exhibit 10.16 of the Registrant's 1993 Form 10-K
                Annual Report).

                                      22
<PAGE>

Exhibit Number                       Description
--------------                       -----------

   10.08        1993 Amended and Restated Employment Agreement dated September
                8, 1993 by and among Paul L. Sehnert, Jr., ANB Corporation and
                a subsidiary of ANB Corporation (Incorporated herein by
                reference to Exhibit 10.17 of the Registrant's 1993 Form 10-K
                Annual Report).

   10.09        1994 Amended and Restated Employment Agreement dated November
                30, 1994 by and among Chris L. Talley, ANB Corporation and a
                subsidiary of ANB Corporation (Incorporated herein by
                reference to Exhibit 10.19 of the Registrant's 1994 Form 10-K
                Annual Report).

   10.10        1994 Amended and Restated Employment Agreement dated November
                30, 1994 by and among Philip R. Hirschfeld, ANB Corporation
                and a subsidiary of ANB Corporation (Incorporated herein by
                reference to Exhibit 10.20 of the Registrant's 1994 Form 10-K
                Annual Report).

   10.11        ANB Corporation 1995 Stock Option Plan (Incorporated herein by
                reference to Exhibit 4.3 of Form S-8 Registration Statement,
                Commission File No. 33- 95866 filed on August 18, 1995).

   10.12        ANB Corporation 1996 Directors' Stock Option Plan
                (Incorporated herein by reference to Exhibit 10.13 of the
                Registrant's 1996 Form 10-K Annual Report).

   10.13        Employment Agreement dated December 1, 1997 by and among
                Jerome J. Gassen, ANB Corporation and a subsidiary of ANB
                Corporation.

   10.14        Employment and Noncompetition Agreement dated September 16,
                1997 by and among R. Michael Miner, ANB Corporation and a
                subsidiary of ANB Corporation.

   10.15        Employment and Noncompetition Agreement dated October 17, 1997
                by and among Mark W. Cremonie, ANB Corporation and a
                subsidiary of ANB Corporation

     13         1997 Annual Report to Shareholders of ANB Corporation
                (Incorporated in part into this Form 10-K by reference).

     21         Subsidiaries of the Registrant.

     23         Consent of Geo. S. Olive & Co. LLC.

     27         Financial Data Schedule (Included in electronic version only).

     99         Annual financial statements and independent auditor's report
                for Stock Investment Plan of ANB Corporation for the year
                ended December 31, 1997.





                                      23