Exhibit 14


                           LOGANSPORT FINANCIAL CORP.
                                 CODE OF ETHICS

GENERAL

     The Corporation and its wholly owned subsidiary, LOGANSPORT SAVINGS BANK is
committed to  conducting  its business in  accordance  with the highest  ethical
standards and has adopted the principles set forth below as corporate policy. It
is the Corporation's  policy that no officer,  employee or director should place
him or herself in a position where his/her  actions,  personal  interests or the
activities  or interests  of those for whom he/she acts is in conflict  with the
interests of the Corporation or its subsidiaries.

     All employees and directors of the Corporation or its  subsidiaries  are to
review this policy and agree to comply with the principles set forth herein.


RELATIONSHIPS WITH OUTSIDE BUSINESS INTERESTS

     Employees/directors  owe  loyalty  to  the  Corporation.  There  can  be no
self-dealing or  self-interest  in any transaction  involving the Corporation or
its subsidiaries.

     Officers/directors  should be particularly  cautious to avoid  compromising
their  responsibilities  to the  Corporation or its  subsidiaries by becoming an
employee of,  investing  in, or accepting  interests in the  Corporation  or its
subsidiaries'  customers,  suppliers,  or their various business interests. As a
general rule, a prohibited  conflict  exists  whenever such activity  entails an
account relationship in which the officer/director is responsible or influential
in exercising control.

     Employees  shall not engage in the  conduct  of any  business  outside  the
Corporation or have any outside employment or consulting arrangement unless such
business  or  arrangement  does  not  interfere  with  the   satisfactory   work
performance for the Corporation and does not have any actual potential  conflict
with Corporation or its subsidiaries business.

     Employees must give prior notice to the President of the Corporation before
accepting a second  position of  employment or a consulting  arrangement.  At no
time shall an  employee  or  director  of the  Corporation  hold a  position  of
employment with a thrift,  bank,  brokerage house,  other financial  institution
that is not controlled by the  Corporation,  or a public  utility,  while in the
employ of the Corporation.  Each employee shall disclose to the President of the
Corporation all existing  employment and consulting  arrangements  with entities
other than the  Corporation  and shall  obtain  prior  approval  before any such
future involvements.

     Further disclosure must be made regarding any interest an employee/director
or his/ her  immediate  family  has in a  non-public  enterprise,  or a material
interest  in a  public  enterprise  if:  (1)  the  enterprise  is a  substantial
competitor of the Corporation;  (2) the enterprise borrows from the Corporation;
(3)  the   enterprise   is  a   supplier   of  the   Corporation;   or  (4)  the
employee/director deals directly with the enterprise in its purchase, receipt of
goods, services, or securities.  Whenever an employee/director  finds that he or
she is  inadvertently  placed  in a  potentially  compromising  position  due to
relationships with business associates,  customers,  suppliers,  or competitors,
the  employee/director  shall report the matter  immediately to the President of
the Corporation and discontinue any activities  associated with the entity until
the matter has been resolved.

     Any loan or payment made between the Corporation and any entity in which an
employee/director has a material financial interest must be described in detail,
with full disclosure of the conflict,  to the Corporation's  Board of Directors.
Any  employee/director  involved with, or having  knowledge of, such transaction
involving a conflict of interest shall fully disclose his or her  involvement or
the transaction (if not previously disclosed) to the Corporation's  President or
any member of the Corporation's Board of Directors.


SUPERVISOR ROLE

     Under no  circumstances  shall an employee perform any role in supervising,
evaluating or influencing the job  evaluation,  pay or benefits of any immediate
family member (spouse, parent, child, sibling or fiance).


FIDUCIARY RELATIONSHIPS

     Employees/directors   may  not  accept  appointment  as  an  administrator,
trustee,  executor,  guardian or any similar  fiduciary  capacity  without prior
approval of the President,  except when acting at the request of the Corporation
or as a fiduciary on a family account.
<PAGE>

PURCHASE OF CORPORATION AND FIDUCIARY ASSETS

     No  employee/director of the Corporation shall purchase any assets owned by
the  Corporation  in which the  employee/director  knows the  Corporation  has a
security interest or other lien,  unless prior approval has been obtained,  full
value is paid for the asset,  and the  transaction  is  completely  and properly
documented on the books of the Corporation.

     No  employee/director  of the  Corporation  and no member of the  immediate
family of the  employee/director,  whether acting  individually  or in fiduciary
capacity  shall  purchase  or borrow any  assets  from or sell any assets to any
estate,  trust or other fiduciary account being  administered by the Corporation
except in accordance with laws and regulations governing such transactions.


OUTSIDE DIRECTORSHIPS, PARTNERSHIPS, SOLE PROPRIETORSHIPS

     Prior  notice to the  President  is  required  before an  employee/director
accepts a position as officer or director of a corporation,  becomes a member of
a business partnership, or becomes sole proprietor of a corporation or business.
Prior  notice is not  necessary  for  acceptance  of a position as an officer or
director  of any  corporation  that  is  for  social,  fraternal,  professional,
educational,  charitable,  civic  or  religious  purposes.  Participation  as an
individual  investor in limited  partnerships does not require Corporation prior
notice  unless  the  Corporation  is  a  lender  to  or  has  another   business
relationship with the partnership and/or the employee/director  holds a dominant
position in the partnership. All such relationships,  however, shall be reported
on an annual basis to the Corporation.

     An  employee/director  of the  Corporation or its  subsidiaries  should not
serve as a director or officer of a non-affiliated financial institution without
specific written approval of the President.

     When an employee/director is serving on a board of directors at the request
of the  Corporation,  fees and other  remuneration  shall be turned  over to the
Corporation.  When serving not at the request of the  Corporation,  remuneration
may be kept.


OUTSIDE NON-BUSINESS ACTIVITIES

     Employees/directors  are  encouraged  and urged to  participate in civic or
charitable   organizations  in  the  communities   they  serve,   provided  such
participation is not in conflict with the Corporation's  objectives and does not
unduly  interfere with regular  duties.  Employees/directors  who participate in
such activities for civic or charitable  organizations  must abstain from making
or  participating  in decisions of the Corporation to make  contributions to any
such organizations.

     The Corporation also encourages  participation in business and professional
organizations.  If such activities  involve inordinate amounts of time away from
responsibilities, prior approval of the employee's supervisor must be obtained.

     Supplies,  material and other property belonging to the Corporation may not
be used in more than an incidental way in the performance of such activities.


ILLEGAL AND UNETHICAL ACTS

     The  following  unethical  or  illegal  acts  by  employees/directors   are
prohibited:

     o    Theft, fraud, embezzlement,  misappropriation, or any form of wrongful
          conversion  of  property  belonging  to  the  Corporation  or  another
          employee/director.

     o    Any act of fraud or deception involving the Corporation, a customer, a
          supplier or any other party.

     o    Any act of  bribery,  including  a premise,  offer or gift of money or
          anything of value made or offered by an employee/director to:

          (a)  A government official or someone acting for the government.

          (b)  A person  employed  by,  or  acting  on  behalf  of, a  customer,
               supplier or other  organization  with which the Corporation  does
               business or has prospective business.

     o    Any  dishonest or unethical act by any  employee/director  against the
          Corporation.
<PAGE>

     o    The  destruction  or  alteration  of  Corporation  records in order to
          falsify, conceal or misrepresent information to:

          (a)  Avoid  criticism for errors of judgment or to conceal  failure to
               follow a supervisor's instructions.

          (b)  Show  a  performance  record  better  than,  or  different  from,
               performance actually achieved.

          (c)  Misrepresent the employee's/director's  performance,  activities,
               or other transactions, or those of another employee/director.

     o    Political  contributions of money,  services, or other property of the
          Corporation  that are in violation  of the law when the  contributions
          are made.

     o    Violations of securities laws rules or regulations,  including failure
          to disclose  material  information that should be described in filings
          the Corporation makes with the Securities and Exchange  Commission and
          banking regulators.


GIFTS AND FEES

     Employees/directors  and their  families  may not solicit or accept  gifts,
fees,  bequests,   services  or  entertainment  from  customers,   suppliers  or
prospective customers. A gift is regarded as any type of gratuity,  favor, loan,
legacy,  fee,  compensation,  or anything of monetary value.  All such gifts are
prohibited except:

     o    Business  entertainment  and other courtesies such as meals,  sporting
          events,  and the like, which involve no more than ordinary  amenities,
          and can be  properly  reciprocated  by the  employee  and charged as a
          business expense. Lavish or extravagant entertainment, such as weekend
          trips,  etc.,  should not be accepted unless  reimbursement is made to
          the donor.

     o    Gifts received because of kinship,  marriage,  or social relationships
          and not because of any business relationship.

     o    Unsolicited  advertising or  promotional  materials that are generally
          available.

     o    Customer  or  supplier  paid  travel or  lodging  where the trip has a
          legitimate  business  purpose.  Any such  trips  must be  approved  in
          advance in writing by the President of the Corporation.

     o    Fees or other  compensation  received  from an  organization  in which
          membership or an official  position is held,  subject to prior written
          approval  and possible  requirement  to pay such  compensation  to the
          Corporation.

     Employees/directors  who believe that  acceptance of a permitted gift might
make them feel obligated and therefore improperly  influenced in the performance
of their  duties  should  not  accept  it,  or turn it over to the  Corporation.
Employees/directors  who are unsure  whether a gift is  violative of the law and
these standards, should seek guidance from the Corporation's President.

     Likewise,  no individual  representing the Corporation or members of his or
her family may extend a gift to any existing or prospective customer or supplier
that will not meet these same criteria.

     All gifts received or extended  which are in the  categories  above and are
valued in excess of $200 should be reported  to your  manager or the  President.
All gifts  which do not fit the above  guidelines,  no  matter  what the  value,
should be reported to your manager or the President.

     From time to time  employees are asked to speak,  testify,  or consult with
outside organizations and regulators.  An honorarium or gift in excess of $25.00
for such outside activity shall be reported to your manager or the President for
determination of the disposition of the honorarium.

     Employees/directors  may not accept from  customers or suppliers any fee or
other  form  of  remuneration  which  violates  the  law or the  spirit  of this
statement.

     Employees/directors  and members of their  immediate  families  should not,
except under very exceptional  circumstances,  accept directly or indirectly any
bequest or legacy from a customer of the Corporation.  If the  employee/director
learns of such a legacy in a customer's will, the employee/director  must report
all pertinent facts as soon as he or she learns of the legacy.  In any event, an
employee/director  may not accept  such a bequest  or legacy  that  arises  from
relationships  solely based upon the  Corporation's  position unless approved by
the President.

     No  employee/director  may accept a personal fee for  arranging a loan from
the Corporation or from any other person or lending institution.
<PAGE>

BORROWING

     Employees/directors  are not to borrow from  customers  or suppliers of the
Corporation,  except  those who engage in  lending in the usual  course of their
business and then only on terms offered to others in similar circumstances. This
prohibition   does  not   preclude   borrowing   from  anyone   related  to  the
employee/director by blood or marriage.

     Borrowing  from  the  Corporation  must  be  in  accordance  with  law  and
regulation and the policies  established by the Corporation.  Except as provided
below, the Corporation may not directly or indirectly extend or maintain credit,
arrange for the  extension of credit,  or renew an  extension of credit,  in the
form of a personal  loan to or for any of its  directors or executive  officers.
Notwithstanding the foregoing, loans may be made by Logansport Savings Bank, FSB
that  otherwise  comply  with  Regulation  O under the  Federal  Reserve Act and
applicable Office of Thrift Supervision regulations.

     Reports of borrowings  will be requested  from time to time from all levels
of Corporation  officers to meet both  regulatory  requirements  and Corporation
policy.  All  officers  shall submit such summary  reports  when  requested,  or
reports of new borrowings in a timely fashion.


MISAPPROPRIATION OF BUSINESS OPPORTUNITIES

     The Corporation  may be interested in business or investment  opportunities
made known to  employees/directors.  An  employee/director is expected to advise
the  Corporation of such  opportunities  or investments  before acting upon them
personally.  Any transaction  causing a conflict may be approved by the Board of
Directors after appropriate disclosure.


DISCLOSURES IN PUBLIC FILINGS

     The Corporation's  filings made under the Securities  Exchange Act of 1934,
such as quarterly and annual reports and proxy statements,  are to contain full,
fair, accurate, timely, and understandable  disclosures.  All press releases and
shareholder  communications must also contain such disclosures.  The Corporation
has  procedures  in place to  achieve  these  goals with  respect to  securities
reports and shareholder  communications.  Any employee/director who has concerns
about  disclosures being made in these documents should feel free to contact any
member of the  Corporation's  Audit Committee or of the  Corporation's  Board of
Directors including the President of the Corporation.


ACCOUNTING MATTERS

     The Corporation's  financial statements and books and records on which they
are based must accurately reflect all corporate  transactions.  All receipts and
disbursements of corporate funds shall be promptly and properly  recorded on the
Corporation's books, and the Corporation's  records must disclose the nature and
purpose of the transactions.

     All financial officers shall cooperate fully with the independent  auditors
of the Corporation  and under no  circumstances  withhold any  information  from
them.

     The  Corporation's  investors,  creditors and other decision makers rely on
its records and have a right to information which is timely and accurate.

     A  director,  officer  or  employee  may  not  maintain  the  Corporation's
accounting or other records, or cause them to be maintained,  in such a way that
they do not reflect the true nature of  transactions,  account balances or other
matters with clarity and completeness.

     A  director,  officer or  employee  may not  establish  for any  purpose an
unauthorized,  undisclosed,  or  unrecorded  fund  or  asset  account  involving
Corporation assets.

     A director, officer or employee may not allow transactions with a supplier,
agent,  or customer to be  structured or recorded in a way not  consistent  with
normal business practice or generally accepted accounting principles.

     No false or artificial entries shall be made on the books or records of the
Corporation or its subsidiaries for any reason.

     No payment on behalf of the Corporation  shall be made or approved with the
understanding  that it will or might be used for something other than the stated
purposes.

     The shifting of charges or costs to inappropriate accounts is prohibited by
Corporation policy.

     No false,  incomplete or misleading entries or records shall be created. No
undisclosed or unrecorded  corporate funds shall be established for any purpose,
nor  shall the  Corporation  funds be placed  in any  personal  or  noncorporate
account.
<PAGE>

     "Slush funds" or similar  off-book  accounts,  where there is no accounting
for receipts or expenditures on corporate books, are prohibited.

     A system of  internal  accounting  controls  shall be  maintained  which is
sufficient to provide reasonable assurances that transactions:

     (a)  are executed in accordance with Management's authorization.

     (b)  are  recorded  in a  manner  that  permits  preparation  of  financial
          statements in conformity with generally accepted accounting principles
          and other applicable criteria; and

     (c)  are recorded so as to maintain  accountability  for the  Corporation's
          assets.

     No officer, employee, or director acting on behalf of the Corporation shall
engage in any activity which circumvents the  Corporation's  systems of internal
controls.


CERTIFICATIONS

     Employees/directors   will  be   required   annually   to   certify   their
understanding of and intent to comply with this Policy Statement.

     Any  employee/director  who  violates  the Policy  Statement  is subject to
possible  suspension  or  discharge.  Any  employee/director  who assists in, or
knowingly  fails to report,  a violation  of these  policies is also  subject to
suspension,  discharge or other appropriate  action. Any  employee/director  who
suspects a violation of these policies  (including  any material  transaction or
relationship that gives rise to a conflict of interest which to the knowledge of
such employee/director has not been disclosed to the appropriate persons) should
inform his or her superior, or the Corporation's  President or any member of the
Corporation's  Board  of  Directors.  Any  supervisor  informed  of a  suspected
violation  shall  notify  the  Corporation's  President  or  any  member  of the
Corporation's Board of Directors.