EXHIBIT 21



Subsidiaries



|                                            |  |                 |   |  |                                            
|------------------------------------------- |  | --------------- | - |  | -------------------------------------------
|Subsidiaries (1)                            |  | PercentageOwned |   |  | State or OtherJurisdiction of Incorporation
|Ameriana Bank and Trust, SB (2)             |  | 100             | % |  | United States                              
|Ameriana Insurance Agency, Inc. (3)         |  | 100             |   |  | Indiana                                    
|Ameriana Financial Services, Inc. (3)       |  | 100             |   |  | Indiana                                    
|Ameriana Investment Management, Inc (3)     |  | 100             |   |  | Delaware                                   
|Family Financial Life Insurance Company (4) |  | 14              |   |  | Louisiana                                  
|Indiana Title Insurance Company, LLC (5)    |  | 21              |   |  | Indiana                                    
|Midwest Corporate Tax Credit Fund           |  | 6               |   |  | Indiana                                    

---

|(1) | Operations of the Companys wholly-owned direct subsidiary, Ameriana Bank and Trust, SB and Ameriana Bank and Trust, SBs wholly-owned subsidiaries, Ameriana Insurance
Agency, Inc, Ameriana Financial Services, Inc., and Ameriana Investment Management, Inc. are included in the Companys consolidated financial statements included in the Annual Report on Form 10-K.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | First-tier subsidiary of the Company.
|--- | -------------------------------------

|(3) | Second-tier subsidiary of the Company 100% owned by Ameriana Bank and Trust, SB, a first-tier subsidiary of the Company.
|--- | ------------------------------------------------------------------------------------------------------------------------

|(4) | Third-tier subsidiary of the Company 1/7th owned through stock investment and less than 1/7th owned through partnership interests of Ameriana Financial Services, Inc., a second-tier
subsidiary of the Company 100% owned by Ameriana Bank and Trust, SB, a first-tier subsidiary of the Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Third-tier subsidiary of the Company owned through investment of Ameriana Financial Services, Inc. a second-tier subsidiary of the Company 100% owned by Ameriana Bank and Trust, SB,
a first-tier subsidiary of the Company.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------