EXHIBIT 21

Subsidiaries



|                                            |  |                  |   |  |                                            
|------------------------------------------- |  | ---------------- | - |  | -------------------------------------------
|Subsidiaries (1)                            |  | Percentage Owned |   |  | State or OtherJurisdiction of Incorporation
|Ameriana Bank, 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                                   
|                                            |  |                 
|Ameriana Capital Trust I                    |  | 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                                    

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|(1) | Operations of the Companys wholly-owned direct subsidiary, Ameriana Bank, SB and Ameriana Bank, 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, SB, a first-tier subsidiary of the Company.
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|(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, 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, SB, a
first-tier subsidiary of the Company.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------