Exhibit 21

SUBSIDIARIES



|                                            |  |                 |   |  |                                             
|------------------------------------------- |  | --------------- | - |  | --------------------------------------------
|Subsidiaries (1)                            |  | PercentageOwned |   |  | State or Other Jurisdiction 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                                   
|                                            |  |                
|Midwest Corporate Tax Credit Fund           |  | 6               |   |  | Indiana                                     



|(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.
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|(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.
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