EXHIBIT 10.1




                              EMPLOYMENT AGREEMENT


         This Agreement, made and dated as of April 10, 2001, by and between
Logansport Savings Bank, FSB, a federal savings bank ("Employer"), and David G.
Wihebrink, a resident of Cass County, Indiana ("Employee").


                               W I T N E S S E T H
                               - - - - - - - - - -


         WHEREAS, Employee is employed by Employer as its President and has made
valuable contributions to the profitability and financial strength of Employer;

         WHEREAS, Employer desires to encourage Employee to continue to make
valuable contributions to Employer's business operations and not to seek or
accept employment elsewhere;

         WHEREAS, Employee desires to be assured of a secure minimum
compensation from Employer for his services over a defined term;

         WHEREAS, Employer desires to assure the continued services of Employee
on behalf of Employer on an objective and impartial basis and without
distraction or conflict of interest in the event of an attempt by any person to
obtain control of Employer or Logansport Financial Corp. (the "Holding
Company"), the Indiana corporation which owns all of the issued and outstanding
capital stock of Employer;

         WHEREAS, Employer recognizes that when faced with a proposal for a
change of control of Employer or the Holding Company, Employee will have a
significant role in helping the Boards of Directors assess the options and
advising the Boards of Directors on what is in the best interests of Employer,
the Holding Company, and its shareholders, and it is necessary for Employee to
be able to provide this advice and counsel without being influenced by the
uncertainties of his own situation;

         WHEREAS, Employer desires to provide fair and reasonable benefits to
Employee on the terms and subject to the conditions set forth in this Agreement;

         WHEREAS, Employer desires reasonable protection of its confidential
business and customer information which it has developed over the years at
substantial expense and assurance that Employee will not compete with Employer
for a reasonable period of time after termination of his employment with
Employer, except as otherwise provided herein.

         NOW, THEREFORE, in consideration of these premises, the mutual
covenants and undertakings herein contained and the continued employment of
Employee by Employer as its President, Employer and Employee, each intending to
be legally bound, covenant and agree as follows:



<PAGE>


          1. Upon the terms and subject to the conditions set forth in this
Agreement, Employer employs Employee as Employer's President, and Employee
accepts such employment.

          2. Employee agrees to serve as Employer's President and to perform
such duties in that office as may reasonably be assigned to him by Employer's
Board of Directors; provided, however, that such duties shall be performed in or
from the offices of Employer currently located at Logansport, Indiana, and shall
be of the same character as those previously performed by Employee and generally
associated with the office held by Employee. Employee shall not be required to
be absent from the location of the principal executive offices of Employer on
travel status or otherwise more than 45 days in any calendar year. Employer
shall not, without the written consent of Employee, relocate or transfer
Employee to a location more than 30 miles from Employer's primary office.
Employee shall render services to Employer as President in substantially the
same manner and to substantially the same extent as Employee rendered his
services to Employer before the date hereof. While employed by Employer,
Employee shall devote substantially all his business time and efforts to
Employer's business during regular business hours and shall not engage in any
other related business. Employer shall nominate the Employee to successive terms
as a member of Employer's Board of Directors and shall use its best efforts to
elect and re-elect Employee as a member of such Board.

          3. The term of this Agreement shall begin on the date hereof (the
"Effective Date") and shall end on the date which is three years following such
date; provided, however, that such term shall be extended automatically for an
additional year on each anniversary of the Effective Date if Employer's Board of
Directors determines by resolution that the performance of the Employee has met
the Board's requirements and standards and that this Agreement should be
extended prior to such anniversary of the Effective Date, unless either party
hereto gives written notice to the other party not to so extend within ninety
(90) days prior to such anniversary, in which case no further automatic
extension shall occur and the term of this Agreement shall end two years
subsequent to the anniversary as of which the notice not to extend for an
additional year is given (such term, including any extension thereof shall
herein be referred to as the "Term").

          4. Employee shall receive an annual salary of $150,000 ("Base
Compensation") payable at regular intervals in accordance with Employer's normal
payroll practices now or hereafter in effect, part of which may be deferred
pursuant to the agreement of Employer and Employee. Employer may consider and
declare from time to time increases in the salary it pays Employee and thereby
increases in his Base Compensation. Prior to a Change of Control, Employer may
also declare decreases in the salary it pays Employee if the operating results
of Employer are significantly less favorable than those for the fiscal year
ending December 31, 1999, and Employer makes similar decreases in the salary it
pays to other executive officers of Employer. After a Change in Control,
Employer shall consider and declare salary increases based upon the following
standards:

         Inflation;

         Adjustments to the salaries of other senior management personnel; and




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         Past performance of Employee and the contribution which Employee makes
         to the business and profits of Employer during the Term.

Any and all increases or decreases in Employee's salary pursuant to this section
shall cause the level of Base Compensation to be increased or decreased by the
amount of each such increase or decrease for purposes of this Agreement. The
increased or decreased level of Base Compensation as provided in this section
shall become the level of Base Compensation for the remainder of the Term of
this Agreement until there is a further increase or decrease in Base
Compensation as provided herein.

          5. So long as Employee is employed by Employer pursuant to this
Agreement, he shall be included as a participant in all present and future
employee benefit, retirement, and compensation plans generally available to
employees of Employer, consistent with his Base Compensation and his position as
President of Employer, including, without limitation, Employer's or the Holding
Company's pension plan, Stock Option Plan, Recognition and Retention Plan and
Trust, Employee Stock Ownership Plan, and hospitalization, disability and group
life insurance plans, each of which Employer agrees to continue in effect on
terms no less favorable than those currently in effect as of the date hereof (as
permitted by law) during the Term of this Agreement unless prior to a Change of
Control the operating results of Employer are significantly less favorable than
those for the fiscal year ending December 31, 1999, and unless (either before or
after a Change of Control) changes in the accounting, legal, or tax treatment of
such plans would adversely affect Employer's operating results or financial
condition in a material way, and the Board of Directors of Employer or the
Holding Company concludes that modifications to such plans need to be made to
avoid such adverse effects.

          6. So long as Employee is employed by Employer pursuant to this
Agreement, Employee shall receive reimbursement from Employer for all reasonable
business expenses incurred in the course of his employment by Employer, upon
submission to Employer of written vouchers and statements for reimbursement.
Employee shall attend, upon the prior approval of Employer's Board of Directors,
those professional meetings, conventions, and/or similar functions that he deems
appropriate and useful for purposes of keeping abreast of current developments
in the industry and/or promoting the interests of Employer. So long as Employee
is employed by Employer pursuant to the terms of this Agreement, Employer shall
continue in effect vacation policies applicable to Employee no less favorable
from his point of view than those written vacation policies in effect on the
date hereof. So long as Employee is employed by Employer pursuant to this
Agreement, Employee shall be entitled to office space and working conditions no
less favorable than were in effect for him on the date hereof.

          7. Subject to the respective continuing obligations of the parties,
including but not limited to those set forth in subsections 9(A), 9(B), 9(C) and
9(D) hereof, Employee's employment by Employer may be terminated prior to the
expiration of the Term of this Agreement as follows:





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<PAGE>


          (A)  Employer,  by action of its Board of  Directors  and upon written
               notice to Employee,  may  terminate  Employee's  employment  with
               Employer  immediately for cause.  For purposes of this subsection
               7(A), "cause" shall be defined as (i) personal  dishonesty,  (ii)
               incompetence,  (iii) willful misconduct, (iv) breach of fiduciary
               duty  involving  personal  profit,  (v)  intentional  failure  to
               perform stated duties,  (vi) willful  violation of any law, rule,
               or regulation (other than traffic violations or similar offenses)
               or final cease-and-desist  order, or (vii) any material breach of
               any provision of this Agreement.

          (B)  Employer,  by  action  of its Board of  Directors  may  terminate
               Employee's  employment  with Employer  without cause at any time;
               provided, however, that the "date of termination" for purposes of
               determining  benefits  payable to Employee under  subsection 8(B)
               hereof shall be the date which is 60 days after Employee receives
               written notice of such termination.

          (C)  Employee,  by  written  notice to  Employer,  may  terminate  his
               employment with Employer  immediately for cause.  For purposes of
               this subsection 7(C),  "cause" shall be defined as (i) any action
               by  Employer's  Board of  Directors  to remove  the  Employee  as
               President  of  Employer,  except  where the  Employer's  Board of
               Directors  properly acts to remove  Employee from such office for
               "cause" as defined in subsection 7(A) hereof,  (ii) any action by
               Employer's Board of Directors to materially limit,  increase,  or
               modify   Employee's  duties  and/or  authority  as  President  of
               Employer,  (iii) any failure of Employer to obtain the assumption
               of the  obligation to perform this  Agreement by any successor or
               the reaffirmation of such obligation by Employer, as contemplated
               in section 20 hereof;  or (iv) any material breach by Employer of
               a term, condition or covenant of this Agreement.

          (D)  Employee,  upon sixty (60) days written  notice to Employer,  may
               terminate his employment with Employer without cause.

          (E)  Employee's  employment with Employer shall terminate in the event
               of  Employee's   death  or  disability.   For  purposes   hereof,
               "disability"  shall be defined as Employee's  inability by reason
               of illness or other physical or mental  incapacity to perform the
               duties required by his employment for any consecutive One Hundred
               Eighty (180) day period,  provided that notice of any termination
               by Employer  because of Employee's  "disability"  shall have been
               given to  Employee  prior to the  full  resumption  by him of the
               performance of such duties.

          8. In the event of termination of Employee's employment with Employer
pursuant to section 7 hereof, compensation shall continue to be paid by Employer
to Employee as follows:




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<PAGE>


          (A)  In the event of termination  pursuant to subsection 7(A) or 7(D),
               compensation  provided for herein  (including Base  Compensation)
               shall  continue  to be  paid,  and  Employee  shall  continue  to
               participate in the employee benefit, retirement, and compensation
               plans and other  perquisites  as  provided  in  sections  5 and 6
               hereof,  through the date of termination  specified in the notice
               of termination.  Any benefits  payable under  insurance,  health,
               retirement   and   bonus   plans  as  a  result   of   Employee's
               participation  in such plans through such date shall be paid when
               due under those plans.  The date of termination  specified in any
               notice of  termination  pursuant to  subsection  7(A) shall be no
               later  than  the last  business  day of the  month in which  such
               notice is provided to Employee.

          (B)  In the event of termination  pursuant to subsection 7(B) or 7(C),
               compensation  provided for herein  (including Base  Compensation)
               shall  continue  to be  paid,  and  Employee  shall  continue  to
               participate in the employee benefit, retirement, and compensation
               plans and other  perquisites  as  provided  in  sections  5 and 6
               hereof,  through the date of termination  specified in the notice
               of termination.  Any benefits  payable under  insurance,  health,
               retirement   and   bonus   plans  as  a  result   of   Employee's
               participation  in such plans through such date shall be paid when
               due under those plans. In addition, Employee shall be entitled to
               continue to receive from  Employer his Base  Compensation  at the
               rates  in  effect  at the  time  of  termination  (1)  for  three
               additional  l2-month periods if the termination  follows a Change
               of Control or (2) for the remaining  Term of the Agreement if the
               termination  does not follow a Change of  Control.  In  addition,
               during such  periods,  Employer  will  maintain in full force and
               effect  for the  continued  benefit  of  Employee  each  employee
               welfare  benefit plan and each employee  pension benefit plan (as
               such terms are defined in the Employee Retirement Income Security
               Act of 1974,  as  amended)  in which  Employee  was  entitled  to
               participate  immediately  prior to the  date of his  termination,
               unless an essentially equivalent and no less favorable benefit is
               provided by a subsequent  employer of  Employee.  If the terms of
               any employee  welfare  benefit plan or employee  pension  benefit
               plan  of  Employer  do  not  permit  continued  participation  by
               Employee,  Employer will arrange to provide to Employee a benefit
               substantially similar to, and no less favorable than, the benefit
               he was  entitled  to  receive  under  such plan at the end of the
               period of coverage.  For purposes of this Agreement, a "Change of
               Control"  shall mean an  acquisition  of "control" of the Holding
               Company  or  of   Employer   within  the  meaning  of  12  C.F.R.
               ss.574.4(a)  (other  than a change of  control  resulting  from a
               trustee or other  fiduciary  holding shares of Common Stock under
               an employee  benefit  plan of the  Holding  Company or any of its
               subsidiaries).  Notwithstanding  anything to the  contrary in the
               foregoing,  any benefits payable under this subsection 8(B) shall
               be subject to the limitations on severance  benefits set forth in
               Regulatory Bulletin 27a of the Office of Thrift  Supervision,  as
               in effect on the Effective Date.








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<PAGE>

          (C)  In  the  event  of  termination   pursuant  to  subsection  7(E),
               compensation  provided for herein  (including Base  Compensation)
               shall  continue  to be  paid,  and  Employee  shall  continue  to
               participate in the employee benefit, retirement, and compensation
               plans and other  perquisites  as  provided  in  sections  5 and 6
               hereof, (i) in the event of Employee's death, through the date of
               death, or (ii) in the event of Employee's disability, through the
               date of proper  notice of  disability  as required by  subsection
               7(E). Any benefits  payable under insurance,  health,  retirement
               and bonus plans as a result of Employer's  participation  in such
               plans through such date shall be paid when due under those plans.

          (D)  Employer will permit  Employee or his personal  representative(s)
               or heirs,  during a period of three months  following  Employee's
               termination  of  employment by Employer for the reasons set forth
               in subsections 7(B) or (C), if such termination  follows a Change
               of  Control,  to  require  Employer,  upon  written  request,  to
               purchase all  outstanding  stock  options  previously  granted to
               Employee  under any  Holding  Company  stock  option plan then in
               effect whether or not such options are then exercisable at a cash
               purchase  price equal to the amount by which the aggregate  "fair
               market value" of the shares  subject to such options  exceeds the
               aggregate  option  price for such  shares.  For  purposes of this
               Agreement,  the term "fair market value" shall mean the higher of
               (1) the average of the highest  asked prices for Holding  Company
               shares in the  over-the-counter  market as reported on the NASDAQ
               system  if the  shares  are  traded  on  such  system  for the 30
               business days preceding such termination,  or (2) the average per
               share price  actually  paid for the most highly  priced 1% of the
               Holding  Company shares acquired in connection with the Change of
               Control of the Holding  Company by any person or group  acquiring
               such control.

          9.      In  order  to  induce  Employer  to enter into this Agreement,
Employee hereby agrees as follows:

          (A)  While  Employee is employed by Employer and for a period of three
               years  after  termination  of such  employment  for  any  reason,
               Employee  shall not  divulge or  furnish  any trade  secrets  (as
               defined in IND. CODEss. 24-2-3-2) of Employer or any confidential
               information acquired by him while employed by Employer concerning
               the policies,  plans,  procedures or customers of Employer to any
               person,  firm or  corporation,  other than  Employer  or upon its
               written  request,  or use any such trade  secret or  confidential
               information  directly or indirectly for Employee's own benefit or
               for the benefit of any  person,  firm or  corporation  other than
               Employer,  since such trade secrets and confidential  information
               are  confidential  and shall at all times  remain the property of
               Employer.






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<PAGE>
          (B)  For a period  of three  years  after  termination  of  Employee's
               employment  by Employer for reasons other than those set forth in
               subsections  7(B) or (C) of this  Agreement,  Employee  shall not
               directly or indirectly  provide banking or bank-related  services
               to or  solicit  the  banking  or  bank-related  business  of  any
               customer of Employer at the time of such provision of services or
               solicitation  which  Employee  served either alone or with others
               while employed by Employer in any city, town, borough,  township,
               village or other place in which Employee  performed  services for
               Employer  while employed by it, or assist any actual or potential
               competitor  of  Employer  to  provide   banking  or  bank-related
               services   to  or  solicit   any  such   customer's   banking  or
               bank-related business in any such place.

          (C)  While  Employee is  employed by Employer  and for a period of one
               year after  termination of Employee's  employment by Employer for
               reasons other than those set forth in subsections  7(B) or (C) of
               this Agreement,  Employee shall not,  directly or indirectly,  as
               principal,  agent,  or  trustee,  or  through  the  agency of any
               corporation,  partnership,  trade  association,  agent or agency,
               engage in any banking or  bank-related  business  which  competes
               with the  business  of Employer as  conducted  during  Employee's
               employment by Employer within a radius of twenty-five  (25) miles
               of Employer's main office.

          (D)  If  Employee's  employment  by  Employer  is  terminated  for any
               reason,   Employee  will  turn  over  immediately  thereafter  to
               Employer all business  correspondence,  letters, papers, reports,
               customers' lists,  financial statements,  credit reports or other
               confidential   information   or  documents  of  Employer  or  its
               affiliates in the possession or control of Employee, all of which
               writings  are and will  continue  to be the  sole  and  exclusive
               property of Employer or its affiliates.

If Employee's employment by Employer is terminated during the Term of this
Agreement for reasons set forth in subsections 7(B) or (C) of this Agreement,
Employee shall have no obligations to Employer with respect to noncompetition
under this section 9.

         10. Any termination of Employee's employment with Employer as
contemplated by section 7 hereof, except in the circumstances of Employee's
death, shall be communicated by written "Notice of Termination" by the
terminating party to the other party hereto. Any "Notice of Termination"
pursuant to subsections 7(A), 7(C) or 7(E) shall indicate the specific
provisions of this Agreement relied upon and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for such
termination.

         11. If Employee is suspended and/or temporarily prohibited from
participating in the conduct of Employer's affairs by a notice served under
section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. ss.
1818(e)(3) or (g)(1)), Employer's obligations under this Agreement shall be
suspended as of the date of service, unless stayed by appropriate proceedings.
If the charges in the notice are dismissed, Employer shall (i) pay Employee all
or part of the compensation withheld while its obligations under this Agreement
were suspended and (ii) reinstate (in whole or in part) any of its obligations
which were suspended.



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         12. If Employee is removed and/or permanently prohibited from
participating in the conduct of Employer's affairs by an order issued under
section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. ss.
1818(e)(4) or (g)(1)), all obligations of Employer under this Agreement shall
terminate as of the effective date of the order, but vested rights of the
parties to the Agreement shall not be affected.

         13. If Employer is in default (as defined in section 3(x)(1) of the
Federal Deposit Insurance Act), all obligations under this Agreement shall
terminate as of the date of default, but this provision shall not affect any
vested rights of Employer or Employee.

         14. All obligations under this Agreement shall be terminated except to
the extent determined that the continuation of the Agreement is necessary for
the continued operation of Employer: (i) by the Director of the Office of Thrift
Supervision or his or her designee (the "Director"), at the time the Federal
Deposit Insurance Corporation enters into an agreement to provide assistance to
or on behalf of Employer under the authority contained in Section 13(c) of the
Federal Deposit Insurance Act; or (ii) by the Director at the time the Director
approves a supervisory merger to resolve problems related to operation of
Employer or when Employer is determined by the Director to be in an unsafe and
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

         15. Anything in this Agreement to the contrary notwithstanding, in the
event that the Employer's independent public accountants determine that any
payment by the Employer to or for the benefit of the Employee, whether paid or
payable pursuant to the terms of this Agreement, would be non-deductible by the
Employer for federal income tax purposes because of Section 280G of the Internal
Revenue Code of 1986, as amended (the "Code"), then the amount payable to or for
the benefit of the Employee pursuant to this Agreement shall be reduced (but not
below zero) to the Reduced Amount. For purposes of this section 15, the "Reduced
Amount" shall be the amount which maximizes the amount payable without causing
the payment to be non-deductible by the Employer because of Section 280G of the
Code. Any payments made to Employee pursuant to this Agreement or otherwise, are
subject to and conditional upon their compliance with 12 U.S.C. ss.1828(k) and
any regulations promulgated thereunder, to the extent applicable to such
parties.











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         16. If a dispute arises regarding the termination of Employee pursuant
to section 7 hereof or as to the interpretation or enforcement of this Agreement
and Employee obtains a final judgment in his favor in a court of competent
jurisdiction or his claim is settled by Employer prior to the rendering of a
judgment by such a court, all reasonable legal fees and expenses incurred by
Employee in contesting or disputing any such termination or seeking to obtain or
enforce any right or benefit provided for in this Agreement or otherwise
pursuing his claim shall be paid by Employer, to the extent permitted by law.

         17. Should Employee die after termination of his employment with
Employer while any amounts are payable to him hereunder, this Agreement shall
inure to the benefit of and be enforceable by Employee's executors,
administrators, heirs, distributees, devisees and legatees and all amounts
payable hereunder shall be paid in accordance with the terms of this Agreement
to Employee's devisee, legatee or other designee or, if there is no such
designee, to his estate.

         18. For purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been given when delivered or mailed by United States registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

         If to Employee:   David G. Wihebrink
                                    3714 Tomlinson Drive
                                    Logansport, Indiana  46947

         If to Employer:   Logansport Savings Bank, FSB
                                    723 East Broadway
                                    P.O. Box 569
                                    Logansport, Indiana  46947

or to such address as either party hereto may have furnished to the other party
in writing in accordance herewith, except that notices of change of address
shall be effective only upon receipt.

         19. The validity, interpretation, and performance of this Agreement
shall be governed by the laws of the State of Indiana, except as otherwise
required by mandatory operation of federal law.

         20. Employer shall require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of
the business or assets of Employer, by agreement in form and substance
satisfactory to Employee to expressly assume and agree to perform this Agreement
in the same manner and same extent that Employer would be required to perform it
if no such succession had taken place. Failure of Employer to obtain such
agreement prior to the effectiveness of any such succession shall be a material
intentional breach of this Agreement and shall entitle Employee to terminate his
employment with Employer pursuant to subsection 7(C) hereof. As used in this
Agreement, "Employer" shall mean Employer as hereinbefore defined and any
successor to its business or assets as aforesaid.




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<PAGE>

         21. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing
signed by Employee and Employer. No waiver by either party hereto at any time of
any breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of dissimilar provisions or conditions at the same or any prior
subsequent time. No agreements or representation, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement.

         22. The invalidity or unenforceability of any provisions of this
Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement which shall remain in full force and effect.

         23. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same agreement.

         24. This Agreement is personal in nature and neither party hereto
shall, without consent of the other, assign or transfer this Agreement or any
rights or obligations hereunder except as provided in section 17 and section 20
above. Without limiting the foregoing, Employee's right to receive compensation
hereunder shall not be assignable or transferable, whether by pledge, creation
of a security interest or otherwise, other than a transfer by his will or by the
laws of descent or distribution as set forth in section 17 hereof, and in the
event of any attempted assignment or transfer contrary to this paragraph,
Employer shall have no liability to pay any amounts so attempted to be assigned
or transferred.

         IN WITNESS WHEREOF, the parties have caused the Agreement to be
executed and delivered as of the day and year first above set forth.

                                     LOGANSPORT SAVINGS BANK, FSB



                                     By: /s/ Charles J. Evans
                                         --------------------------------------
                                         Charles J. Evans, Senior Vice President
                                                     "Employer"


                                         /s/ David G. Wihebrink
                                         --------------------------------------
                                         David G. Wihebrink
                                                      "Employee"



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<PAGE>

         The undersigned, Logansport Financial Corp., sole shareholder of
Employer, agrees that if it shall be determined for any reason that any
obligations on the part of Employer to continue to make any payments due under
this Agreement to Employee is unenforceable for any reason, Logansport Financial
Corp., agrees to honor the terms of this Agreement and continue to make any such
payments due hereunder to Employee pursuant to the terms of this Agreement.

                                            LOGANSPORT FINANCIAL CORP.


                                            By:/s/ Charles J. Evans
                                               --------------------------------
                                               Charles J. Evans, Vice President































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