Exhibit 14






ST.
JOSEPH BANCORP, INC.




CODE
OF ETHICS FOR SENIOR FINANCIAL OFFICERS


A.
              INTRODUCTION




This
“Code of Ethics for Senior Financial Officers” (the “Code”) was approved and
adopted by the Board of Directors of St. Joseph Bancorp, Inc. (the “Company”).
Its purpose is to ensure that the Company’s Senior Financial Officers are
committed to the highest standards of integrity and professionalism when
conducting and reporting the financial affairs of the Company. This Code
supplements the Company’s corporate-wide Code of Conduct and Ethics that applies
to all directors, officers and employees of the Company.




For the
purposes of this Code, the term “Senior Financial Officer” means the following
officers of the Company:


●
                    Chief
      Executive Officer●
                    Chief
      Financial Officer●
                    Controller
      or TreasurerB.
                    STANDARDS
      OF CONDUCT




Each
Senior Financial Officer of the Company shall be bound by the following
standards of integrity and professionalism when conducting and reporting the
Company’s financial affairs:


●
              Honest
      and Ethical Conduct




Each
Senior Financial Officer shall engage in honest and ethical conduct, including
the ethical handling of actual or apparent conflicts of interest between his or
her personal and professional relationships.


●
              Full
      Disclosure




Each
Senior Financial Officer shall, to the best of his or her knowledge and ability,
promote full, fair, accurate, timely and understandable disclosures are made in
reports and documents that the Company files with or submits to the Securities
and Exchange Commission (“SEC”), to other regulatory agencies, and in other
public communications made by the Company.


●
              Compliance
      with Laws, Rules and
Regulations




Each
Senior Financial Officer shall, to the best of his or her knowledge and ability,
promote full compliance with applicable governmental laws, rules and
regulations.




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●
                Reporting
      of Code Violations




Each
Senior Financial Officer shall promptly report any known or suspected violation
of this Code to the Company’s Audit Committee using the confidential
“whistleblower” procedures established by the Company for reporting questionable
accounting or auditing practices or other significant business concerns. Where
possible and appropriate, the identity of any person who reports a known or
suspected violation of this Code will be kept anonymous. The Company prohibits
retaliation of any kind against individuals who make good-faith reports of
ethical violations or other known or suspected illegal conduct.


●
              Accountability




Each
Senior Financial Officer shall be held accountable for adherence to this
Code.


C.
              AMENDMENTS
      TO OR WAIVERS OF THIS CODE




Any
amendment to or waiver of this Code must be approved by the Company’s Board of
Directors. A “waiver of this Code” is defined as a material departure from a
provision of this Code. As a general rule, a waiver of this Code will not be
approved unless necessary and warranted. The Company will disclose any amendment
to or waiver of this Code in the manner required by then-applicable law, rule or
listing standard.






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