EMPLOYMENT AGREEMENT





     This  Agreement,  made and dated as of February  11,  2002,  by and between

Logansport Savings Bank, FSB, a federal savings bank ("Employer"),  and Allen D.

Schieber, 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 Senior Vice 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 Senior Vice 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  Senior Vice President,  and

Employee accepts such employment.



     2.  Employee  agrees to serve as  Employer's  Senior Vice  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 Senior Vice

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.



     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  $_________   ("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

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