Blue River Bancshares, Inc. and Heartland Bancshares, Inc. Jointly Announce a Strategic Alliance

Business Wire, Sept 1, 2004

Stockholders are urged to read the joint proxy statement/prospectus regarding the proposed transaction when it becomes available, because it will contain important information. Stockholders and other interested persons will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about Blue River and Heartland, without charge, at the Securities and Exchange Commission's internet site (http://www.sec.gov). Copies of the joint proxy statement/prospectus and the filings with the Securities and Exchange Commission that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to the Corporate Secretary of Blue River Bancshares, Inc., at 29 E. Washington Street, P.O. Box 927, Shelbyville, Indiana 46176, or to the Corporate Secretary of Heartland Bancshares, Inc., 420 North Morton Street, Franklin, Indiana 46131.

This press release contains certain forward-looking statements about the proposed merger of Blue River and Heartland. Forward-looking statements can be identified by the fact that they include words like "believe," "expect," "anticipate," "estimate," and "intend," or future or conditional verbs such "will," "would," "should," "could," or "may." These forward-looking statements are based upon the current beliefs and expectations of Blue River's and Heartland's management and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the companies' control. Certain factors that could cause actual results to differ materially from expected results include delays in completing the merger, difficulties in achieving cost savings from the merger or in achieving cost savings within the expected timeframe, difficulties in integrating Blue River and Heartland, increased competitive pressures, changes in the interest rate environment, changes in general economic conditions, regulatory and shareholder approvals, legislative and regulatory changes that adversely affect the businesses in which Blue River and Heartland are engaged, changes in the securities markets, and other factors that may be subject to circumstances beyond Blue River's and Heartland's control. Actual results may differ materially from the anticipated results discussed in these forward-looking statements. Blue River and Heartland undertake no obligation to revise these statements following the date of this press release.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offer will be made only by the proxy statement/prospectus.