SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No.     )

Indiana Community Bancorp

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

454674102

(CUSIP Number)

October 6, 2011

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

1(a) Name of Issuer:

Indiana Community Bancorp (the “Issuer”)

1(b) Address of Issuer’s principal executive offices:

501 Washington Street,

Columbus, Indiana 47201

2(a) Name of person filing:

This Schedule 13G is being filed by Otter Creek Partners I, L.P., a Delaware limited partnership (“OCP”), Otter Creek International, Ltd., a British Virgin Islands international business company (“OCI”), and Otter Creek Management, Inc., a Delaware corporation (“OCM” and, together with OCP and OCI, the “Reporting Persons”). This Schedule 13G relates to the common stock, no par value, of the Issuer and references herein to the “Common Stock” are to such Common Stock of the Issuer.

OCM is the sole general partner of OCP and the investment adviser to OCP and OCI (collectively, the “Funds”). The Funds directly own the Common Stock to which this Schedule 13G relates, and OCM may be deemed to have beneficial ownership over such Common Stock by virtue of the authority granted to it by the Funds to vote and to dispose of the securities held by the Funds, including the Common Stock.

2(b) Address or principal business office or, if none, residence:

OCP’s address is:

222 Lakeview Avenue

Suite 1100

West Palm Beach, Florida 33401

OCI’s address is:

c/o HWR Services Limited

No. 18 Russell Hill Road

Road Town, Tortola VG1110

British Virgin Islands

OCM’s address is:

222 Lakeview Avenue

Suite 1100

West Palm Beach, Florida 33401

2(c) Citizenship:

OCP is a Delaware limited partnership, OCI is a British Virgin Islands international business company, and OCM is a Delaware corporation.

2(d) Title of class of securities:

Common Stock, no par value

2(e) CUSIP No.:

454674102

Not applicable.

(a) Amount beneficially owned:

OCP:      94,900 shares

OCI:       130,797 shares

OCM:     225,697 shares

(b) Percent of class:

The Issuer’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 indicates that the total number of outstanding shares of Common Stock as of August 3, 2011 was 3,422,379. Based on the Issuer’s outstanding shares of Common Stock as of August 3, 2011, the Reporting Persons beneficially own the following percentage of the outstanding shares of Common Stock of the Issuer:

OCP:      2.8%

OCI:       3.8%

OCM:     6.6%

(c) Number of shares as to which such person has:

(i) Sole power to vote or to direct the vote:

OCP:      0 shares

OCI:       0 shares

OCM:     0 shares

(ii) Shared power to vote or to direct the vote:

OCP:      94,900 shares

OCI:       130,797 shares

OCM:     225,697 shares

(iii) Sole power to dispose or to direct the disposition of:

OCP:      0 shares

OCI:       0 shares

OCM:     0 shares

(iv) Shared power to dispose or to direct the disposition of:

OCP:      94,900 shares

OCI:       130,797 shares

OCM:     225,697 shares

Not applicable.

Not applicable.

Not applicable.

This filing is made on behalf of OCP, OCI and OCM. See Exhibit 1 attached hereto.

Not applicable.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: October 13, 2011

Exhibit 1

AGREEMENT

THIS AGREEMENT is made and entered into as of October 13, 2011 by and among Otter Creek Partners I, L.P., a Delaware limited partnership (“OCP”), Otter Creek International, Ltd., a British Virgin Islands international business company (“OCI”), and Otter Creek Management, Inc., a Delaware corporation (“OCM”).

WHEREAS, pursuant to paragraph (k) of Rule 13d-1 promulgated under Subsection 13(d)(1) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), the parties hereto have decided to satisfy their filing obligations under the 1934 Act by a single joint filing.

NOW, THEREFORE, the undersigned hereby agree as follows:

1. The Schedule 13G with respect to Indiana Community Bancorp to which this Agreement is attached as Exhibit 1 is filed on behalf of OCP, OCI and OCM.

2. Each of OCP, OCI and OCM is responsible for the completeness and accuracy of the information concerning such person contained therein; provided that each person is not responsible for the completeness or accuracy of the information concerning any other person making such filing.

IN WITNESS WHEREOF, the undersigned hereunto set their hands as of the date first above written.