POWER OF ATTORNEY


     The  undersigned,  Jonathan D. Slaughter,  hereby  constitutes and appoints
each of T. Tim Unger,  John M. Baer,  Jerry R. Engle and John  Ditmars,  signing
singly, the undersigned's true and lawful attorney-in-fact to:

     (1)  execute  for and on behalf of the  undersigned,  in the  undersigned's
          capacity  as an  officer  and/or  director  of  Lincoln  Bancorp  (the
          "Company"),  Forms ID, 3, 4, and 5 in accordance with Section 16(a) of
          the Securities Exchange Act of 1934 and the rules thereunder;

     (2)  do and perform  any and all acts for and on behalf of the  undersigned
          which may be  necessary  or desirable to complete and execute any such
          Form ID, 3, 4, or 5 and timely  file such Form with the United  States
          Securities  and Exchange  Commission and any stock exchange or similar
          authority; and

     (3)  take any other action of any type  whatsoever in  connection  with the
          foregoing  which, in the opinion of such  attorney-in-fact,  may be of
          benefit  to, in the best  interest  of,  or  legally  required  by the
          undersigned,  it being understood that the documents  executed by such
          attorney-in-fact  on behalf of the undersigned  pursuant to this Power
          of  Attorney  shall be in such form and shall  contain  such terms and
          conditions   as   such    attorney-in-fact   may   approve   in   such
          attorney-in-fact's discretion.

     The undersigned hereby grants to each such  attorney-in-fact full power and
authority  to do and perform any and every act and thing  whatsoever  requisite,
necessary,  or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution, resubstitution,
or revocation,  hereby ratifying and confirming all that such  attorney-in-fact,
or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause
to be done by virtue of this Power of Attorney and the rights and powers  herein
granted.    The   undersigned    hereby    acknowledges   that   the   foregoing
attorneys-in-fact,   in  serving  in  such   capacity  at  the  request  of  the
undersigned,  are  not  assuming,  nor  is  the  Company  assuming,  any  of the
undersigned's  responsibilities  to comply  with  Section  16 of the  Securities
Exchange Act of 1934.

     This Power of  Attorney  shall  remain in full  force and effect  until the
undersigned is no longer  required to file Forms 3, 4, and 5 with respect to the
undersigned's  holdings of and transactions in securities issued by the Company,
unless earlier revoked by the  undersigned in a signed writing  delivered to the
foregoing attorneys-in-fact.

                      [signature page immediately follows]



     IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 24th day of September, 2004.

                                          /s/ Jonathan D. Slaughter
                                          ------------------------------------
                                          Signature


                                          Jonathan D. Slaughter
                                          ------------------------------------
                                          Printed Name


STATE OF Indiana   )
                   ) SS:
COUNTY OF Hendricks)

     Before me, a Notary  Public in and for said  County  and State,  personally
appeared  Jonathan  D.  Slaughter  and  acknowledged  to me to be the person who
executed the foregoing Power of Attorney.

     Witness my hand and Notarial Seal this 24th day of September, 2004.

                                          /s/ Rebecca J. Shoulders
                                          --------------------------------------
                                          Rebecca J. Shoulders

                                          Printed:  Rebecca J. Shoulders
                                                  ------------------------------
                                                    Notary Public

County of Residence:  Hendricks

                                          Commission Expires:  March 2, 2008