FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MCKINNEY MARNI 		2. Issuer Name and Ticker or Trading Symbol

FIRST INDIANA CORP [ FINB ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Vice Chairman
(Last)          (First)          (Middle)

135 N. PENNSYLVANIA ST. 		3. Date of Earliest Transaction (MM/DD/YYYY)

1/2/2008
(Street)

INDIANAPOLIS, IN 46204
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   (1) 1/2/2008   1/2/2008   D    295996   D $32   0   D    
Common Stock   1/2/2008   1/2/2008   D    207   D $32   0   I   by Managed Account  
Common Stock   1/2/2008   1/2/2008   D    1051626   D $32   0   I   by Partnership  
Common Stock   1/2/2008   1/2/2008   D    720397   D $32   0   I   by Trust  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy)   $10.4   (2) 1/2/2008   1/2/2008   D        4628    2/17/2001   2/17/2009   Common Stock   4628   $32   0   D    
Non-Qualified Stock Option (right to buy)   $11.96   (2) 1/2/2008   1/2/2008   D        15625    2/16/2000   2/15/2009   Common Stock   15625   $32   0   D    
Non-Qualified Stock Option (right to buy)   $12.8   (2) 1/2/2008   1/2/2008   D        23437    1/20/2001   1/20/2010   Common Stock   23437   $32   0   D    
Non-Qualified Stock Option (right to buy)   $13.95   (2) 1/2/2008   1/2/2008   D        31895    1/17/2003   1/17/2012   Common Stock   31895   $32   0   D    
Non-Qualified Stock Option (right to buy)   $14.47   (2) 1/2/2008   1/2/2008   D        14341    11/19/2004   11/19/2013   Common Stock   14341   $32   0   D    
Non-Qualified Stock Option (right to buy)   $14.9   (2) 1/2/2008   1/2/2008   D        39062    1/17/2002   1/17/2011   Common Stock   39062   $32   0   D    
Non-Qualified Stock Option (right to buy)   $15.6   (2) 1/2/2008   1/2/2008   D        18750    1/22/1999   1/21/2008   Common Stock   18750   $32   0   D    
Non-Qualified Stock Option (right to buy)   $15.63   (2) 1/2/2008   1/2/2008   D        21250    11/20/2003   11/20/2012   Common Stock   21250   $32   0   D    

Explanation of Responses:
( 1)  Shares acquired pursuant to the Reporting Person's election in accordance with the Agreement and Plan of Reorganization dated April 19, 2000 between First Indiana Corporation and The Somerset Group, Inc. The merger was effective September 29, 2000. On the effective day of the merger, closing price of Somerset common stock was $28.25 per share and the closing proce of First Indiana Bank was $26.0625 per share.
( 2)  THis option which became fully vested upon the consummation of the merger between the issuer and M & I LLC, was cancelled in the merger in exchange for a cash payment of the excess of $32.00 per share over the exercise price.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MCKINNEY MARNI
135 N. PENNSYLVANIA ST.
INDIANAPOLIS, IN 46204 		X X Vice Chairman

Signatures
By: William J. Brunner For: Marni McKinney 1/2/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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