American Bancorp of New Jersey, Inc. Announces Initiation of New Stock Repurchase Program

  
    
  
  
    
      American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) (the Company), 
      holding company of American Bank of New Jersey (the Bank), announced the 
      completion of its stock repurchase program announced on August 29, 2007. 
      The Company also concurrently announced the initiation of a new program 
      to repurchase up to an additional 5% of its outstanding shares in the 
      open market or in privately negotiated transactions. These shares will 
      be purchased from time to time depending upon market conditions.
    
    
      Fred G. Kowal, President and Chief Operating Officer of the Company, 
      indicated that the Board of Directors approved the repurchase program in 
      view of the current price level of the Company's common stock and the 
      strong capital position of the Company and its subsidiary, American Bank 
      of New Jersey.
    
    
      As of September 30, 2007, the Company had consolidated total assets of 
      $573.7 million and stockholders' equity of $100.6 million. The Bank is a 
      federally chartered stock savings bank which conducts business from its 
      main office in Bloomfield, New Jersey and its branch offices located in 
      Cedar Grove, Verona, Nutley and Clifton, New Jersey.
    
    
      The foregoing material contains forward-looking statements concerning 
      our financial condition, results of operations and business. We 
      caution that such statements are subject to a number of uncertainties 
      and actual results could differ materially, and, therefore, readers 
      should not place undue reliance on any forward-looking statements. We 
      do not undertake, and specifically disclaim, any obligation to publicly 
      release the results of any revisions that may be made to any 
      forward-looking statements to reflect the occurrence of anticipated or 
      unanticipated events or circumstances after the date of such statements.