PennFed Financial Services, Inc. Amends Stockholder Protection Rights Agreement

PennFed Financial Services, Inc. Amends Stockholder Protection Rights Agreement



WEST ORANGE, N.J., Feb. 27  /PRNewswire-FirstCall/ -- The Board of Directors of
PennFed Financial Services, Inc. , the holding company for the New Jersey-based
Penn Federal Savings Bank, approved an amendment to the Company's Stockholder
Protection Rights Agreement.  The amendment increases the exercise price per
Right granted under the Stockholder Protection Rights Agreement to $135 per
Right and extends the expirationdate of the Rights Agreement to February 24,
2014, unless terminated earlier in accordance with the Rights Agreement.

The Rights Agreement was initially adopted on March 21, 1996 with an exercise
price of $30 per Right (after adjusting to reflect a two-for-one stock split in
the form of a 100% stock dividend on the Company's Common Stock) and a term
expiring on March 21, 1996.  On February 10, 1998, the Company amended the
Rights Agreement, increasing the exercise price to $67.50 per Right and
extending the term to February 10, 2008. The Board of Directors believe that an
increase in the exercise price and an extension of the term of the Rights
Agreement is again appropriate in view of the appreciation in the market price
of the Company's Common Stock since the February 1998 amendment to the Rights
Agreement.  The Rights Agreement was not adopted or amended in response to any
effort to acquire control of the Company.

Penn Federal Savings Bank maintains 23 branch offices.  The Bank's deposits are
insured by the Federal Deposit Insurance Corporation. 

DATASOURCE: PennFed Financial Services, Inc.



CONTACT:  Claire M. Chadwick, CFO, PennFed Financial Services, Inc.,

[phone], ext. 267

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