ABNJ American Bancorp N J (MM)

American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) (the "Company"), the holding company of American Bank of New Jersey (the "Bank"), announced the completion of its repurchase of 208,295 shares of common stock to fund the Bank's 2005 Restricted Stock Plan. The Company also announced its intention today to repurchase up to 358,484 shares of its outstanding common stock in the open market in order to fund the restricted stock portion of its 2006 Equity Incentive Plan. Purchases will be made from time to time in the open market, based on stock availability, price and the Company's financial performance. It is anticipated that purchases will be made during the next twelve months, although no assurance can be given as to when such purchases will be made or to the total number of shares that will be purchased during such period. Fred G. Kowal, President and Chief Operating Officer of the Company, indicated that the Board of Directors approved the repurchase program in order to fund the restricted stock portion of the Company's 2006 Equity Incentive Plan, and in view of the strong capital position of the Bank. As of March 31, 2006, the Company had consolidated total assets of $516.3 million and stockholders' equity of $128.6 million. The Bank is a federally chartered stock savings bank which conducts business from its main office in Bloomfield, New Jersey and one branch office in Cedar Grove, 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.