EXHIBIT
      99.1


**FOR
      IMMEDIATE RELEASE**


February
      28, 2006





Contact:  Jesus
      R.
      Adia


President
      and Chief Executive Officer


(718)
      677-4425





**Flatbush
      Federal Bancorp, Inc. Reports Earnings for Quarter and Year Ended December
      31,
      2005**





Brooklyn,
      NY - Flatbush Federal Bancorp, Inc. (OTC Bulletin Board: FLTB), the holding
      company of Flatbush Federal Savings and Loan Association (the “Association”),
      announced consolidated net income of $79,000, or $0.03 per share, for the
      quarter ended December 31, 2005 as compared to $98,000, or $0.04 per share,
      for
      the same quarter in 2004. Net income for the year ended December 31, 2005 was
      $368,000, or $0.15 per share, compared to $278,000 or $0.11 per share for the
      year ended December 31, 2004, an increase of $90,000 or 32.4%.





The
      Company’s assets at December 31, 2005 were $144.0 million compared to $134.2
      million at December 31, 2004, an increase of $9.8 million, or 7.3%. Cash and
      cash equivalents decreased $1.3 million, or 21.0%, to $4.9 million at
      December 31, 2005 from $6.2 million at December 31, 2004. Investment
      securities decreased $1.4 million, or 15.2%, to $7.8 million at
      December 31, 2005 from $9.2 million at December 31, 2004. As a partial
      offset, mortgage-backed securities increased $3.3 million, or 14.9%, to
      $25.6 million at December 31, 2005 from $22.3 million as of December 31, 2004.
      In addition, loans receivable increased $3.7 million, or 4.0%, to $96.6 million
      at December 31, 2005 from $92.9 million as of December 31, 2004.





Total
      deposits decreased $7.7 million, or 6.6%, to $109.2 million at December 31,
      2005
      from $116.9 million as of December 31, 2004. Total stockholders’ equity
      increased $222,500 to $16.0 million at December 31, 2005 from $15.8 million
      at
      December 31, 2004.





On
      June
      30, 2005, the Company approved a stock repurchase program and authorized the
      repurchase of up to 50,000 shares of the Company’s outstanding shares of common
      stock. Stock repurchases will be made from time to time and may be effected
      through open market purchases, block trades and in privately negotiated
      transactions. Repurchased stock will be held as treasury stock and will be
      available for general corporate purposes. As of December 31, 2005, 11,400 shares
      have been acquired at an average price of $9.20 per share.





**INCOME
      INFORMATION - Three month periods ended December 31, 2005 and
      2004**





Net
      income decreased by $19,000, or 19.4%, to $79,000 for the quarter ended December
      31, 2005 from $98,000 for the same quarter in 2004. The decrease in earnings
      for
      the quarter was primarily due to an increase of $227,000 in interest expense
      and
      an increase of $11,000 in non-interest expenses, partially offset by an increase
      of $213,000 in interest income, a decrease of $5,000 in income taxes, and a
      $2,000 increase in non-interest income.





**INCOME
      INFORMATION - Years ended December 31, 2005 and 2004**





Net
      income increased by $90,000, or 32.4%, to $368,000 for the year ended December
      31, 2005 from $278,000 for the year ended December 31, 2004. The increase was
      primarily due to an increase of $696,000 in interest income, which was partially
      offset by an increase of $403,000 in interest expense, a decrease of $35,000
      in
      non-interest income and increases of $73,000 in non-interest expense, $76,000
      in
      income taxes, and $19,000 in provision for loan losses.








Other
      financial information is included in the table that follows. All information
      is
      unaudited.





This
      press release may contain certain “forward-looking statements” which may be
      identified by the use of such words as “believe”, “expect”, “intend”,
“anticipate”, “should”, “planned”, “estimated”, and “potential”. Examples of
      forward-looking statements include, but are not limited to, estimates with
      respect to our financial condition, results of operations and business that
      are
      subject to various factors which could cause actual results to differ materially
      from these estimates and most other statements that are not historical in
      nature. These factors include, but are not limited to, general and local
      economic condition, changes in interest rates, deposit flows, demand for
      mortgage and other loans, real estate values, and competition; changes in
      accounting principles, policies or guidelines; changes in legislation or
      regulation; and other economic, competitive, governmental, regulatory, and
      technological factors affecting our operations, pricing, products and
      services.











SELECTED
                FINANCIAL CONDITION DATA(in
                thousands)
            
            DECEMBER
                31
            
            DECEMBER
                312005
            
            2004Total
                Assets
            
            $
            143,953
            
            $
            134,248Loans
                Receivable
            
            
            96,591
            
            
            92,925Investment
                Securities
            
            
            7,809
            
            
            9,187Mortgage-backed
                Securities
            
            
            25,633
            
            
            22,300Cash
                and Cash Equivalents
            
            
            4,911
            
            
            6,215Deposits
            
            
            109,218
            
            
            116,857Borrowings
            
            
            16,969
            
            
            -Stockholders’
                Equity
            
            
            16,033
            
            
            15,810




SELECTED
                  OPERATING DATAAT
                  OR FOR THE THREE
              
              AT
                  OR FOR THEMONTHS
                  ENDED DECEMBER 31
              
              YEARS
                  ENDED DECEMBER 31(in
                  thousands)
              
              2005
              
              2004
              
              2005
              
              2004Total
                  Interest Income
              
              $
              2,033
              
              $
              1,820
              
              $
              7,708
              
              $
              7,012Total
                  Interest Expense
              
              
              678
              
              
              451
              
              
              2,219
              
              
              1,816Net
                  Interest Income
              
              
              1,355
              
              
              1,369
              
              
              5,489
              
              
              5,196Provision
                  for Loan Loss
              
              
              1
              
              
              0
              
              
              20
              
              
              1Non-interest
                  Income
              
              
              55
              
              
              53
              
              
              212
              
              
              247Non-interest
                  Expense
              
              
              1,266
              
              
              1,255
              
              
              5,033
              
              
              4,960Income
                  Taxes
              
              
              64
              
              
              69
              
              
              280
              
              
              204Net
                  Income
              
              $
              79
              
              $
              98
              
              $
              368
              
              $
              278PERFORMANCE
                  RATIOSReturn
                  on Average Assets
              
              
              0.22%
              
              
              0.29%
              
              
              0.26%
              
              
              0.20%Return
                  on Average Equity
              
              
              1.96%
              
              
              2.46%
              
              
              2.31%
              
              
              1.76%Interest
                  Rate Spread
              
              
              3.79%
              
              
              3.97%
              
              
              3.91%
              
              
              3.68%ASSET
                  QUALITY RATIOSAllowance
                  for Loan Losses toTotal
                  Loans Receivable
              
              
              0.20%
              
              
              0.19%
              
              
              0.20%
              
              
              0.19%Non-performing
                  Loans to Total Assets
              
              
              0.14%
              
              
              0.09%
              
              
              0.14%
              
              
              0.09%CAPITAL
                  RATIOEquity
                  toTotal Assets
              
              
              
              
              
              
              
              
              10.55%
              
              
              11.02%