**Exhibit      99.1**

**For      Immediate Release**

**July      20, 2007**

**  AJS      BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS**

** AND      CASH DIVIDEND**

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| Contact: | Lyn                G. Rupich |
|----------|------------------------------|
|     | President                    |
|     | 708-687-7400                 |

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| **AJS                BANCORP, INC.**                            |   |          |        |   |          |       |
|-----------------------------------------------------------------|--------|---------------|-------------|--------|---------------|------------|
| **CONSOLIDATED                CONDENSED BALANCE SHEETS**        |   |
| **Dollars                in thousands (except per share data)** |   |          |        |   |
| **(Unaudited)**                                                 |   |          |        |   |          |       |
|                                                            |   | **30-Jun-07** |        |   | **31-Dec-06** |       |
| ASSETS                                                          |   |          |        |   |          |       |
|                                                            |   |          |        |   |          |       |
| Cash                and due from financial Institutions         |   | $             | 27,422      |   |          | $          | 36,617 |   |
| Federal                funds sold                               |   |          | 2,055       |   |          |       | 7,231 |   |
| **TOTAL                CASH AND CASH EQUIVALENTS**              |   | ** **    | **29,477**  |   |          | ** ** | **43,848** |   |
|                                                            |   |          |        |   |          |       |   |   |
| Certificates                of Deposit                          |   |          | 3,996       |   |          |       | 5,490 |   |
| Securities                                                      |   |          | 87,273      |   |          |       | 68,978 |   |
| Loans                receivable net of allowance for loan loss  |   |          |        |   |          |
| of                $1,568 at June 30, 2007, and $1,619 at        |   |          |        |   |          |
|     December                31, 2006.       |   |          | 131,809     |   |          |       | 138,377 |   |
| Federal                Home Loan Bank Stock                     |   |          | 2,450       |   |          |       | 2,450 |   |
| Premises                and equipment                           |   |          | 4,283       |   |          |       | 4,342 |   |
| Accrued                interest receivable & other assets   |   |          | 3,419       |   |          |       | 3,028 |   |
| **TOTAL                ASSETS**                                 |   | **$**         | **262,707** |   |          | **$**      | **266,513** |   |
|                                                            |   |          |        |   |          |       |   |   |
| **LIABILITIES                AND SHAREHOLDERS' EQUITY**         |   |          |        |   |          |
| Deposits                                                        |   |          | 202,092     |   |          |       | 202,176 |   |
| Federal                Home Loan Bank advances                  |   |          | 25,350      |   |          |       | 28,750 |   |
| Advance                payments by borrowers for taxes          |   |          |        |   |          |
|    and                insurance                  |   |          | 1,684       |   |          |       | 1,655 |   |
| Accrued                expenses and other liabilities           |   |          | 4,867       |   |          |       | 5,183 |   |
|                                                            |   |          |        |   |          |       |   |   |
| **TOTAL                LIABILITIES**                            |   | ** **    | **233,993** |   |          | ** ** | **237,764** |   |
| **TOTAL                EQUITY**                                 |   | ** **    | **28,714**  |   |          | ** ** | **28,749** |   |
| **TOTAL                LIABILITIES AND SHAREHOLDERS'**          |   |          |        |   |          |
| **   EQUITY**                                    |   | **$**         | **262,707** |   |          | **$**      | **266,513** |   |

|                                                     |   | **30-Jun-07** |      |   | **30-Jun-06** |       |
|----------------------------------------------------------|--------|---------------|-----------|--------|---------------|------------|
| **INTEREST                INCOME & DIVIDEND INCOME** |   |          |      |   |          |
| Loans,                including fees                     |   | $             | 4,216     |   |          | $          | 4,588 |   |
| Securities                                               |   |          | 1,739     |   |          |       | 1,388 |   |
| Interest                earning deposits & other     |   |          | 1,020     |   |          |       | 529 |   |
| Federal                funds sold                        |   |          | 129       |   |          |       | 59 |   |
| **TOTAL                INTEREST INCOME**                 |   | ** **    | **7,104** |   |          | ** ** | **6,564** |   |
|                                                     |   |          |      |   |          |       |   |   |
| **INTEREST                EXPENSE ON DEPOSITS**          |   |          |      |   |          |
| Deposits                                                 |   |          | 3,313     |   |          |       | 2,624 |   |
| Federal                Home Loan Bank & Other        |   |          | 587       |   |          |       | 649 |   |
| **Total                Interest Expense**                |   | ** **    | **3,900** |   |          | ** ** | **3,273** |   |
| **NET                INTEREST INCOME**                   |   | ** **    | **3,204** |   |          | ** ** | **3,291** |   |
| Provision                for loan losses                 |   |          | (71       | )      |          |       | (12 | ) |
| **NET                INTEREST INCOME AFTER PROVISION**   |   |          |      |   |          |
| **   FOR                LOAN LOSSES**     |   | ** **    | **3,275** |   |          | ** ** | **3,303** |   |
|                                                     |   |          |      |   |          |       |   |   |
| **NON-INTEREST                INCOME**                   |   |          |      |   |          |       |   |   |
| Insurance                commissions                     |   |          | 26        |   |          |       | 108 |   |
| Service                charges on accounts               |   |          | 244       |   |          |       | 253 |   |
| Other                                                    |   |          | 90        |   |          |       | 128 |   |
| **TOTAL                NON-INTEREST INCOME**             |   | ** **    | **360**   |   |          | ** ** | **489** |   |
|                                                     |   |          |      |   |          |       |   |   |
| **NON-INTEREST                EXPENSE**                  |   |          |      |   |          |       |   |   |
| Salaries                and employee benefits            |   |          | 1,650     |   |          |       | 1,717 |   |
| Occupancy                                                |   |          | 405       |   |          |       | 420 |   |
| Advertising                & promotion               |   |          | 135       |   |          |       | 130 |   |
| Data                processing                           |   |          | 168       |   |          |       | 190 |   |
| Other                                                    |   |          | 628       |   |          |       | 542 |   |
| **TOTAL                NON-INTEREST EXPENSE**            |   | ** **    | **2,986** |   |          | ** ** | **2,999** |   |
|                                                     |   |          |      |   |          |       |   |   |
| **INCOME                BEFORE INCOME TAXES**            |   | ** **    | **649**   |   |          | ** ** | **793** |   |
| Income                tax expense                        |   |          | 239       |   |          |       | 299 |   |
| **NET                INCOME**                            |   | **$**         | **410**   |   |          | **$**      | **494** |   |
|                                                     |   |          |      |   |          |       |   |   |
| **Earnings                per share, basic**             |   | **$**         | **0.19**  |   |          | **$**      | **0.23** |   |
| **Earnings                per share, diluted**           |   | **$**         | **0.19**  |   |          | **$**      | **0.23** |   |

----

| **AJS                  BANCORP, INC.**                       |   |                               |      |   |                               |       |
|--------------------------------------------------------------|--------|------------------------------------|-----------|--------|------------------------------------|------------|
| **CONSOLIDATED                  CONDENSED BALANCE SHEETS**   |   |                               |      |   |
| **Dollars                  in thousands**                    |   |                               |      |   |                               |       |
| **For                  the Three months ended 6/30/07**      |   |                               |      |   |                               |       |
|                                                         |   |                               |      |   |                               |       |
|                                                         |   | **For                  the Three** |      |   | **For                  the Three** |       |
|                                                         |   | **Months                  ended**  |      |   | **Months                  ended**  |       |
|                                                         |   | **6/30/2007**                      |      |   | **6/30/2006**                      |       |
| **INTEREST                  INCOME & DIVIDEND INCOME**   |   |                               |      |   |
| Loans,                  including fees                       |   | $                                  | 2,069     |   |                               | $          | 2,309 |   |
| Securities                                                   |   |                               | 958       |   |                               |       | 692 |   |
| Interest                  bearing deposits & other       |   |                               | 455       |   |                               |       | 287 |   |
| Federal                  Funds Sold                          |   |                               | 44        |   |                               |       | 37 |   |
| **TOTAL                  INTEREST INCOME**                   |   | ** **                         | **3,526** |   |                               | ** ** | **3,325** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **INTEREST                  EXPENSE ON DEPOSITS**            |   |                               |      |   |                               |       |   |   |
| Deposits                                                     |   |                               | 1,673     |   |                               |       | 1,365 |   |
| Federal                  Home Loan Bank & Other          |   |                               | 287       |   |                               |       | 321 |   |
| **Total                  Interest Expense**                  |   | ** **                         | **1,960** |   |                               | ** ** | **1,686** |   |
| **NET                  INTEREST INCOME**                     |   | ** **                         | **1,566** |   |                               | ** ** | **1,639** |   |
| Provision                  for loan losses                   |   |                               | (1        | )      |                               |       | 0 |   |
| **NET                  INTEREST INCOME AFTER PROVISION FOR** |   |                               |      |   |                               |
| **   LOAN                  LOSSES**           |   | ** **                         | **1,567** |   |                               | ** ** | **1,639** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **NON-INTEREST                  INCOME**                     |   |                               |      |   |                               |       |   |   |
| Insurance                  commissions                       |   |                               | 5         |   |                               |       | 37 |   |
| Service                  charges on deposit accounts         |   |                               | 119       |   |                               |       | 135 |   |
| Other                                                        |   |                               | 44        |   |                               |       | 67 |   |
| **TOTAL                  NON-INTEREST INCOME**               |   | ** **                         | **168**   |   |                               | ** ** | **239** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **NON-INTEREST                  EXPENSE**                    |   |                               |      |   |                               |       |   |   |
| Salaries                  and employee benefits              |   |                               | 794       |   |                               |       | 852 |   |
| Occupancy                                                    |   |                               | 204       |   |                               |       | 210 |   |
| Advertising                  & promotion                 |   |                               | 61        |   |                               |       | 75 |   |
| Data                  processing                             |   |                               | 85        |   |                               |       | 86 |   |
| Other                                                        |   |                               | 343       |   |                               |       | 266 |   |
| **TOTAL                  NON-INTEREST EXPENSE**              |   | ** **                         | **1,487** |   |                               | ** ** | **1,489** |   |
|                                                         |   |                               |      |   |                               |       |   |   |
| **INCOME                  BEFORE INCOME TAXES**              |   | ** **                         | **248**   |   |                               | ** ** | **389** |   |
| Income                  Tax Expense                          |   |                               | 89        |   |                               |       | 149 |   |
| **NET                  INCOME**                              |   | **$**                              | **159**   |   |                               | **$**      | **240** |   |

----

| **AJS                  Bancorp, Inc.**              |   |                               |      |   |                                   |   |
|-----------------------------------------------------|--------|------------------------------------|-----------|--------|----------------------------------------|--------|
| **Financial                  Highlights**           |   |                               |      |   |                                   |   |
| **(unaudited)**                                     |   | **June                  30, 2007** |      |   | **December                  31, 2006** |   |
|                                                |   | (In                  thousands)    |      |
| **Selected                  Financial Highlights:** |   |                               |      |   |                                   |   |
| Total                  assets                       |   | $                                  | 262,707   |   |                                   | $      | 266,513 |   |
| Loans                  receivable, net              |   |                               | 131,809   |   |                                   |   | 138,377 |   |
| Securities                                          |   |                               | 87,273    |   |                                   |   | 68,978 |   |
| Deposits                                            |   |                               | 202,092   |   |                                   |   | 202,176 |   |
| Federal                  Home Loan Bank advances    |   |                               | 25,350    |   |                                   |   | 28,750 |   |
| Stockholders'                  equity               |   |                               | 28,714    |   |                                   |   | 28,749 |   |
|                                                |   |                               |      |   |                                   |   |   |   |
| Book                  value per share (1)           |   |                               | 13.54     |   |                                   |   | 13.56 |   |
|                                                |   |                               |      |   |                                   |   |   |   |
| Number                  of shares outstanding (2)   |   |                               | 2,120,317 |   |                                   |   | 2,119,719 |   |

|                                                 |   | **Three                  months ended**                      |   |   | **Three                  months ended** |   |
|------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                 |   | **June                  30, 2007**                           |   |   | **June                  30, 2006**      |   |
|                                                 |   | (In                  thousands except per share information) |   |
|                                                 |   |                                                         |   |   |                                    |   |   |   |
| **Selected                  Operations Data:**       |   |                                                         |   |   |                                    |   |   |   |
| Total                  interest income               |   | $                                                            | 3,526  |   |                                    | $      | 3,325 |   |
| Total                  interest expense              |   |                                                         | 1,960  |   |                                    |   | 1,686 |   |
| Net                  interest income                 |   |                                                         | 1,566  |   |                                    |   | 1,639 |   |
| Provision                  for loan losses           |   |                                                         | (1     | )      |                                    |   | 0 |   |
| Net                  interest income after provision |   |                                                         |   |   |                                    |
| for                  loan losses                     |   |                                                         | 1,567  |   |                                    |   | 1,639 |   |
| Noninterest                  income                  |   |                                                         | 168    |   |                                    |   | 239 |   |
| Noninterest                  expense                 |   |                                                         | 1,487  |   |                                    |   | 1,489 |   |
| Income                  before taxes                 |   |                                                         | 248    |   |                                    |   | 389 |   |
| Income                  tax provision                |   |                                                         | 89     |   |                                    |   | 149 |   |
| Net                  income                          |   |                                                         | 159    |   |                                    |   | 240 |   |
|                                                 |   |                                                         |   |   |                                    |   |   |   |
| Basic                  earnings per share            |   | $                                                            | 0.08   |   |                                    | $      | 0.11 |   |
| Diluted                  earnings per share          |   | $                                                            | 0.07   |   |                                    | $      | 0.11 |   |

|                                                                  |   | **Three                  months ended** |   |   | **Three                  months ended** |   |
|-----------------------------------------------------------------------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|
|                                                                  |   | **June                  30, 2007**      |   |   | **June                  30, 2006**      |   |
|                                                                  |   |                                    |   |   |                                    |   |   |   |
| **Selected                  Operating Ratios:**                       |   |                                    |   |   |                                    |   |   |   |
| Return                  on average assets                             |   |                                    | 0.24   | %      |                                    |   | 0.37 | % |
| Return                  on average equity                             |   |                                    | 2.19   | %      |                                    |   | 3.44 | % |
| Interest                  rate spread during the period               |   |                                    | 2.05   | %      |                                    |   | 2.30 | % |
| Net                  interest margin                                  |   |                                    | 2.47   | %      |                                    |   | 2.62 | % |
| Average                  interest-earning assets to average interest- |   |
|    bearing                  liabilities                |   |                                    | 113.66 | %      |                                    |   | 112.01 | % |
| Efficiency                  ratio (3)                                 |   |                                    | 85.76  | %      |                                    |   | 79.29 | % |

|                                                 |   | **Six                  months ended**                        |   |   | **Six                  months ended** |   |
|------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------|---------------------------------------|--------|
|                                                 |   | **June                  30, 2007**                           |   |   | **June                  30, 2006**    |   |
|                                                 |   | (In                  thousands except per share information) |   |
|                                                 |   |                                                         |   |   |                                  |   |   |   |
| **Selected                  Operations Data:**       |   |                                                         |   |   |                                  |   |   |   |
| Total                  interest income               |   | $                                                            | 7,104  |   |                                  | $      | 6,564 |   |
| Total                  interest expense              |   |                                                         | 3,900  |   |                                  |   | 3,273 |   |
| Net                  interest income                 |   |                                                         | 3,204  |   |                                  |   | 3,291 |   |
| Provision                  for loan losses           |   |                                                         | (71    | )      |                                  |   | (12 | ) |
| Net                  interest income after provision |   |                                                         |   |   |                                  |
| for                  loan losses                     |   |                                                         | 3,275  |   |                                  |   | 3,303 |   |
| Noninterest                  income                  |   |                                                         | 360    |   |                                  |   | 489 |   |
| Noninterest                  expense                 |   |                                                         | 2,986  |   |                                  |   | 2,999 |   |
| Income                  before taxes                 |   |                                                         | 649    |   |                                  |   | 793 |   |
| Income                  tax provision                |   |                                                         | 239    |   |                                  |   | 299 |   |
| Net                  income                          |   |                                                         | 410    |   |                                  |   | 494 |   |
|                                                 |   |                                                         |   |   |                                  |   |   |   |
| Earnings                  per share, basic           |   | $                                                            | 0.19   |   |                                  | $      | 0.23 |   |
| Earnings                  per share, diluted         |   | $                                                            | 0.19   |   |                                  | $      | 0.23 |   |

----

|                                                                  |   | **Six                  months ended** |   |   | **Six                  months ended** |   |
|-----------------------------------------------------------------------|--------|---------------------------------------|--------|--------|---------------------------------------|--------|
|                                                                  |   | **June                  30, 2007**    |   |   | **June                  30, 2006**    |   |
|                                                                  |   |                                  |   |   |                                  |   |   |   |
| **Selected                  Operating Ratios:**                       |   |                                  |   |   |                                  |   |   |   |
| Return                  on average assets                             |   |                                  | 0.31   | %      |                                  |   | 0.38 | % |
| Return                  on average equity                             |   |                                  | 2.83   | %      |                                  |   | 3.52 | % |
| Interest                  rate spread during the period               |   |                                  | 2.09   | %      |                                  |   | 2.31 | % |
| Net                  interest margin                                  |   |                                  | 2.50   | %      |                                  |   | 2.63 | % |
| Average                  interest-earning assets to average interest- |   |
|    bearing                  liabilities                |   |                                  | 113.69 | %      |                                  |   | 112.23 | % |
| Efficiency                  ratio (3)                                 |   |                                  | 83.78  | %      |                                  |   | 79.34 | % |

|                                                                  |   | **As                  of**         |   |   | **As                  of**             |   |
|-----------------------------------------------------------------------|--------|------------------------------------|--------|--------|----------------------------------------|--------|
|                                                                  |   | **June                  30, 2007** |   |   | **December                  31, 2006** |   |
| **Asset                  Quality Ratios:**                            |   |                               |   |   |                                   |   |   |   |
| Non-performing                  assets to total assets                |   |                               | 0.19   | %      |                                   |   | 0.20 | % |
| Allowance                  for loan losses to non-performing loans    |   |                               | 510.75 | %      |                                   |   | 299.81 | % |
| Allowance                  for loan losses to loans receivable, gross |   |                               | 1.18   | %      |                                   |   | 1.16 | % |

| (1)                  Shareholders' equity divided by number of shares                  outstanding.                                            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| (2)Total                  shares issued, less unearned ESOP shares, and treasury                  shares.                                      |   |
| (3)                  Non-interest expense divided by the sum of net interest income                  and                  non-interest income. |   |