FOR IMMEDIATE RELEASE
August 13, 2007

Contact:  Jesus R. Adia
          President and Chief Executive Officer
          (718) 677-4414

  Flatbush Federal Bancorp, Inc. Reports 2007 Second Quarter Operating Results

Brooklyn,  NY - Flatbush  Federal  Bancorp,  Inc. (the  "Company") (OTC Bulletin
Board:  FLTB),  the  holding  company  of  Flatbush  Federal  Savings  and  Loan
Association (the "Association"), announced consolidated net income of $2,000, or
$0.001 per share for the quarter  ended June 30, 2007 as compared to net loss of
$4,000, or $0.002 per share for the same quarter in 2006.

The Company's assets decreased $457,000,  or 0.3%, to $153.9 million at June 30,
2007 from  $154.4  million  at  December  31,  2006.  Cash and cash  equivalents
increased  $2.3  million,  or 57.5%,  to $6.3 million at June 30, 2007 from $4.0
million at December 31, 2006. Loans receivable  decreased $3.4 million, or 3.2%,
to $102.8  million as of June 30,  2007 from $106.2  million as of December  31,
2006.  Mortgage-backed  securities increased $738,000, or 2.8%, to $27.5 million
as of June 30,  2007 from $26.7  million as of  December  31,  2006.  Investment
securities  remained at $7.0  million as of June 30, 2007 and as of December 31,
2006.

Total deposits  increased  $1.6 million,  or 1.5%, to $107.2 million at June 30,
2007 from $105.6  million at December 31, 2006.  Advances from Federal Home Loan
Bank of New York decreased  $1.9 million,  or 6.2%, to $28.6 million at June 30,
2007 from $30.5 million at December 31, 2006.

Total  stockholders'  equity increased  $707,000 to $15.8 million as of June 30,
2007 from $15.0 million as of December 31, 2006.

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  have  been made from time to time and may be
effected through open market purchases, block trades and in privately negotiated
transactions.  Repurchased stock is held as treasury stock and will be available
for general  corporate  purposes.  As of June 30, 2007,  43,900 shares have been
repurchased at a weighted  average price of $7.99 per share.  During the quarter
ended June 30, 2007, the Company repurchased 5,310 shares.

INCOME INFORMATION - Three month periods ended June 30, 2007 and 2006

Net income increased  $6,000, to $2,000 for the quarter ended June 30, 2007 from
a loss of $4,000 for the quarter ended June 30, 2006. The increase in net income
for the quarter was primarily  due to increases of $144,000 in interest  income,
and decreases of $90,000 in non-interest expense,  $38,000 in provision for loan
loss,  and $7,000 in income taxes,  which,  however,  were  partially  offset by
increases  of  $163,000 in interest  expense on  deposits,  $107,000 in interest
expense on borrowings from FHLB, and decreases of $2,000 in non-interest income.

INCOME INFORMATION - Six month periods ended June 30, 2007 and 2006

Net income  increased  $346,000,  to $385,000  for the six months ended June 30,
2007 from $39,000 for the six months  ended June 30,  2006.  The increase in net
income  for the six  month  period  ended  June 30,  2007 was  primarily  due to
increases of $365,000 in interest income,  $478,000 in non-interest  income, and
decreases  of $85,000 in income  taxes and $46,000 in  provision  for loan loss,
which,  however,  were  partially  offset by  increases  of $320,000 in interest
expense on deposits,  $261,000 in interest  expense on  borrowings  from Federal
Home Loan Bank of New York, and $47,000 in  non-interest  expense.  Non-interest
income  included   proceeds  of  $500,000  from  a  life  insurance  policy  the
Association owned on the life of the Company's former CEO and President, Anthony
J.  Monteverdi.  Non-interest  expense included the one time accrual of $221,000

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during the six months ended June 30, 2007 for the  accelerated  vesting of stock
options and restricted stock following the death of Mr. Monteverdi.

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.



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SELECTED FINANCIAL CONDITION DATA

(in thousands)                            June 30,        December 31,
                                            2007              2006
                                        ------------     ------------
Total Assets                            $    153,925     $    154,382
Loans Receivable                             102,754          106,230
Investment                                     6,991            6,990
Securities
Mortgage-backed Securities                    27,465           26,727
Cash and Cash Equivalents                      6,319            4,007
Deposits                                     107,181          105,641
Other Borrowings                              28,552           30,487
Stockholders                                  15,753           15,046
Equity

<table>
<caption>

SELECTED OPERATING DATA

                                             AT OR FOR THE THREE               AT OR FOR THE SIX
                                             MONTHS ENDED JUNE 30,             MONTHS ENDED JUNE 30,
(in thousands)                              2007             2006             2007             2006
                                         -----------      -----------      -----------       ----------

                                      <c>              <c>              <c>               <c>
Total Interest                           $     2,285      $     2,141      $     4,579       $    4,214
Income
Total Interest Expense on Deposits               739              576            1,427            1,107
Total Interest on Other                          382              275              771              511
Expense Borrowings
Net Interest                                   1,164            1,290            2,381            2,596
Income
Provision for Loan Loss                            -               38                2               48
Non-interest                                      76               78              648              170
Income
Non-interest                                   1,237            1,326            2,695            2,648
Expense
Income Taxes                                       1                8              (53)              31
Net Income (Loss)                        $         2      $        (4)     $       385       $       39

PERFORMANCE RATIOS

Return on Average Assets                       0.01%            (0.01)%           0.49%           0.052%
Return on Average Equity                       0.05%            (0.10)%           4.97%            0.48%
Interest Rate                                  2.95%             3.47%            3.02%            3.52%
Spread

ASSET QUALITY RATIOS

Allowance for Loan Losses to
   Total Loans Receivable                      0.20%             0.20%
Non-performing Loans to Total                  0.04%             0.05%
Assets

CAPITAL RATIO
Equity toTotal                                10.53%            10.60%
Assets

</table>