Exhibit 99.1
                                  ------------

                                                                          [LOGO]
                                                          There is a difference.
PRESS RELEASE

                                                            Contact Information:
                                    Joseph W. Kennedy, Senior Vice President/CFO
                                                        Georgetown Bancorp, Inc.
                                                                    978-352-8600
                                                    joe.kennedy@georgetownsb.com

                        Georgetown Bancorp, Inc. Reports
             Profitable Results for Quarter Ended September 30, 2008

         GEORGETOWN, MASSACHUSETTS, October 24, 2008 -
         Georgetown Bancorp, Inc. (OTCBB: GTWN) (the "Company"), holding company
for  Georgetown  Savings  Bank (the  "Bank"),  reported net income for the three
months ended September 30, 2008 of $12,000, or $.00 per basic and diluted share,
compared to a net loss of  $138,000 or $.05 per basic and diluted  share for the
three months ended September 30, 2007.

         Robert E. Balletto,  President and Chief Executive Officer, said, "I am
pleased to report that the Company's financial performance continued to improve,
as we returned to  profitability  during our most recent quarter.  I continue to
remain  encouraged by our  successful  execution of our  strategic  plan and the
positive impact it has had on our financial performance.  Our improved financial
performance  was  driven  by  an  expanding  net  interest  margin,   fueled  by
originations of  higher-yielding  commercial loans.  Funding for these loans was
entirely  provided by increases in retail deposits,  as our North Andover office
achieved  profitability  during  the  quarter.  I am further  encouraged  by the
performance of our loan portfolio given the current economic environment, as our
asset quality improved during the quarter.  Additionally,  the Company was never
involved in the business of sub-prime  lending and has no financial  exposure to
equity investments in Fannie Mae, Freddie Mac or any of the recently failed Wall
Street  investment  banks.  While we operate in a  competitive  and  challenging
market  place,  we remain  optimistic  about our ability to enhance  shareholder
value in the long-term."

<PAGE>

                                Georgetown Bancorp Inc.
                                Selected Financial Data
<TABLE>
<CAPTION>
                                                        At or for the       At or for the
                                                      Three Months Ended      Year Ended
                                                      September 30, 2008    June 30, 2008
                                                      ------------------   ---------------
                                                  (Dollars in thousands, except per share data)
<S>                                                               <C>                <C>
Financial Condition Data:
Total assets                                            $       190,947    $       184,741
Cash and cash equivalents                                         6,521              5,455
Loans receivable, net                                           155,639            148,909
Allowance for loan losses                                         1,299              1,212
Investment securities                                            17,275             18,977
Deposits                                                        113,762            106,292
Borrowings (1)                                                   58,658             59,873

Total stockholders' equity                                       16,820             16,773
Stockholders' equity to total assets at end of period              8.81%              9.08%
Total shares outstanding                                      2,638,387          2,638,387

Asset quality data:
Total non-performing loans                              $         1,247    $         1,386
Other real estate owned                                              57                 --
Total non-performing assets                                       1,304              1,386
Non-performing loans to total loans                                0.79%              0.92%
Non-performing assets to total assets                              0.68%              0.75%
Allowance for loan losses to non-performing loans                104.17%             87.45%
Allowance for loan losses to total loans                           0.83%              0.81%
Loans charged off                                       $             1    $            60
Recoveries on loans previously charged off                            1                 41
</TABLE>
<TABLE>
<CAPTION>
                                                                                  Three Months Ended
                                                                                     September 30,
                                                                                2008              2007
                                                                          ---------------    ---------------
                                                                    (Dollars in thousands, except per share data)
<S>                                                                                 <C>                <C>
Operating Data:
Interest and dividend income                                              $         2,540    $         2,278
Interest expense                                                                    1,168              1,314
                                                                          ---------------    ---------------
   Net interest income                                                              1,372                964
Provision for loan losses                                                              87                  1
                                                                          ---------------    ---------------
    Net interest income after
        provision for loan losses                                                   1,285                963
Non-interest income                                                                   158                172
Non-interest expense                                                                1,405              1,347
                                                                          ---------------    ---------------
Income (loss) before income taxes                                                      38               (212)
Income tax provision (benefit)                                                         26                (74)
                                                                          ---------------    ---------------
   Net income (loss)                                                      $            12    $          (138)
                                                                          ===============    ===============

Basic and diluted weighted average number of common shares outstanding          2,581,814          2,615,752
Net income (loss) per share:  basic and diluted                           $          0.00    $         (0.05)

Performance Ratios:
Return on assets (ratio of net loss to average total assets)                         0.03%             -0.34%
Return on equity (ratio of net loss to average equity)                               0.28%             -3.11%
Interest rate spread (2)                                                             2.76%              1.99%
Net interest margin (3)                                                              3.14%              2.51%
Efficiency ratio (4)                                                                91.81%            118.53%
Non-interest expense to average total assets                                         3.04%              3.29%
Average interest-earning assets to average interest-bearing liabilities            114.23%            114.88%
</TABLE>

1.    Includes securities sold under agreement to repurchase.
2.    The  interest  rate  spread   represents   the   difference   between  the
      weighted-average yield on interest-earning assets and the weighted-average
      cost of interest-bearing liabilities for the period.
3.    The net interest  margin  represents  net interest  income as a percent of
      average  interest-earning  assets for the period.
4.    The efficiency ratio represents non-interest expense divided by the sum of
      net interest income and non-interest income.

<PAGE>

About Georgetown Savings Bank

         Founded in 1868,  Georgetown Savings Bank, with branches in Georgetown,
MA, North Andover, MA and Rowley, MA, serves the financial needs of Essex County
and  southern  New  Hampshire  residents  and  businesses.  To learn  more about
Georgetown Savings Bank, visit www.georgetownsb.com or call 978-352-8600.


Forward-looking statements

         This news release may contain certain forward-looking  statements, such
as statements of the  Company's or the Bank's plans,  objectives,  expectations,
estimates and  intentions.  Forward-looking  statements may be identified by the
use of words such as "expects,"  "subject,"  "believe," "will," "intends," "will
be" or  "would."  These  statements  are  subject  to  change  based on  various
important factors (some of which are beyond the Company's or the Bank's control)
and actual results may differ materially.  Accordingly, readers should not place
undue reliance on any  forward-looking  statements  (which reflect  management's
analysis of factors only as of the date of which they are given).  These factors
include general  economic  conditions,  trends in interest rates, the ability of
our  borrowers to repay their  loans,  the ability of the Company or the Bank to
effectively  manage its growth,  and results of regulatory  examinations,  among
other factors. The foregoing list of important factors is not exclusive. Readers
should  carefully  review the risk  factors  described  in other  documents  the
Company  files from time to time with the  Securities  and Exchange  Commission,
including Current Reports on Form 8-K.

                                       END