PFSB Pennfed Financial Svcs (MM)

PennFed Financial Services, Inc. Amends Stockholder Protection Rights Agreement WEST ORANGE, N.J., Feb. 27 /PRNewswire-FirstCall/ -- The Board of Directors of PennFed Financial Services, Inc. , the holding company for the New Jersey-based Penn Federal Savings Bank, approved an amendment to the Company's Stockholder Protection Rights Agreement. The amendment increases the exercise price per Right granted under the Stockholder Protection Rights Agreement to $135 per Right and extends the expirationdate of the Rights Agreement to February 24, 2014, unless terminated earlier in accordance with the Rights Agreement. The Rights Agreement was initially adopted on March 21, 1996 with an exercise price of $30 per Right (after adjusting to reflect a two-for-one stock split in the form of a 100% stock dividend on the Company's Common Stock) and a term expiring on March 21, 1996. On February 10, 1998, the Company amended the Rights Agreement, increasing the exercise price to $67.50 per Right and extending the term to February 10, 2008. The Board of Directors believe that an increase in the exercise price and an extension of the term of the Rights Agreement is again appropriate in view of the appreciation in the market price of the Company's Common Stock since the February 1998 amendment to the Rights Agreement. The Rights Agreement was not adopted or amended in response to any effort to acquire control of the Company. Penn Federal Savings Bank maintains 23 branch offices. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. DATASOURCE: PennFed Financial Services, Inc. CONTACT: Claire M. Chadwick, CFO, PennFed Financial Services, Inc., +1-973-669-7366, ext. 267

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