K-Fed Bancorp Announces Completion of Stock Repurchase Program and Authorizes New...

K-Fed Bancorp Announces Completion of Stock Repurchase Program and Authorizes
New Stock Repurchase Program

COVINA, Calif., Aug. 27, 2008 (GLOBE NEWSWIRE) -- K-Fed Bancorp (Nasdaq:KFED)
announced completion of the repurchase of 10% of its outstanding publicly held
common stock, or 508,788 shares. The repurchase program was announced on January
26, 2008. The shares were repurchased at prices between $10.25 and $11.85 per
share with an average price per share of $11.15.

Upon completion of the aforementioned stock repurchase program, the Board of
Directors authorized an additional stock repurchase program for up to 5% or
228,354 shares, of K-Fed's outstanding common stock in the open market, in block
trades or in privately negotiated transactions from time to time over a 6 to 12
month period depending on market conditions.

K-Fed Bancorp stock trades on NASDAQ under the KFED symbol; for additional
information, visit www.k-fed.com or www.kaiserfederal.biz.

FORWARD-LOOKING STATEMENTS:

STATEMENTS CONTAINED IN THIS NEWS RELEASE THAT ARE NOT HISTORICAL FACTS MAY
CONSTITUTE FORWARD-LOOKING STATEMENTS (WITHIN THE MEANING OF SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), WHICH INVOLVE SIGNIFICANT RISKS
AND UNCERTAINTIES. THE COMPANY INTENDS SUCH FORWARD-LOOKING STATEMENTS TO BE
COVERED BY THE SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS CONTAINED
IN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, AND IS INCLUDING THIS
STATEMENT FOR PURPOSES OF INVOKING THESE SAFE HARBOR PROVISIONS. THE COMPANY'S
ABILITY TO PREDICT RESULTS OR THE ACTUAL EFFECT OF FUTURE PLANS OR STRATEGIES IS
INHERENTLY UNCERTAIN. FACTORS WHICH COULD HAVE A MATERIAL ADVERSE EFFECT ON THE
OPERATIONS AND FUTURE PROSPECTS OF THE COMPANY AND KAISER FEDERAL BANK INCLUDE,
BUT ARE NOT LIMITED TO, CHANGES IN INTEREST RATES, GENERAL ECONOMIC CONDITIONS,
LEGISLATIVE/REGULATORY CHANGES, MONETARY AND FISCAL POLICIES OF THE U.S.
GOVERNMENT, INCLUDING THE U.S. TREASURY AND THE FEDERAL RESERVE BOARD, THE
QUALITY OR COMPOSITION OF THE COMPANY'S LOAN OR INVESTMENT PORTFOLIOS, DEMAND
FOR LOAN PRODUCTS, DEPOSIT FLOWS, COMPETITION, DEMAND FOR FINANCIAL SERVICES IN
THE COMPANY'S MARKET AREA, THE POSSIBLE SHORT-TERM DILUTIVE EFFECT OF POTENTIAL
ACQUISITIONS AND ACCOUNTING PRINCIPLES, POLICIES AND GUIDELINES. THESE RISKS AND
UNCERTAINTIES SHOULD BE CONSIDERED IN EVALUATING FORWARD-LOOKING STATEMENTS AND
UNDUE RELIANCE SHOULD NOT BE PLACED ON SUCH STATEMENTS.

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CONTACT: K-Fed Bancorp
Kay Hoveland, President/CEO
Dustin Luton, Chief Financial Officer
(626) 339-9663