AJS Bancorp, Inc. Stock Repurchase Program.

Business Editors

MIDLOTHIAN, Ill.--(BUSINESS WIRE)--Jan. 22, 2003

AJS Bancorp, Inc., the holding company for A.J. Smith Federal Savings Bank, announced today that its Board of Directors has authorized the Company to commence a stock repurchase program to acquire up to 120,000 shares of the Company's Common Stock, which represents approximately 5% of the outstanding Common Stock.

Thomas R. Butkus, Chief Executive Officer of the Company, stated that the Board of Directors has authorized the repurchase program, which is expected to be completed within six months. Mr. Butkus, stated that the Board of Directors considers the Common Stock to be an attractive investment, particularly in view of the current price at which the Common Stock is trading relative to the Company's earnings per share and book value per share and market and economic factors generally, as well as other factors.

According to Mr. Butkus, the repurchases generally would be effected through open market purchases, although he did not rule out the possibility of unsolicited negotiated transactions or other types of repurchases.

At December 31, 2002, the Company reported total assets of $222.6 million and stockholders' equity of $33.6 million.