EXHIBIT 99.1






FOR IMMEDIATE RELEASE                                        January 30, 2003


Contact:     Amy L. Timmerman, AVP, Investor Relations - 781-221-6396
             John A. Simas, EVP and CFO - 781-221-6307
             FAX: 781 221-7594

BOSTONFED BANCORP, INC. ANNOUNCES 2003 ANNUAL MEETING DATE.

Burlington,  Mass. - BostonFed Bancorp,  Inc. (AMEX - BFD) (the "Company"),  the
parent of Boston Federal Savings Bank, a federally-chartered stock savings bank,
and Broadway  National Bank, a national  chartered  commercial  bank,  announced
today that its eighth Annual Meeting of  Stockholders  will be held on April 30,
2003 at 2:00 p.m.,  Eastern  Daylight Time, at the Burlington  Marriott Hotel, 1
Mall Road, Burlington, Massachusetts. The Board of Directors set the record date
for  shareholders  entitled to vote at the Annual  Meeting as March 7, 2003. The
Company intends to mail its proxy  solicitation  materials on or about March 31,
2003.