1





                                  PRESS RELEASE



CONTACT:     Brent M. Giles
             President and Chief Executive Officer
             Liberty Savings Bank, F.S.B
             BGiles@LibertySB.com
             --------------------
             (816) 781-4822


                                  JUNE 28, 2006

 LIBERTY SAVINGS BANK, F.S.B. ANNOUNCES COMPLETION OF SUBSCRIPTION OFFERING AND
                       COMMENCEMENT OF COMMUNITY OFFERING


LIBERTY, MISSOURI - Liberty Savings Bank, F.S.B. (OTCBB: LBTM-News), announced
on June 28, 2006 that it has completed its subscription offering to depositors
and commenced its community offering in connection with its "second-step
conversion" from mutual holding company to a stock holding company.

In order to consummate the offering, Liberty Bancorp, Inc. must sell a minimum
of 2,065,692 shares at $10 per share. The Bank and Sandler O'Neill & Partners,
L.P., marketing agent for the offering, are in the process of tabulating the
stock orders received. The Bank estimates that it received subscriptions for
approximately $12.0 million of common stock, which excludes shares to be
purchased by the employee stock ownership plan. These orders will be maintained
by the Company, with interest on subscribers' funds continuing to accrue until
completion of the offering. The remaining shares are being offered to members of
the general public in a community offering.

To facilitate the sale of the remaining shares, the Company has increased the
stock purchase limitations as follows: the maximum amount that an eligible
account holder, supplemental eligible account holder or other member may
purchase in the offering is 20,000 shares, the maximum amount that purchasers in
the community offering may purchase is 20,000 shares and the maximum amount that
an individual, together with their associates and other persons acting in
concert, may purchase in the offering is 80,000 shares. In addition, the number
of shares purchased by any individual, together with any associates and other
persons acting in concert, together with shares received by that person, persons
or group in exchange for their Liberty Savings Bank shares, may not

 2

exceed 5% of the shares of Liberty Bancorp common stock that will be outstanding
following the conversion. Subscribers who have submitted an order in the
subscription offering for $75,000 of common stock are being given the
opportunity to increase their orders to the new maximum limitations.

The completion of the offering remains subject to (i) confirmation by FinPro,
Inc. the Company's independent appraiser, of the Company's existing appraisal,
(ii) approval of the Plan of Conversion and Reorganization by members (i.e.,
depositors of Liberty Savings Bank) at a special meeting to be held on July 6,
2006 and by shareholders of the Bank at a special meeting to be held on July 6,
2006, and (iii) receipt of final regulatory approvals.

The terms and conditions of the community offering are more fully set forth in
the Company's prospectus dated May 15, 2006, as supplemented by the Company's
prospectus supplement dated June 28, 2006. The offering is made only by the
prospectus and prospectus supplement and shares may only be subscribed for using
the order forms provided by the Company. Persons interested in subscribing for
stock in the community offering may request a prospectus (including the
prospectus supplement) and order form by calling the Conversion Center at
1-816-741-2097. The Company has not set an expiration date for the community
offering and may terminate the community offering at any time. Interested
persons should therefore request offering materials and return order forms
promptly. In the community offering, the Company will give preference to the
following persons in order of priority: (i) stockholders of Liberty Savings Bank
as of May 8, 2006; (ii) natural persons and trusts of natural persons who are
residents of Clay, Clinton, Platte and Jackson Counties, Missouri; and (iii)
other persons to whom the Company delivers a prospectus and prospectus
supplement. Subject to final depositor, shareholder and regulatory approvals,
the Company expects to complete the offering on or about July 12, 2006.

This press release contains certain forward-looking statements about the
proposed stock issuance by the Company. These include statements regarding the
proposed timing of the offering. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current facts. They
often include words like "believe," "expect," "anticipate," "estimate" and
"intend" or future or conditional verbs such as "will," "would," "should,"
"could" or "may." Certain factors that could cause actual results to differ
materially from expected results include delays in the offering, changes in the
interest rate environment, changes in general economic conditions, legislative
and regulatory changes that adversely affect the business of the Bank, changes
in the securities markets, the failure to complete the conversion and failure to
obtain required stockholder and member approvals. Except as required by law, the
Bank does not undertake any obligation to update any forward-looking statements
to reflect changes in belief, expectations or events.

The foregoing information does not constitute an offer to sell or the
solicitation of an offer to buy any securities. The offering is made only by the
prospectus and the prospectus supplement.