PRESS RELEASE

                                 POLONIA BANCORP
                        TO FUND PURCHASE OF 64,802 SHARES

Contact:    Polonia Bancorp
            Paul D. Rutkowski, Chief Financial Officer and Treasurer
            (215) 938-8800


October 2, 2007, Huntingdon Valley, Pennsylvania - Polonia Bancorp (OTCBB:
"PBCP") today announced that the Company has authorized the funding of a trust
that will purchase up to 64,802 shares, or 1.96%, of the Company's outstanding
common stock. The shares acquired by the trust will be used to fund restricted
stock awards under the Company's 2007 Equity Incentive Plan, which was recently
approved by shareholders. Share purchases will be made from time to time at the
discretion of the independent trustee of the trust through open market
purchases.

Polonia Bancorp is the holding company of Polonia Bank, headquartered in
Huntingdon Valley, Pennsylvania. Polonia Bank is a federally chartered savings
bank offering traditional services and products from its main office in
Huntingdon Valley, Pennsylvania and four branch offices in Philadelphia County,
Pennsylvania.