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EXHIBIT 99.1     PRESS RELEASE


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PRESS RELEASE

WEST ESSEX BANCORP, INC.
                                                                      CONTACT:

                                                            Dennis A. Petrello
                                                  Executive Vice President and
                                                       Chief Financial Officer
                                                      West Essex Bancorp, Inc.
                                                                (973) 226-7911

                            WEST ESSEX BANCORP, INC.
                           TO REPURCHASE COMMON STOCK

      Caldwell, New Jersey, August 3, 1999 -- West Essex Bancorp, Inc. (Nasdaq;
WEBK), the stock holding company for West Essex Bank, has announced that it has
received regulatory clearance to purchase up to 277,067 shares of its common
stock from shareholders other than West Essex Bancorp, MHC, the Bank's mutual
holding company parent.

      Leopold W. Montanaro, President and Chief Executive Officer of West Essex
Bancorp, Inc., said that the Company has been authorized by its Board of
Directors to repurchase up to 15% of the Company's 1,847,112 outstanding shares
held by minority shareholders during the next twelve months.

      Mr. Montanaro commented, "We believe that the repurchase of the shares
will enhance shareholder value as such repurchases have the effect of increasing
the earnings per share and book value of the remaining shares outstanding. The
last trade of the common stock on July 30, 1999 was at $9.75 per share or
approximately 95 percent of its tangible book value at $10.22 per share (as of
6-30-99). Based on this, we believe that the repurchase of our shares is an
excellent long-term investment."

      The repurchase will be made in open-market transactions, subject to the
availability of stock.

      West Essex Bancorp, Inc. acquired all of the outstanding capital stock of
West Essex Bank upon its conversion from a federally chartered mutual savings
bank to a federally chartered stock savings bank and reorganization into the
mutual holding company structure on October 2, 1998. West Essex Bank is
headquartered in Caldwell, New Jersey.

     Statements contained in this news release, which are not historical facts,
contain forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risk and uncertainties, which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time.