EXHIBIT 99.1



FOR IMMEDIATE RELEASE                           Contact: Claire M. Chadwick, CFO
                                                          973-669-7366, ext. 267

                        PENNFED FINANCIAL SERVICES, INC.
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                          ANNOUNCES ANNUAL MEETING DATE
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      WEST ORANGE, NJ, July 15, 2005 - PennFed Financial Services, Inc.
(NASDQ:PFSB), the holding company for New Jersey-based Penn Federal Savings Bank
announced the Annual Meeting of Stockholders will be held at 10 a.m. on Friday,
October 28, 2005 at Mayfair Farms in West Orange, New Jersey. Stockholders of
record on September 2, 2005 are entitled to vote at the meeting.

      Penn Federal Savings Bank maintains 25 New Jersey branch offices. The
Bank's deposits are insured by the Federal Deposit Insurance Corporation.

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