EXHIBIT 99.1

                                  PRESS RELEASE



FOR IMMEDIATE RELEASE

Contact:     Ralph Schank
             President and Chief Executive Officer
             (816) 233-5148


                ST. JOSEPH BANCORP, INC. COMPLETES STOCK OFFERING

St. Joseph, Missouri, February 2, 2009 - St. Joseph Bancorp, Inc. (the
"Company"), the newly formed holding company for Midwest Federal Savings and
Loan Association of St. Joseph (the "Bank"), St. Joseph, Missouri, announced
that on January 30, 2009 it completed its initial public stock offering in
connection with the Bank's conversion from the mutual to the stock form of
organization. The Company issued a total of 376,918 shares of its common stock
for an aggregate of $3,769,180 in total offering proceeds. The common stock is
expected to be quoted on the OTC Bulletin Board on Monday February 2, 2009,
under the symbol "SJBA".

Ralph E. Schank, President and Chief Executive Officer, stated, "The confidence
of our customers and community members demonstrated by investing in the
Company's stock reflects their recognition of Midwest Federal's bright future as
a full service community bank. We look forward to enhancing value for our new
shareholders as we execute the Bank's growth plan."

As of September 30, 2008, the Bank had $19.4 million in assets, $13.8 million in
deposits and $5.5 million in total equity. The amount of the Bank's total equity
at September 30, 2008, does not give effect to the net proceeds raised in the
offering which will be added to total equity following completion of the
offering. The Bank is a federally chartered savings and loan association serving
business and personal clients from its headquarters in St. Joseph, Missouri.

Sandler O'Neill & Partners, L.P. served as financial advisor and marketing agent
with regard to the Company's offering. Luse, Gorman, Pomerenk & Schick, P.C.,
Washington, D.C., served as special counsel to St. Joseph Bancorp., Inc. for the
conversion and stock offering.





This news release contains certain forward-looking statements. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or words of similar meaning, or
future or conditional verbs such as "will," "would," "should," "could" or "may."

Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors - many of which are beyond our control -
could cause actual conditions, events or results to differ significantly from
those described in the forward-looking statements. St. Joseph Bancorp's
prospectus, dated November 12, 2008, describes some of these factors, including
risk elements in the loan portfolio, the level of the allowance for losses on
loans, risks of our growth strategy, geographic concentration of our business,
dependence on our management team, risks of market rates of interest and of
regulation on our business and risks of competition. Forward-looking statements
speak only as of the date they are made. We do not undertake to update
forward-looking statements to reflect circumstances or events that occur after
the date the forward-looking statements are made or to reflect the occurrence of
unanticipated events.