FOR IMMEDIATE RELEASE
July 8, 2009

Contact:  Walter Ida
          (808) 946-1400

                            Territorial Bancorp Inc.
                   Announces Completion Date of Stock Offering

Honolulu, Hawaii July 8, 2009 - Territorial Bancorp Inc., the proposed holding
company for Territorial Savings Bank, announced today that it expects to close
its stock offering on Friday, July 10, 2009.

Shares of Territorial Bancorp Inc. are expected to begin trading on Monday, July
13, 2009, on the NASDAQ Global Select Market under the symbol "TBNK." The stock
offering will close at the adjusted maximum of the offering range. Territorial
Bancorp Inc. will sell 12,233,125 shares of common stock at $10.00 per share in
its subscription offering.

The Board of Directors, Officers and Employees of Territorial Savings Bank
express their gratitude for the overwhelming support for the offering by their
customers, pledge their best efforts toward the opportunities ahead, and look
forward to serving the needs of their customers and new stockholders.

The offering was oversubscribed by eligible account holders of Territorial
Savings Bank, i.e., depositors having eligible accounts as of September 30,
2007, and Territorial Bancorp Inc. received approximately $284 million of
subscriptions in the subscription offering. Accordingly, eligible account
holders will have valid orders filled in accordance with the allocation
procedures described in the prospectus and set forth in Territorial Mutual
Holding Company's plan of conversion and reorganization. Supplemental eligible
account holders as of March 31, 2009, as well as other depositors and certain
borrowers as of April 30, 2009 of Territorial Savings Bank will not have their
orders filled.

If you are an eligible account holder, i.e., a depositor having an eligible
account as of September 30, 2007, and would like to confirm your allocation,
please access the following website: https://allocations.kbw.com and have
available your order number and the last four digits of your social security
number or tax identification number. Your order number can be found on the
Receipt of Order letter that was mailed to you. Such allocation information is
expected to be available on or about July 9, 2009 and, as noted, may change up
to the time of trading. For other questions, please contact the Stock
Information Center at 356-5108 (on Oahu only) or at (866) 922-1279 (toll free).
Stock certificates and subscription refunds will be processed promptly after the
close of the transaction.

The subscription offering was managed by Keefe, Bruyette, & Woods, Inc. Luse
Gorman Pomerenk & Schick, P.C. acted as counsel to Territorial Bancorp Inc. and
Territorial Savings Bank.





Territorial Savings Bank, a federally chartered, FDIC-insured savings bank, was
organized in 1921. The Bank is headquartered in Honolulu, Hawaii and provides
financial services to individuals, families and businesses through its 24
banking offices located throughout the State of Hawaii.

This news release contains certain forward-looking statements about the proposed
stock offering of Territorial Bancorp Inc. These include statements regarding
the anticipated completion date of the stock issuance, the trading market for
the shares of common stock and the processing of subscription refunds.

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 changes in general economic conditions, legislative and
regulatory changes and changes in the securities markets.

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