PRESS RELEASE

                                           Contact: Fred G. Kowal
                                           President and Chief Operating Officer
                                           American Bancorp of New Jersey, Inc.
                                           (973) 748-3600

American Bancorp of New Jersey, Inc.
365 Broad Street
Bloomfield, NJ  07003-2798

NASDAQ National Market "ABNJ"              For Immediate Release
                                           ---------------------
                                           October 5, 2005


         CLOSING OF AMERICAN BANCORP OF NEW JERSEY, INC. STOCK OFFERING

Bloomfield,  New Jersey - October 5, 2005 - American Bancorp of New Jersey, Inc.
(NASDAQ:  ABNJ) (the  "Company"),  the holding  company of American  Bank of New
Jersey (the "Bank"),  announced  today that it completed  its stock  offering in
connection with the  second-step  conversion of American  Savings,  MHC from the
mutual holding company form of organization to a full stock corporation.

American  Bancorp of New Jersey,  Inc. sold 9,918,750 shares of its common stock
in the Conversion at $10.00 per share.  In addition,  each share of common stock
held by the public  stockholders of ASB Holding Company,  the former middle-tier
stock holding company, has been converted into 2.55102 shares of common stock of
American  Bancorp of New Jersey,  Inc.,  resulting  in an aggregate of 4,250,892
exchange  shares.  Accordingly,   American  Bancorp  of  New  Jersey,  Inc.  has
14,169,642 total shares outstanding.

Shares of American Bancorp of New Jersey,  Inc. will begin trading on October 6,
2005 on the Nasdaq National Market under the symbol "ABNJ."


The foregoing  information contains  forward-looking  statements  concerning our
plans, objectives,  expectations, estimates and intentions. We caution that such
statements  are subject to a number of  uncertainties  and actual  results could
differ materially,  and,  therefore,  readers should not place undue reliance on
any forward-looking  statements. We do not undertake, and specifically disclaim,
any obligation to update any forward-looking statement, whether written or oral,
that may be made from time to time by or on behalf of us.