Exhibit 99.1


         Quaker City Bancorp Initiates Cash Dividend Program


   WHITTIER, Calif.--(BUSINESS WIRE)--July 17, 2003--Quaker City
Bancorp, Inc. ("Company") (Nasdaq:QCBC), the holding company for
Quaker City Bank ("Bank"), announced today that its Board of
Directors, at their meeting on July 16, 2003, declared its first cash
dividend of $0.20 per outstanding share of common stock of the Company
payable on August 29, 2003 to shareholders of record at the close of
business on August 15, 2003.
    "The decision to issue a cash dividend demonstrates continued
confidence in Quaker's long term prospects," said Rick McGill,
President and Chief Executive Officer. "The decision to pay a cash
dividend was also impacted by the recently enacted tax law changes
reducing tax rates on corporate dividends. In addition, the Company
believes that its growth prospects and ability to repurchase its
shares from time to time will not be adversely impacted by the
decision to institute a dividend program."
    Mr. McGill will be hosting an earnings conference call on Tuesday,
July 22, 2003, at 4:00 PM Eastern (1:00 PM Pacific) to discuss the
results of the fourth quarter and fiscal year 2003 as well as the new
cash dividend program. The teleconference dial-in number is
(800) 450-0788. Please phone in no later than 3:55 PM Eastern on
Tuesday, July 22, to participate.
    There will be a replay of the call available beginning at 6:15 PM
Eastern Time on July 22 and ending at 2:59 AM Eastern Time on July 30,
2003. The replay dial-in number is (800) 475-6701, access code 690427.
    The Company had $1.6 billion in total assets at March 31, 2003 and
operates twenty-four retail banking branches in the Los Angeles,
Orange, Riverside, and San Bernardino counties in southern California.
The Bank was founded in 1920 and its regulatory capital levels
continue to exceed the levels necessary to be considered "Well
Capitalized."

    This news release contains certain forward-looking statements that
are subject to various factors which could cause actual results and
prospects to differ materially from such statements. Such factors
include, but are not limited to, general business environment,
interest rate fluctuations that may affect operating margin, the
California real estate market, competitive conditions in the business
and geographic areas in which the Company conducts its business and
regulatory actions and other factors that may affect the Company's
ability to continue its cash dividend program in the future.


    CONTACT: Quaker City Bancorp, Inc.
             Rick McGill, 562-907-2275
             Dwight L. Wilson, 562-907-2241