Exhibit 99.1

New York State Banking Board Approves Acquisition of PennFed Financial
          Services, Inc. by New York Community Bancorp, Inc.


    WESTBURY, N.Y. & WEST ORANGE, N.J.--(BUSINESS WIRE)--March 9,
2007--New York Community Bancorp, Inc. (NYSE: NYB) and PennFed
Financial Services, Inc. (NASDAQ/Global Market: PFSB) ("PennFed")
today announced that the acquisition of PennFed by New York Community
Bancorp has been approved by the New York State Banking Board.

    Pending the approval of PennFed's shareholders at a special
meeting to be held on Tuesday, March 13th, the acquisition is expected
to be completed on or about March 31, 2007. Upon completion of the
transaction, PennFed will merge with and into New York Community
Bancorp, and Penn Federal Savings Bank, the primary subsidiary of
PennFed, will merge with and into the savings bank subsidiary of New
York Community Bancorp, New York Community Bank.

    New York Community Bancorp, Inc.

    New York Community Bancorp, Inc. is the $28.5 billion holding
company for New York Community Bank and New York Commercial Bank, and
the leading producer of multi-family loans for portfolio in New York
City. A New York State-chartered savings bank with 137 offices serving
New York City, Long Island, Westchester County, and northern New
Jersey, New York Community Bank is the third largest thrift depository
in the New York metropolitan region, and operates through seven local
divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond
County Savings Bank, Roosevelt Savings Bank, CFS Bank, First Savings
Bank of New Jersey, and Ironbound Bank. A New York State-chartered
commercial bank, New York Commercial Bank has 27 branches serving
Manhattan, Queens, Brooklyn, Westchester County, and Long Island.
Additional information about New York Community Bancorp, Inc. and its
bank subsidiaries is available at www.myNYCB.com.

    PennFed Financial Services, Inc.

    PennFed Financial Services, Inc. is the $2.3 billion holding
company for Penn Federal Savings Bank, a New Jersey-based thrift with
loans of $1.7 billion and deposits of $1.5 billion at December 31,
2006. The Company has 13 branches serving the Ironbound section of
Newark and the surrounding communities of Essex County, and 11
branches serving customers in select communities in Ocean, Monmouth,
Middlesex, Hudson, and Union Counties. Additional information about
PennFed, its products, and performance is available at
www.pennfsb.com.

    This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities. New York Community
Bancorp, Inc. has filed a registration statement containing a proxy
statement/prospectus that has been sent to PennFed's stockholders, and
other relevant documents concerning the proposed transaction, with the
U.S. Securities and Exchange Commission (the "SEC"). PennFed has filed
relevant documents concerning the proposed transaction with the SEC.
WE URGE INVESTORS TO READ THE REGISTRATION STATEMENT CONTAINING THE
PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED
WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

    Investors are able to obtain these documents free of charge at the
SEC's web site (www.sec.gov). In addition, documents filed with the
SEC by New York Community Bancorp, Inc. are available free of charge
from the Investor Relations Department, New York Community Bancorp,
Inc., 615 Merrick Avenue, Westbury, New York 11590. Documents filed
with the SEC by PennFed are available free of charge from the
Corporate Secretary, PennFed Financial Services, Inc., 622 Eagle Rock
Avenue, West Orange, New Jersey 07052.

    The directors, executive officers, and certain other members of
management of PennFed Financial Services, Inc. may be soliciting
proxies in favor of the transaction from the company's shareholders.
For information about these directors, executive officers, and members
of management, please refer to the proxy statement/prospectus that has
been sent to PennFed's stockholders, which is available on the SEC's
web site and at the address provided in the preceding paragraph.

    Safe Harbor Provisions of the Private Securities Litigation Reform
Act of 1995

    This release, like other written and oral communications presented
by New York Community Bancorp, Inc. and PennFed Financial Services,
Inc. (the "Companies") and their authorized officers, may contain
certain forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Companies intend such
forward-looking statements to be covered by the safe harbor provisions
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995, and are including this statement for
purposes of said safe harbor provisions.

    Forward-looking statements, which are based on certain
assumptions, may be identified by their reference to future periods
and include, without limitation, those statements relating to the
anticipated effects of the transaction between the Companies. The
following factors, among others, could cause the actual results of the
transaction and the expected benefits of the transaction to the
combined company and to the Companies' shareholders, to differ
materially from the expectations stated in this release: the ability
of the Companies to consummate the transaction; a materially adverse
change in the financial condition or results of operations of either
company; the ability of New York Community Bancorp, Inc. to
successfully integrate the assets, liabilities, customers, systems,
and any management personnel it may acquire into its operations
pursuant to the transaction; and the ability to realize the related
revenue synergies and cost savings within the expected time frames.

    In addition, factors that could cause the actual results of the
transaction to differ materially from current expectations include,
but are not limited to, general economic conditions and trends, either
nationally or locally in some or all of the areas in which the
Companies and their customers conduct their respective businesses;
conditions in the securities markets or the banking industry; changes
in interest rates, which may affect the Companies' net income, the
level of prepayment penalties and other future cash flows, or the
market value of their assets; changes in deposit flows, and in the
demand for deposit, loan, and investment products and other financial
services in the Companies' local markets; changes in the financial or
operating performance of the Companies' customers' businesses; changes
in real estate values, which could impact the quality of the assets
securing the Companies' loans; changes in the quality or composition
of the Companies' loan or investment portfolios; changes in
competitive pressures among financial institutions or from
non-financial institutions; changes in the customer base of either
company; potential exposure to unknown or contingent liabilities of
companies targeted by New York Community Bancorp, Inc. for
acquisition; the Companies' timely development of new lines of
business and competitive products or services in a changing
environment, and the acceptance of such products or services by the
Companies' customers; any interruption or breach of security resulting
in failures or disruptions in customer account management, general
ledger, deposit, loan, or other systems; the outcome of pending or
threatened litigation or of other matters before regulatory agencies,
or of matters resulting from regulatory exams, whether currently
existing or commencing in the future; environmental conditions that
exist or may exist on properties owned by, leased by, or mortgaged to
the Companies; changes in estimates of future reserve requirements
based upon the periodic review thereof under relevant regulatory and
accounting requirements; changes in banking, securities, tax,
environmental, and insurance law, regulations, and policies, and the
ability to comply with such changes in a timely manner; changes in
accounting principles, policies, practices, or guidelines; changes in
legislation and regulation; operational issues stemming from and/or
capital spending necessitated by the potential need to adapt to
industry changes in information technology systems, on which the
Companies are highly dependent; changes in the monetary and fiscal
policies of the U.S. Government, including policies of the U.S.
Treasury and the Federal Reserve Board; war or terrorist activities;
and other economic, competitive, governmental, regulatory, and
geopolitical factors affecting the Companies' operations, pricing, and
services. Additionally, the timing and occurrence or non-occurrence of
events may be subject to circumstances beyond the Companies' control.

    Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Except as required by applicable law or regulation, the
Companies disclaim any obligation to update any forward-looking
statements.

    CONTACT: New York Community Bancorp, Inc.
             Ilene A. Angarola, 516-683-4420
             First Senior Vice President
             and Director, Investor Relations
             or
             PennFed Financial Services, Inc.
             Claire M. Chadwick, 973-669-7366, ext. 267
             Senior Executive Vice President
             and Chief Financial Officer