Exhibit 99.1

  PennFed Financial Services, Inc. Shareholders Approve Acquisition
                 by New York Community Bancorp, Inc.

    WESTBURY, N.Y. & WEST ORANGE, N.J.--(BUSINESS WIRE)--March 13,
2007--The acquisition of PennFed Financial Services, Inc.
(NASDAQ/Global Market: PFSB) ("PennFed") by New York Community
Bancorp, Inc. (NYSE: NYB) was approved today at a special meeting of
PennFed's shareholders, paving the way for the acquisition to take
effect on or about March 31st. Upon completion, 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 New
York Community Bancorp's savings bank subsidiary, New York Community
Bank.

    The acquisition was previously approved by the Superintendent of
the New York State Banking Department, and the merger of Penn Federal
Savings Bank with and into New York Community Bank was previously
approved by the FDIC.

    Under the terms of the Agreement and Plan of Merger, PennFed
shareholders will receive 1.222 shares of New York Community Bancorp
stock for each share of PennFed stock held at the effective date of
the merger, and cash in lieu of any fractional share. Following the
merger, New York Community Bancorp will have approximately 314 million
outstanding shares of common stock.

    Commenting on the receipt of shareholder approval, New York
Community Bancorp Chairman, President, and Chief Executive Officer
Joseph R. Ficalora stated, "We are grateful for the significant level
of support the transaction received today from PennFed's shareholders,
and look forward to serving them as shareholders of our company. With
the addition of PennFed's 24 branches, we will have 187 locations
spanning the New York metropolitan region--including 32 in New
Jersey--and the opportunity to increase our revenues while serving our
growing customer base."

    Joseph L. LaMonica, President and Chief Executive Officer of
PennFed stated, "All the support received from our shareholders since
our initial public offering in July 1994 has been very much
appreciated. We believe this merger maximizes shareholder value and
goes further to provide benefits to our customers. Partnering with New
York Community Bancorp, a company that shares our community-oriented
focus, allows our customers access to an expanded line of products and
services."

    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.

    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 material 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
             First Senior Vice President
             and Director, Investor Relations
             516-683-4420
             or
             PennFed Financial Services, Inc.
             Claire M. Chadwick
             Senior Executive Vice President
             and Chief Financial Officer
             973-669-7366, ext. 267