EXHIBIT 99.1

                                  PRESS RELEASE




[LOGO] K-Fed Bancorp
1359 N Grand Avenue                                               1.626.339.9663
Covina, California                                                 www.K-Fed.com
91722-5107

                             FOR IMMEDIATE RELEASE

For Additional Information Contact:
Dan Cano (626) 339-9663
d.cano@kaiserfederal.net

                   K-FED BANCORP COMPLETES REPURCHASE PROGRAM

Covina, California - April 21, 2005 - K-Fed Bancorp (NASDAQ: KFED) announced the
completion of the repurchase of 4% of its outstanding publicly held common
stock, or 227,470 shares. The repurchase program was announced on January 6,
2005.

The shares were purchased between $11.98 and $14.25 per share with an average
per share price of $12.51.

K-Fed Bancorp's sole subsidiary is Kaiser Federal Bank which was originally
chartered in 1953 as a federal credit union, converted to a federally chartered
mutual savings association in 1999 and reorganized into a federally chartered
mutual holding company form of organization in 2003. The bank provides retail
and commercial banking services to individuals and business customers throughout
California.

For additional information visit WWW.K-FED.COM  or  WWW.KAISERFEDERAL.COM



FORWARD-LOOKING STATEMENTS:
STATEMENTS CONTAINED IN THIS NEWS RELEASE THAT ARE NOT HISTORICAL FACTS MAY
CONSTITUTE FORWARD-LOOKING STATEMENTS (WITHIN THE MEANING OF SECTION 21E OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), WHICH INVOLVE SIGNIFICANT RISKS
AND UNCERTAINTIES. THE COMPANY INTENDS 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 IS INCLUDING THIS
STATEMENT FOR PURPOSES OF INVOKING THESE SAFE HARBOR PROVISIONS. THE COMPANY'S
ABILITY TO PREDICT RESULTS OR THE ACTUAL EFFECT OF FUTURE PLANS OR STRATEGIES IS
INHERENTLY UNCERTAIN. FACTORS WHICH COULD HAVE A MATERIAL ADVERSE EFFECT ON THE
OPERATIONS AND FUTURE PROSPECTS OF THE COMPANY AND KAISER FEDERAL BANK INCLUDE,
BUT ARE NOT LIMITED TO, CHANGES IN INTEREST RATES, GENERAL ECONOMIC CONDITIONS,
LEGISLATIVE/REGULATORY CHANGES, MONETARY AND FISCAL POLICIES OF THE U.S.
GOVERNMENT, INCLUDING THE U.S. TREASURY AND THE FEDERAL RESERVE BOARD, THE
QUALITY OR COMPOSITION OF THE COMPANY'S LOAN OR INVESTMENT PORTFOLIOS, DEMAND
FOR LOAN PRODUCTS, DEPOSIT FLOWS, COMPETITION, DEMAND FOR FINANCIAL SERVICES IN
THE COMPANY'S MARKET AREA, THE POSSIBLE SHORT-TERM DILUTIVE EFFECT OF POTENTIAL
ACQUISITIONS AND ACCOUNTING PRINCIPLES, POLICIES AND GUIDELINES. THESE RISKS AND
UNCERTAINTIES SHOULD BE CONSIDERED IN EVALUATING FORWARD LOOKING STATEMENTS AND
UNDUE RELIANCE SHOULD NOT BE PLACED ON SUCH STATEMENTS.