Brooklyn Federal Bancorp Receives Notices from NASDAQ

Brooklyn Federal Bancorp, Inc. BFSB, the holding company of Brooklyn Federal Savings Bank, today announced that on January 12, 2011, it received a letter from The NASDAQ Stock Market stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because the Company did not timely file its Annual Report on Form 10-K for the year ended September 30, 2010 with the Securities and Exchange Commission. The notification of noncompliance has no immediate effect on the listing or trading of the Company's common stock on the NASDAQ Global Market. On the same date, the Company received a letter from The NASDAQ Stock Market stating that the Company is not in compliance with NASDAQ requirement that securities listed on the NASDAQ Global Market maintain a minimum Market Value of Publicly Held Shares of $5.0 million.