Press Release

Approval of the Application by IA Bancorp, Inc.

September 16, 2005

NEW YORK—The Federal Reserve Bank of New York Friday approved the application
by IA Bancorp, Inc., Iselin, New Jersey to become a bank holding company through its acquisition of Indus American Bank, a de novo state chartered bank located in Iselin, New Jersey.

According to standard procedure, the proposal cannot be completed for 15 days.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.