Colonial Financial Services Adopts Stock Repurchase Program of 5% of Outstanding Shares

Colonial Financial Services, Inc.

announced that its Board of Directors has adopted a second stock repurchase program. Under the repurchase program, the Company may repurchase up to 198,951 shares of its common stock, or approximately 5% of the current outstanding shares. Repurchases will be made no sooner than the termination of the Company's regular quarterly trading blackout following the Company's publicly releasing its results of operations for the year ended December 31, 2011, and consistent with the Company's trading policies.