Code of Ethics


For Chief Executive Officer, President and Senior Financial Officers
of AJS Bancorp, Inc.

It is the policy of AJS Bancorp, Inc. that the Chairman of the Board and Chief Executive Officer (“CEO”), President and Chief Financial Officer (“CFO”) of AJS Bancorp, Inc. (hereinafter referred to as the “Company”) adhere to and advocate the following principles governing their professional and ethical conduct in the fulfillment of their responsibilities:

1.                  Act with honesty and integrity, avoiding actual or apparent conflicts between his or her personal, private interests and the interests of the Company, including receiving improper personal benefits as a result of his or her position

2.                  Perform responsibilities with a view to causing periodic reports and other documents filed with the SEC to contain information which is accurate, complete, fair and understandable.

3.                  Comply with laws of federal, state, and local governments applicable to the Company, and the rules and regulations of private and public regulatory agencies having jurisdiction over the Company.

4.                  Act in good faith, responsibly, with due care, and diligence, without misrepresenting or omitting material facts or allowing independent judgment to be compromised.

5.                  Respect the confidentiality of information acquired in the course of the performance of his or her responsibilities except when authorized or otherwise legally obligated to disclose.  Do not use confidential information acquired in the course of the performance of his or her responsibilities for personal advantage.

6.                  Proactively promote ethical behavior among subordinates and peers.

7.                  Use corporate assets and resources employed or entrusted in a responsible manner.

8.                  Do not use corporate information, corporate assets, corporate opportunities or one’s position with the Company for personal gain.  Do not compete directly or indirectly with the Company.

9.                  Comply in all respects with the Company’s Standards of Conduct and Code of Ethics, and this Code of Ethics.

10.              Advance the Company’s legitimate interests when the opportunity arises.

It is also the Policy of AJS Bancorp, Inc. that the Chairman and CEO, President and CFO of the Company acknowledge and certify to the foregoing annually and file a copy of such certification with [each of] the Audit Committee [and the Corporate Governance Committee of the Board.]

The Corporate Governance Committee shall have the power to monitor, make determinations, and recommend action to the Board with respect to violations of this Policy, except for paragraph 2, 3 and 4 with respect to which the Audit Committee shall have such power.

FDIC Transaction Account Guarantee Program

AJ Smith Federal Savings Bank is participating in the FDIC's Transaction Account Guarantee Program.  Under this program, through June 30, 2010, all non-interest-bearing transaction accounts and NOW accounts with an interest rate of 0.5% or less are fully guaranteed by the FDIC for the entire amount in the account.  Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

 

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New Deposit Insurance Limits

On October 3, 2008 Congress Temporarily

Increased FDIC Deposit Insurance

from $100.000 to $250,000 per Depositor

through December 31, 2013