Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact: Keishi High, Investor Relations Officer
817-367-4640
Keishi.High@OmniAmerican.com

OMNIAMERICAN BANCORP, INC. REPORTS
FIRST QUARTER 2011 EARNINGS

Fort Worth, Texas — May 9, 2011 - OmniAmerican Bancorp, Inc. (NASDAQ: OABC) (the “Company”), the holding company for OmniAmerican Bank, today announced net income of $519,000 and basic and diluted earnings per share of $0.05 for the quarter ended March 31, 2011. Annualized returns on average stockholders’ equity and average assets for the first quarter of 2011 were 1.04% and 0.18%, respectively. Information at and for the three months ended March 31, 2011 is unaudited.

Net income for the first quarter of 2011 increased $203,000, or 64.2%, from net income of $316,000, or $0.03 per share, for the linked quarter ended December 31, 2010 and decreased $14,000, or 2.6%, from net income of $533,000, or $0.05 per share, for the first quarter of 2010. OmniAmerican Bank completed its mutual to stock conversion on January 20, 2010. The earnings per share for the quarter ended March 31, 2010 is calculated as if the conversion had been completed prior to January 1, 2010.

Our total assets increased $226.6 million, or 20.4%, to $1.34 billion at March 31, 2011 from $1.11 billion at December 31, 2010, primarily due to an increase in securities available for sale resulting from the implementation of a leveraging strategy in the first quarter of 2011.

The Company implemented a leveraging strategy in March 2011 to make more effective use of its excess capital and enhance earnings by capitalizing on the current favorable interest rate spread. Under the strategy, we purchased $205.4 million of U.S. government-sponsored mortgage-backed securities and collateralized mortgage obligations using the proceeds from laddered maturity advances from the Federal Home Loan Bank. In addition, we sold investments in available for sale securities totaling $71.8 million during the first quarter of 2011, including our investments in trust preferred securities and private-label collateralized mortgage obligations, and invested the proceeds from the sales in U.S. government-sponsored mortgage-backed securities and collateralized mortgage obligations to improve the credit risks inherent in our investment portfolio. The sales of these securities resulted in the recognition of a net gain on sales of securities of $11,000 in the first quarter of 2011.

Non-performing assets decreased $1.1 million, or 4.5%, to $23.2 million, or 1.74% of total assets at March 31, 2011 from $24.3 million, or 2.19% of total assets, as of December 31, 2010.

A share repurchase program was authorized by our Board of Directors during the first quarter of 2011, under which the Company may repurchase up to 595,125 shares of its common stock. As of March 31, 2011, 63,025 shares of common stock had been repurchased under this program.

Financial Condition as of March 31, 2011 Compared with December 31, 2010

Total assets increased $226.6 million, or 20.4%, to $1.34 billion at March 31, 2011 from $1.11 billion at December 31, 2010. The increase resulted primarily from increases in securities classified as available for sale of $224.9 million and in other investments of $10.2 million, partially offset by decreases in cash and cash equivalents of $3.3 million and loans, net of the allowance for loan losses and deferred fees and discounts of $3.2 million.

Cash and cash equivalents decreased $3.3 million, or 13.4%, to $21.3 million at March 31, 2011 from $24.6 million at December 31, 2010. The decrease is due primarily to $322.9 million in cash used to purchase securities classified as available for sale, $63.5 million used to originate loans, and $10.9 million in cash used to purchase other investments, partially offset by increases due to $221.0 million in cash received from Federal Home Loan Bank advances, $97.4 million received in proceeds from sales, principal repayments, and maturities of securities, $55.8 million from loan principal repayments, and $11.2 million in proceeds from the sale of loans during the three months ended March 31, 2011.

Securities available for sale increased $224.9 million, or 70.8%, to $542.7 million at March 31, 2011 from $317.8 million at December 31, 2010, primarily due to purchases of $322.9 million. Of this amount, purchases of $205.4 million related to a leveraging strategy implemented in the first quarter of 2011 to enhance earnings by capitalizing on a favorable interest rate spread between mortgage-backed securities and laddered maturity advances from the Federal Home Loan Bank. The increase in securities available for sale due to purchases was partially offset by sales of $71.8 million and principal repayments and maturities of $25.6 million.

Other investments increased $10.2 million, or 329.0%, to $13.3 million at March 31, 2011 from $3.1 million at December 31, 2010, primarily due to the purchase of additional Federal Home Loan Bank of Dallas stock of $9.1 million.

Loans, net of the allowance for loan losses and deferred fees and discounts, decreased $3.2 million, or 0.5%, to $657.2 million at March 31, 2011 from $660.4 million at December 31, 2010, reflecting continued weakness in loan demand. The decrease in loans includes a $6.9 million decrease in one- to four-family residential mortgage loans and a $2.2 million decrease in commercial real estate loans, partially offset by a $4.6 million increase in real estate construction loans and a $2.5 million increase in automobile loans. During the three months ended March 31, 2011, $8.8 million of one- to four-family residential mortgage loans and $2.2 million of commercial real estate loans were sold.

Deposits increased $5.9 million, or 0.7%, to $807.1 million at March 31, 2011 from $801.2 million at December 31, 2010. Our core deposits (consisting of interest-bearing and noninterest-bearing demand accounts, money market accounts, and savings accounts) increased $15.1 million, or 3.3%, to $473.3 million at March 31, 2011 from $458.2 million at December 31, 2010, reflecting our marketing efforts of core deposit account products which included greater efforts to cross-sell these products to our borrowing customers. Certificates of deposit decreased $9.2 million, or 2.7%, to $333.8 million at March 31, 2011 from $343.0 million at December 31, 2010, as a result of continuing interest rate competition in our market area for certificate of deposit accounts.

Federal Home Loan Bank advances increased $221.0 million, or 539.0%, to $262.0 million at March 31, 2011 from $41.0 million at December 31, 2010, reflecting additional borrowings used to purchase available securities as part of a leveraging strategy implemented in the first quarter of 2011.

Stockholders’ equity was $198.4 million at March 31, 2011 compared to $198.6 million at December 31, 2010, reflecting a decrease of $199,000, or 0.1%. The decrease was primarily attributable to open market purchases of our common stock at a cost of $991,000, partially offset by net income of $519,000 during the three months ended March 31, 2011.

Asset Quality as of March 31, 2011 Compared with December 31, 2010

Non-performing assets decreased $1.1 million, or 4.5%, to $23.2 million, or 1.74% of total assets at March 31, 2011 from $24.3 million, or 2.19% of total assets, as of December 31, 2010. The decrease in non-performing assets reflects a net decrease of $1.1 million in other real estate owned primarily due to the sales of four properties totaling $1.3 million and a $403,000 write-down of two properties to the current fair values less costs to sell, partially offset by $571,000 in loans reclassified to other real estate owned.

Operating Results for the Three Months Ended March 31, 2011 Compared with the Three Months Ended March 31, 2010

Net income for the quarter ended March 31, 2011 was $519,000, or $0.05 per share, compared to $533,000, or $0.05 per share, for the quarter ended March 31, 2010. OmniAmerican Bank completed its mutual to stock conversion on January 20, 2010. The earnings per share for the quarter ended March 31, 2010 is calculated as if the conversion had been completed prior to January 1, 2010.

Net interest income decreased by $81,000, or 0.8%, to $9.6 million for the quarter ended March 31, 2011 from $9.7 million for the quarter ended March 31, 2010, primarily due to a decrease in total interest income, partially offset by a decrease in total interest expense. Total interest income decreased by $369,000, or 2.8%, to $12.8 million for the quarter ended March 31, 2011 from $13.2 million for the quarter ended March 31, 2010. The decrease in total interest income is primarily attributable to a 34 basis point decrease in the average yield on interest-earning assets, partially offset by a 3.9% increase in the average balance of interest-earning assets. Total interest expense decreased by $288,000, or 8.2%, to $3.2 million for the quarter ended March 31, 2011 from $3.5 million for the quarter ended March 31, 2010, primarily due to a 25 basis point decrease in the average rate paid on interest-bearing liabilities partially offset by a 7.5% increase in the average balance of interest-bearing liabilities.

The provision for loan losses decreased by $400,000, or 50.0%, to $400,000 for the quarter ended March 31, 2011 from $800,000 for the quarter ended March 31, 2010. The provision for loan losses is charged to operations to bring the allowance for loan losses to a level that reflects management’s best estimate of the losses inherent in the portfolio. An evaluation of the loan portfolio, current economic conditions and other factors is performed at each balance sheet date. The decrease in the provision for loan losses is deemed to be appropriate as credit quality trends have stabilized and the loan portfolio has decreased. Total loans decreased $27.7 million, or 4.0%, to $665.7 million at March 31, 2011 from $693.4 million at March 31, 2010.

Noninterest income decreased by $75,000, or 2.3%, to $3.1 million for the quarter ended March 31, 2011 from $3.2 million for the quarter ended March 31, 2010. Decreases in service charges and other fees of $220,000 and gains on sales of loans of $124,000 were partially offset by an increase in income from bank-owned life insurance of $236,000.

Noninterest expense increased by $319,000, or 2.8%, to $11.7 million for the quarter ended March 31, 2011 from $11.3 million for the quarter ended March 31, 2010, primarily due to a $346,000 increase in real estate owned expenses, a $306,000 increase in salaries and benefits expense, and a $139,000 increase in professional and outside services expense, partially offset by a $231,000 decrease in FDIC insurance premium expense, a $101,000 decrease in software and equipment maintenance and a $93,000 decrease in service fees. The increase in real estate owned expense is primarily attributable to the write-down of two properties to their current fair value less costs to sell. The increase in salaries and benefits expense is primarily due to compensation costs related to the employee stock ownership plan. The increase in professional and outside services reflects higher legal fees. The decrease in FDIC insurance premium expense is primarily due to a decrease in the general assessment rate applied to our insured deposits. The decrease in software and equipment maintenance expense resulted from a reduction in maintenance expenses related to ATMs following a contract renegotiation. The decrease in service fees expense is primarily due to our conversion to in-house item processing from outsourcing this process in the prior year.

Operating Results for the Three Months Ended March 31, 2011 Compared with the Three Months Ended December 31, 2010

Net income for the quarter ended March 31, 2011 was $519,000, or $0.05 per share, compared to $316,000, or $0.03 per share, for the quarter ended December 31, 2010.

Net interest income increased by $276,000, or 3.0%, to $9.6 million for the quarter ended March 31, 2011 from $9.3 million for the quarter ended December 31, 2010, due to a decrease in total interest expense and an increase in total interest income. Total interest expense decreased by $173,000, or 5.1%, to $3.2 million for the quarter ended March 31, 2011 from $3.4 million for the quarter ended December 31, 2010, reflecting a 15 basis point decrease in the average rate paid on interest-bearing liabilities, partially offset by a 4.3% increase in the average balance of interest-bearing liabilities. Total interest income increased by $103,000, or 0.8%, to $12.8 million for the quarter ended March 31, 2011 from $12.7 million for the quarter ended December 31, 2010. The increase in total interest income is primarily attributable to a 1.9% increase in the average balance of interest-earning assets, partially offset by a five basis point decrease in the average yield on interest-earning assets.

The provision for loan losses decreased by $1.3 million, or 76.5%, to $400,000 for the quarter ended March 31, 2011 from $1.7 million for the quarter ended December 31, 2010, primarily due to lower net charge-offs, a decrease in the loan portfolio, and stabilizing credit quality trends. Net charge-offs decreased $1.6 million, to $502,000, or 0.30% of average loans outstanding, for the quarter ended March 31, 2011 from $2.1 million, or 1.23% of average loans outstanding, for the quarter ended December 31, 2010. Total loans decreased $3.8, or 0.5%, to $665.7 million at March 31, 2011 from $669.5 million at December 31, 2010.

Noninterest income decreased by $404,000, or 11.2%, to $3.1 million for the quarter ended March 31, 2011 from $3.6 million for the quarter ended December 31, 2010. Decreases in gains on sales of securities of $349,000 and service charges and other fees of $280,000 were partially offset by an increase in income from bank-owned life insurance of $158,000.

Noninterest expense increased by $642,000, or 5.8%, to $11.7 million for the quarter ended March 31, 2011 from $11.0 million for the quarter ended December 31, 2010, primarily due to a $934,000 increase in salaries and benefits expense, partially offset by a $203,000 decrease in professional and outside services expense and a $173,000 decrease in other operations expense. The increase in salaries and benefits expense is due primarily to an increase in the number of employees, annual wage increases implemented on the first of the year and an increase in incentives expense. The decrease in professional and outside services expense is primarily attributable to a decrease in legal fees expense related to the settlement of certain legal matters in the fourth quarter of 2010. The decrease in other operations expense is primarily due to decreases in contract labor and recruitment fees.

About OmniAmerican Bancorp, Inc.

OmniAmerican Bancorp, Inc. is traded on the NASDAQ Global Market under the symbol “OABC” and is the holding company for OmniAmerican Bank, a full-service financial institution headquartered in Fort Worth, Texas. OmniAmerican Bank operates 15 full-service branches in the Dallas/Fort Worth Metroplex and offers a full array of consumer products and services plus business/commercial services, mortgages and retirement planning. Founded over 50 years ago, OmniAmerican Bank had $1.34 billion in assets at March 31, 2011 and is proud to provide the highest level of personal service. Electronic banking and additional information are available at www.OmniAmerican.com.

Cautionary Statement About Forward-Looking Information

This news release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits.

These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: general economic conditions, either nationally or in our market areas, that are worse than expected; competition among depository and other financial institutions; inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate acquired entities, if any; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board; changes in our organization, compensation and benefit plans; changes in our financial condition or results of operations that reduce capital available to pay dividends; changes in the financial condition or future prospects of issuers of securities that we own; and changes resulting from intense compliance and regulatory costs associated with the Dodd-Frank Act and the pending elimination of the Office of Thrift Supervision as our primary regulator.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

OmniAmerican Bancorp, Inc. and Subsidiary
Consolidated Balance Sheets (Unaudited)
(In thousands)

		March 31,				December 31,
		2011				2010
ASSETS
Cash and cash equivalents		$	21,330			$	24,597
Investments:
Securities available for sale			542,717				317,806
Other			13,322				3,060
Loans held for sale			730				861
Loans, net of deferred fees and discounts			666,047				669,357
Less allowance for loan losses			(8,830	)			(8,932	)
Loans, net			657,217				660,425
Premises and equipment, net			46,797				47,665
Bank-owned life insurance			20,314				20,078
Other real estate owned			13,664				14,793
Mortgage servicing rights			1,241				1,242
Deferred tax asset, net			6,711				6,935
Accrued interest receivable			4,046				3,469
Other assets			6,935				7,488
Total assets		$	1,335,024			$	1,108,419
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing		$	77,577			$	74,583
Interest-bearing			729,566				726,575
Total deposits			807,143				801,158
Federal Home Loan Bank advances			262,000				41,000
Other secured borrowings			58,000				58,000
Accrued expenses and other liabilities			9,453				9,634
Total liabilities			1,136,596				909,792
Commitments and contingencies
Stockholders’ equity:
Common stock			118				119
Additional paid-in capital			114,532				115,470
Unallocated Employee Stock Ownership Plan (“ESOP”) shares			(9,046	)			(9,141	)
Retained earnings			92,731				92,212
Accumulated other comprehensive income (loss)			93				(33	)
Total stockholders’ equity			198,428				198,627
Total liabilities and stockholders’ equity		$	1,335,024			$	1,108,419

OmniAmerican Bancorp, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except per share data)

		Three Months Ended
		March 31,				December 31,				March 31,
		2011				2010				2010
Interest income:
Loans, including fees		$	10,105			$	10,308			$	10,642
Securities — taxable			2,686				2,380				2,505
Securities — nontaxable			—				—				13
Total interest income			12,791				12,688				13,160
Interest expense:
Deposits			1,986				2,166				2,413
Borrowed funds			1,195				1,188				1,056
Total interest expense			3,181				3,354				3,469
Net interest income			9,610				9,334				9,691
Provision for loan losses			400				1,700				800
Net interest income after provision for loan losses			9,210				7,634				8,891
Noninterest income:
Service charges and other fees			2,282				2,562				2,502
Net gains on sales of loans			173				229				297
Net gains on sales of securities available for sale			11				360				91
Net gains (losses) on sales of repossessed assets			22				(75	)			17
Net gains on disposition of premises and equipment			—				5				—
Commissions			179				148				135
Increase in cash surrender value of bank-owned life insurance			236				78				—
Other income			246				246				182
Total noninterest income			3,149				3,553				3,224
Noninterest expense:
Salaries and benefits			5,979				5,045				5,673
Software and equipment maintenance			686				688				787
Depreciation of furniture, software and equipment			761				775				798
FDIC insurance			275				303				506
Real estate owned expense			511				405				165
Service fees			123				117				216
Communications costs			214				195				272
Other operations expense			890				1,063				810
Occupancy			902				962				960
Professional and outside services			981				1,184				842
Loan servicing			135				91				60
Marketing			205				192				254
Total noninterest expense			11,662				11,020				11,343
Income before income tax expense			697				167				772
Income tax expense			178				(149	)			239
Net income		$	519			$	316			$	533
Earnings per share:
Basic		$	0.05			$	0.03			$	0.05	(1)
Diluted		$	0.05			$	0.03			$	0.05	(1)

OmniAmerican Bancorp, Inc. and Subsidiary
Selected Consolidated Financial Ratios and Other Data (Unaudited)
(Dollars in thousands, except per share data)

		At or For the Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2011				2010				2010				2010				2010
Share Data for Earnings per Share Calculation:
Weighted average common shares outstanding			11,884,456				11,902,500				11,902,500				11,902,500				11,902,500	(1)
Less: average unallocated ESOP shares			(907,764	)			(917,286	)			(926,808	)			(936,330	)			(952,200	)(1)
Basic average shares			10,976,692				10,985,214				10,975,692				10,966,170				10,950,300	(1)
Diluted average shares			10,976,692				10,985,214				10,975,692				10,966,170				10,950,300	(1)
Net income		$	519			$	316			$	202			$	607			$	533
Earnings per share		$	0.05			$	0.03			$	0.02			$	0.06			$	0.05	(1)
Share data at period end:
Total shares issued			11,902,500				11,902,500				11,902,500				11,902,500				11,902,500
Less: Shares repurchased			(63,025	)			—				—				—				—
Total shares outstanding			11,839,475				11,902,500				11,902,500				11,902,500				11,902,500
Performance Ratios:
Return on average assets (2)			0.18	%			0.11	%			0.07	%			0.22	%			0.19	%
Return on average equity (2)			1.04	%			0.62	%			0.40	%			1.22	%			1.31	%
Noninterest expense to average total assets (2)			4.04	%			3.93	%			3.70	%			3.99	%			4.14	%
Efficiency ratio (3)			91.40	%			85.51	%			78.33	%			82.90	%			87.83	%
Selected Balance Sheet Data:
Book value per share		$	16.76			$	16.69			$	16.91			$	16.88			$	16.60
Equity to total assets			14.86	%			17.92	%			17.88	%			17.78	%			18.04	%
Capital Ratios:
Total capital (to risk-weighted assets)			26.56	%			27.91	%			28.01	%			27.58	%			27.27	%
Tier I capital (to risk-weighted assets)			25.69	%			26.89	%			27.11	%			26.59	%			26.27	%
Tier I capital (to total assets)			14.42	%			17.40	%			17.14	%			17.10	%			17.44	%
Asset Quality Data and Ratios:
Non-performing assets to total assets			1.74	%			2.19	%			1.97	%			1.30	%			1.46	%
Non-performing loans to total loans			1.41	%			1.38	%			1.62	%			1.03	%			1.31	%
Allowance for loan losses to non-performing loans			94.29	%			96.55	%			84.48	%			113.02	%			96.08	%
Net charge-offs to average loans outstanding (2)			0.30	%			1.23	%			0.85	%			1.24	%			0.25	%
Texas ratio (4)			10.50	%			11.34	%			9.92	%			6.95	%			7.70	%

OmniAmerican Bancorp, Inc. and Subsidiary
Selected Consolidated Financial Ratios and Other Data (Unaudited)
(Dollars in thousands, except per share data)

		For the Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
		2011				2010				2010				2010				2010
Average Balances:
Loans		$	665,652			$	676,952			$	680,668			$	693,031			$	694,974
Securities			351,119				338,317				355,165				315,495				264,386
Other interest-earning assets			32,137				13,956				20,060				23,802				49,889
Total interest-earning assets		$	1,048,908			$	1,029,225			$	1,055,893			$	1,032,328			$	1,009,249
Deposits:
Interest-bearing demand			75,769			$	75,715			$	74,994			$	74,636			$	70,868
Savings and money market			311,276				309,325				304,026				296,786				292,945
Certificates of deposit			338,358				343,292				357,506				347,352				330,288
FHLB advances and other borrowings			145,827				106,783				111,531				114,000				116,618
Total interest-bearing liabilities		$	871,230			$	835,115			$	848,057			$	832,774			$	810,719
Yields/Rates (1):
Loans			6.07	%			6.09	%			6.29	%			6.16	%			6.13	%
Securities			3.05	%			2.80	%			3.18	%			3.51	%			3.74	%
Other interest-earning assets			0.16	%			0.34	%			0.30	%			0.29	%			0.35	%
Total interest earning assets			4.88	%			4.93	%			5.13	%			5.21	%			5.22	%
Deposits:
Interest-bearing demand			0.26	%			0.26	%			0.30	%			0.39	%			0.49	%
Savings and money market			0.38	%			0.49	%			0.59	%			0.71	%			0.70	%
Certificates of deposit			1.94	%			2.02	%			2.11	%			2.15	%			2.19	%
FHLB advances and other borrowings			3.28	%			4.45	%			4.24	%			3.65	%			3.62	%
Total interest-bearing liabilities			1.46	%			1.61	%			1.69	%			1.68	%			1.71	%
Other Data:
Net interest spread (2)			3.42	%			3.32	%			3.44	%			3.53	%			3.51	%
Net interest margin (3)			3.66	%			3.63	%			3.78	%			3.86	%			3.84	%