Exhibit 99.1

STANDARD FINANCIAL CORP. ANNOUNCES

THIRD QUARTER EARNINGS

Monroeville, Pennsylvania – July 21, 2011 – Standard Financial Corp., (the “Company”) – (NasdaqCM: STND), the holding company for Standard Bank, PaSB, today announced net income for the quarter ended June 30, 2011 of $845,000 or $0.26 per share compared to $737,000 for the quarter ended June 30, 2010, a 14.7% increase. The Company’s annualized return on average assets and average equity were 0.77% and 4.42%, respectively, for the quarter ended June 30, 2011 compared to 0.74% and 6.68%, respectively, for the quarter ended June 30, 2010.

For the nine month period ended June 30, 2011, net income was $1.7 million or $0.53 per share compared to $2.3 million for the nine months ended June 30, 2010. The Company’s 2011 earnings were significantly impacted by a $1.4 million one-time contribution to Standard Charitable Foundation ($908,000 after tax impact). This contribution represented $200,000 in cash and $1.2 million or 3.5% of the stock issued in connection with Standard Bank’s mutual to stock conversion on October 6, 2010. Excluding the after tax impact of the contribution, operating earnings would have been $2.6 million or $0.80 per share for the nine months ended June 30, 2011 compared to $2.3 million for the same period in the prior year, representing a 14.2% increase. Annualized return on average assets and average equity were 0.52% and 2.99%, respectively, (0.79% and 4.59%, respectively, excluding the one-time charitable foundation contribution) for the nine months ended June 30, 2011. The comparable ratios for the nine months ended June 30, 2010 were 0.77% and 6.98%, respectively.

Timothy K. Zimmerman, President & CEO, noted, “We are pleased with the consistent levels of operating earnings we have been able to produce this year. Non-performing loans increased marginally during the quarter as we continue to operate in a weak and uncertain economic environment. We increased the provision for loan losses accordingly.”

Net income for the quarter ended June 30, 2011 increased $108,000 compared to the prior year quarter. The increase was primarily the result of an increase in net interest income of $413,000 or 13.6% partially offset by increases of $75,000 in the provision for loan losses and $167,000 in non-interest expenses for the quarter ended June 30, 2011 compared to the prior year quarter. Net interest income increased as a result of higher interest earning assets and a lower cost of funds.

Excluding the one-time contribution to Standard Charitable Foundation, operating earnings for the nine months ended June 30, 2011 increased $323,000 compared to the same period in the prior year. The increase was primarily the result of an increase in net interest income of $1.3 million or 15.3% partially offset by increases of $421,000 in the provision for loan losses and $675,000 in non-interest expenses for the nine month period ended June 30, 2011 compared to the same period in the prior year. Net interest income increased as a result of higher interest earning assets due mainly to proceeds received in the stock conversion that closed on October 6, 2010 and a lower cost of funds.

The provision for loan losses was $425,000 for the current quarter compared to $350,000 for the quarter ended June 30, 2010; and $1.2 million for the nine months ended June 30, 2011 compared to $779,000 for the nine months ended June 30, 2010. Non-performing loans at June 30, 2011 were $3.2 million or 1.10% of total loans compared to $1.4 million or 0.48% of total loans at June 30, 2010 and $3.9 million or 1.37% of total loans at September 30, 2010.

Total non-interest expenses were $2.4 million for the quarter ended June 30, 2011 compared to $2.2 million for the quarter ended June 30, 2010. The $167,000, or 7.5%, increase was due to higher personnel related costs and other operating expenses, a portion of which were due to operating as a public company and additional expenses associated with managing and selling real estate owned properties. Excluding the one-time charitable contribution, total non-interest expenses increased $675,000 or 10.6% to $7.1 million for the nine months ended June 30, 2011 from $6.4 million for the nine months ended June 30, 2010. The nine month increase was primarily in personnel related costs and other operating expenses consistent with the quarter to quarter increase noted above.

Total assets were $437.7 million at June 30, 2011 compared to $435.1 million at September 30, 2010.

Standard Financial Corp. is the parent company of Standard Bank, a Pennsylvania chartered savings bank which operates ten offices serving individuals and small to mid-sized businesses in Allegheny, Westmoreland and Bedford Counties in Pennsylvania and Allegany County in Maryland. Standard Bank is a Member of the FDIC and an Equal Housing Lender.

This news release may contain a number of forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, including, but not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

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Standard Financial Corp.

Financial Highlights

(Dollars in thousands, except per share data)

(Unaudited)

Although operating earnings are not a measure of performance calculated in accordance with U.S. generally accepted accounting principles (GAAP), we believe that operating earnings are an important indication of our ability to generate earnings through our fundamental banking business. Operating earnings exclude the effects of certain items that are unusual or non-recurring. We believe that our operating earnings provide useful supplemental information to both management and investors in evaluating the Company’s financial results.

Operating earnings should not be considered in isolation or as a substitute for net income, cash flows from operating activities or other income or cash flow statement data calculated in accordance with GAAP. Additionally, the method used to calculate our operating earnings may differ from that of other companies reporting measures with similar names.

Reconciliations of the Company’s GAAP net income and operating earnings for the nine months ended June 30, 2011 and 2010 are presented below.

Standard Financial Corp.

Reconciliation of GAAP Net Income and Operating Earnings

(Dollars in thousands, except per share data)

(Unaudited)