SOURCE: Pulaski Financial

February 09, 2007 07:00 ET

Pulaski Bank Announces Downtown Bank Location

Lease Signed for Downtown Bank in Post Office Square; Location Slated to Open in Early Summer; Provides Strategic Presence in Resurgent Downtown Area

ST. LOUIS, MO -- (MARKET WIRE) -- February 9, 2007 -- Pulaski Bank, a subsidiary of Pulaski Financial Corp. (NASDAQ: PULB), announced today it has signed a lease to open a full-service bank location in downtown St. Louis. The bank will be located at 900 Olive Street -- Ninth and Olive -- on the first floor of the historic Frisco Building in the Post Office Square district. It is expected to open in early summer.

Pulaski Bank is working with the Lawrence Group, a leading architectural and design firm, to design a very comfortable and modern 3,400 square-foot space. The design will be complementary to the Frisco Building's planned lobby renovation.

The downtown location is one of several Pulaski Bank is planning to open as part of its strategic initiative to become the premier community bank to St. Louis. The company noted that it opened a new full-service banking location in suburban Richmond Heights on January 5. It also expects to open a bank in the upscale Crescent Development in Clayton later this year. "When the planned locations are open later this year, we will have twelve full-service bank locations serving St. Louis. However, the combination of the overall geographic size of the St. Louis metro area combined with the small number of local, community-focused banks leads us to believe there is opportunity to grow well beyond our present size," noted William A. Donius, Chairman and CEO.

"Downtown St. Louis is undergoing a dramatic resurgence," said Donius. "The area is attracting an ever-increasing number of new residents and businesses, all of whom have a need for banking services. This represents an opportunity for us to further solidify our position as the leading community bank in greater St. Louis. Convenience and geographic proximity are important determinants for both consumers and small to medium-sized business owners when they select a bank. We look forward to operating in this dynamic part of town and believe our brand of friendly, personally oriented service and the central location of our new facility will quickly attract both retail and business customers in the downtown area. Interestingly, the new location will be somewhat of a return to our roots; Pulaski Bank was founded at a downtown location in 1922.

"Our unrelenting strategic focus on providing St. Louis with an alternative to the impersonal service large banking organizations provide has allowed us to grow dramatically. In the first quarter of this year, we passed the $1 billion assets milestone. The capital we raised through a secondary equity offering a year ago has enabled us to continue growing toward our goal of $1.6 billion in assets by 2010. We have evolved from a small thrift primarily serving the Polish immigrant community into a full-service community bank. While maintaining the connection to our roots serving the people of St. Louis, we have also reached out to the business community. Our commercial banking operation has become the fastest growing part of our business. We expect our downtown location to become a contributor to our continued growth," Donius concluded.

About Pulaski Bank

Pulaski Bank, a unit of Pulaski Financial Corp., operating in its 85th year, serves customers throughout the St. Louis metropolitan area. The bank offers a full line of quality retail-banking products through ten full-service branch offices and three loan production offices in Kansas City and Southern Illinois. The company's website can be accessed at www.pulaskibankstl.com.

Contact Information

  • For Additional Information Contact:

    William A. Donius
    Chairman & CEO
    Pulaski Financial Corp.
    (314) 878-2210 Ext. 3610

    Michael Arneth
    The Investor Relations Company
    (312) 245-2700