SOURCE: Pulaski Financial

December 14, 2006 16:10 ET

Pulaski Bank to Open Two Loan Production Offices in Illinois

Expands Mortgage Operation Into Eastern Portion of Greater St. Louis; Adds 11 Loan Officers; Strengthens Pulaski Bank's Position as Leading Mortgage Lender in St. Louis

ST. LOUIS, MO -- (MARKET WIRE) -- December 14, 2006 -- Pulaski Bank, a division of Pulaski Financial Corp. (NASDAQ: PULB), announced today it will open two mortgage loan production offices to serve the Illinois portion of the St. Louis metropolitan area. The company said it will open Home Lending offices in O'Fallon and Godfrey, IL on December 15, 2006. The Godfrey office will be located at 2724 Grovelin, Godfrey, Illinois 62035. The new O'Fallon office location will be at 702 East US Highway 50, O'Fallon, Illinois 62269.

The new offices will be staffed by experienced mortgage-lending professionals. Harry "Bud" Blank has joined Pulaski as Vice President, Mortgage Banking and will be in overall charge of the new offices. In addition, 11 veteran residential loan officers from his former independent mortgage lending operation are joining Pulaski. Six of them produce most of their loans in Illinois. The remaining five are primarily Missouri-based loan officers. Also joining Pulaski is Bud's entire operations staff of 12 processors, closers and underwriters.

Over the past several years, Pulaski Bank has developed a very strong mortgage presence on the Missouri side of the greater St. Louis market, with over 40 loan officers closing nearly $1 billion in loans in fiscal 2006. In contrast, a very small amount of its business has been in Illinois. The company decided to capitalize on the opportunity that this new market represents by making the natural jump across this river into this dynamic, growing part of the metropolitan area.

"Hiring Bud and his exceptional staff of mortgage professionals and support staff enables Pulaski to capitalize on a significant opportunity for growth," remarked Chris Reichert, Executive Vice President of Pulaski Bank. "Opening the two new mortgage origination offices is an important step toward our goals of becoming the premier community bank to St. Louis and doubling the size of the bank to $1.5 billion in assets by the year 2010."

Pulaski Bank, a unit of Pulaski Financial Corp., operating in its 84th year, serves customers throughout the St. Louis metropolitan area. The bank offers a full line of quality retail-banking products through nine full-service branch offices in St. Louis and a loan production office in Kansas City. The company's website can be accessed at

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 as amended, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of Pulaski Financial Corp., are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on the operations and future prospects of the Company include, but are not limited to, changes in: interest rates; general economic conditions; legislative/regulatory provisions; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality and composition of the loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market area; and accounting principles, policies, and guidelines. Additional factors that could materially affect the Company's financial results, is included in its filings with the Securities and Exchange Commission including Item 1A -Risk Factors- in the Company's Form 10-K. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Statements herein are made only as of the date of this presentation. Except as required by applicable law or other regulation, Pulaski Financial Corp. does not undertake, and specifically disclaims any obligation to release publicly, the result of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of this news release or reflect the occurrence of anticipated or unanticipated events.

Contact Information

  • For Additional Information Contact:
    Chris Reichert
    Executive Vice President
    Pulaski Bank
    (314) 878-2210

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