ST. LOUIS, MO -- (MARKET WIRE) -- 10/13/2006 -- Pulaski Bank, a subsidiary of Pulaski Financial Corp. (NASDAQ: PULB), announced today it signed a lease to open a full service bank location in Clayton, Mo., a suburb of St. Louis. The location will also include a drive-up and designated parking. The new bank location is expected to open in the fall of 2007. The bank will be located at the Crescent, a mixed use residential and retail development currently under construction. It is situated adjacent to the Ritz-Carlton Hotel in the heart of Clayton at 153 Carondelet Street.

The company expects its bank building in Richmond Heights, Mo., another suburb of St. Louis, to open in December 2006. The bank will be located at the intersection of Bellevue and Clayton Roads. The address is 6510 Clayton Road.

The company noted its expansion plans include opening a bank in downtown St. Louis. It said it is currently engaged in negotiations for appropriate space in that area.

"Our goals are to double the size of the bank to $1.5 billion in assets over the next five years from the $790 million asset level at which we began fiscal 2006 and become the premier community bank to St. Louis," said William A. Donius, chairman and CEO of Pulaski Financial, the bank's parent holding company. "We are on pace to achieve or exceed those goals. We have already grown our assets to nearly $1 billion in the past nine months.

"We have grown significantly over the past several years by our unswerving commitment to providing excellent customer service and a warm, friendly atmosphere customers can no longer obtain from the large banking institutions. The new locations in Clayton, Richmond Heights and downtown will make that level of service accessible to more people of metropolitan St. Louis. We believe there remain many other parts of St. Louis that are underserved. Over time we hope to open additional bank locations that will bring our proven growth and service formula to still more of the area and allow us to continue our growth," Donius added.

About Pulaski Bank

Pulaski Financial Corp., operating in its 84th year through its subsidiary, Pulaski Bank, 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 www.pulaskibankstl.com.

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.