[PULASKI FINANCIAL CORP. LETTERHEAD]



                   PULASKI FINANCIAL SELLS KANSAS CITY BRANCH

ST LOUIS, OCTOBER 11, 2005 -- Pulaski Financial Corp. (NASDAQ: PULB) the holding
company for Pulaski Bank, announced today that Pulaski Bank and UMB Bank, NA
have entered into a purchase and assumption agreement under which Pulaski Bank
will sell its Kansas City, Missouri branch office to UMB Bank. As of June 30,
2005, the deposits to be assumed by UMB Bank totaled approximately $25 million.

Pulaski Financial said it expects to receive proceeds from the sale of
approximately $3,250,000 and recognize a gain of approximately $2,750,000 in
connection with the transaction. No loans will be transferred in connection with
the branch sale.

"We are pleased that the purchaser of our Wornall branch is focused on the goal
of serving the banking needs of those customers. We are constantly evaluating
our strategy and aspire to be opportunistic for our shareholders," said William
A. Donius, Pulaski Financial chairman and CEO. "We have determined that the
capital represented by the Kansas City branch can be put to more effective use
by re-deploying it. Proceeds from the sale will be used to help focus our
efforts on our core retail and commercial banking market where we have operated
for the past 83 years - the St. Louis metropolitan area.

"Although we are selling our retail branch in Kansas City, Missouri; we remain
committed to our loan production office in Overland Park, Kansas, Pulaski Bank
Home Lending. Our lending group has become one of the top five lenders in the
greater Kansas City market over the past several years. We will continue to
build and invest in that successful operation," Donius added.

Pulaski Financial Corp., operating in its 83rd year through its subsidiary,
Pulaski Bank, serves customers throughout the St. Louis and Kansas City
metropolitan areas. The bank offers a full line of quality retail-banking
products through eight full-service branch offices. The company's website can be
accessed at www.pulaskibankstl.com. Visit the shareholder information page for
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useful and comparative data.

Statements in this news release that are not historical facts are
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements, which contain the words
"expects", "intends" and words of similar import, are subject to numerous risks
and uncertainties disclosed from time to time in documents the company files
with the Securities and Exchange Commission, which could cause actual results to
differ materially from the results currently anticipated.

FOR ADDITIONAL INFORMATION CONTACT:

William A. Donius, Chairman & CEO                Michael Arneth or Brien Gately
Pulaski Financial Corp.                          The Investor Relations Company
(314) 878-2210 Ext. 3610                         (847) 296-4200


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