[PULASKI FINANCIAL CORP. LETTERHEAD]


       PULASKI FINANCIAL REPORTS A $5.2 MILLION AFTER-TAX LOSS ON SALE OF
 FANNIE MAE PREFERRED STOCK; HAS BEEN AND EXPECTS TO REMAIN "WELL-CAPITALIZED"

ST. LOUIS, MISSOURI, SEPTEMBER 9, 2008 -- Pulaski Financial Corp. (Nasdaq GS:
PULB) (the "Company") announced today that it sold its entire portfolio of
Fannie Mae preferred stock at an after-tax loss of $5.2 million, or $0.51 per
diluted share. In its Form 10-Q for the quarter ended June 30, 2008, the Company
disclosed that it held 350,000 shares of Fannie Mae 8.25% Series S fixed-rate
preferred stock, classified as available for sale, with a total amortized cost
of $8.9 million and a total market value of $8.0 million. Management determined
that the decline in value at June 30, 2008 was not other than temporary.
However, since June 30, 2008, the estimated fair market value of these
securities has declined significantly. The announcement on September 7, 2008
that the Treasury Department was placing Fannie Mae into conservatorship and
eliminating dividends on its common and preferred securities caused the market
value of these securities to fall to minimal levels. Management determined these
securities no longer met the Company's investment criteria.

Management expects that the capital ratios of the Company's subsidiary bank
(Pulaski Bank) will remain above the amounts necessary to be categorized as
"well-capitalized" under current regulatory requirements at September 30, 2008.

Pulaski Financial Corp., operating in its 86th year through its subsidiary,
Pulaski Bank, serves customers throughout the St. Louis metropolitan area. The
bank offers a full line of quality retail and commercial banking products
through twelve full-service branch offices in St. Louis and three loan
production offices. The company's website can be accessed at
www.pulaskibankstl.com.
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THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS ABOUT PULASKI FINANCIAL
CORP., WHICH THE COMPANY INTENDS TO BE COVERED UNDER THE SAFE HARBOR PROVISIONS
CONTAINED IN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. STATEMENTS
THAT ARE NOT HISTORICAL OR CURRENT FACTS, INCLUDING STATEMENTS ABOUT BELIEFS AND
EXPECTATIONS, ARE FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS
COVER, AMONG OTHER THINGS, ANTICIPATED FUTURE REVENUE AND EXPENSES AND THE
FUTURE PLANS AND PROSPECTS OF THE COMPANY. THESE STATEMENTS OFTEN INCLUDE THE
WORDS "MAY," "COULD," "WOULD," "SHOULD," "BELIEVES," "EXPECTS," "ANTICIPATES,"
"ESTIMATES," "INTENDS," "PLANS," "TARGETS," "POTENTIALLY," "PROBABLY,"
"PROJECTS," "OUTLOOK" OR SIMILAR EXPRESSIONS. YOU ARE CAUTIONED THAT
FORWARD-LOOKING STATEMENTS INVOLVE UNCERTAINTIES, AND IMPORTANT FACTORS COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED, INCLUDING
CHANGES IN GENERAL BUSINESS AND ECONOMIC CONDITIONS, CHANGES IN INTEREST RATES,
LEGAL AND REGULATORY DEVELOPMENTS, INCREASED COMPETITION FROM BOTH BANKS AND
NON-BANKS, CHANGES IN CUSTOMER BEHAVIOR AND PREFERENCES, AND EFFECTS OF CRITICAL
ACCOUNTING POLICIES AND JUDGMENTS. FOR DISCUSSION OF THESE AND OTHER RISKS THAT
MAY CAUSE ACTUAL RESULTS TO DIFFER FROM EXPECTATIONS, REFER TO OUR ANNUAL REPORT
ON FORM 10-K AND OUR QUARTERLY REPORTS ON FORM 10-Q ON FILE WITH THE SEC,
INCLUDING THE SECTIONS ENTITLED "RISK FACTORS." THESE RISKS AND UNCERTAINTIES
SHOULD BE CONSIDERED IN EVALUATING FORWARD-LOOKING STATEMENTS AND UNDUE RELIANCE
SHOULD NOT BE PLACED ON SUCH STATEMENTS. FORWARD-LOOKING STATEMENTS SPEAK ONLY
AS OF THE DATE THEY ARE MADE, AND THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
THEM IN LIGHT OF NEW INFORMATION OR FUTURE EVENTS.

FOR ADDITIONAL INFORMATION CONTACT:
Ramsey Hamadi                                     Dave Garino or Dan Callahan
Chief Financial Officer                           Fleishman-Hillard, Inc.
Pulaski Financial Corp.                           (314) 982-0551
(314) 878-2210 Ext. 3825