1

                      [PULASKI FINANCIAL CORP. LETTERHEAD]

     PULASKI FINANCIAL CORP. RECEIVES PRELIMINARY APPROVAL TO PARTICIPATE IN
                     U.S. TREASURY CAPITAL PURCHASE PROGRAM


ST. LOUIS, December 22, 2008 -- Pulaski Financial Corp. (Nasdaq Global Select:
PULB) announced today that the Company has received preliminary approval from
the U.S. Treasury Department to participate in its TARP Capital Purchase Program
authorized by the Emergency Stabilization Act of 2008.

Under the TARP Capital Purchase Program, the Treasury is authorized to purchase
equity positions in U.S. financial institutions in the form of preferred stock
as part of its efforts to stabilize the U.S. financial system and increase
lending to businesses and consumers. The Company has been notified that the
Treasury intends to invest up to approximately $32.5 million in Pulaski
Financial Corp. senior preferred stock, subject to standard terms and
conditions. In conjunction with the purchase of the preferred stock, the
Treasury will receive warrants to purchase common stock with an aggregate market
price equal to 15% of the total amount of the preferred investment.

Gary Douglass, President and Chief Executive Officer, commented, "We are pleased
to participate in the TARP Capital Purchase Program. We believe this approval is
recognition of the fundamental strength of Pulaski Bank and it enhances our
ability to provide increased credit to businesses and consumers in our market
area. In addition, it provides the Company with added flexibility for future
strategic opportunities that may become available."

At September 30, 2008, the Company's wholly-owned subsidiary, Pulaski Bank, was
considered "well-capitalized" under existing regulatory standards. On a pro
forma basis, the addition of $32.5 million new capital through the program would
have increased the bank's regulatory Tier 1 risk-based capital and total
risk-based capital ratios at September 30, 2008 to approximately 10% and 13%,
respectively.

ABOUT PULASKI FINANCIAL

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 12 full-service branch offices in St. Louis and three loan production
offices in Kansas City and the St. Louis metropolitan area. The Company's
website can be accessed at www.pulaskibankstl.com.

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,"

 2

"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 FOR
THE YEAR ENDED SEPTEMBER 30, 2008 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                                  Paul Milano
Chief Financial Officer                        Treasurer
Pulaski Financial Corp.                        Pulaski Financial Corp.
(314) 878-3523 Ext. 3825                       (314) 878-3523 Ext. 3827