Exhibit 99.8
[Letterhead of Pulaski Bank]
Dear Subscriber:
Thank you for subscribing for shares of Pulaski Financial Corp. and for your
patience as we have worked to complete our conversion in the midst of the recent
stock market turmoil. When we made our decision to convert from the mutual
holding company form in January of this year, we could not foresee the dramatic
market changes that occurred this summer and fall.
As you are probably aware, upon completion of the Subscription Offering and the
Direct Community Offering we did not receive sufficient subscriptions to close
the offering at the minimum of the offering range. After a review of market
conditions and the results of our initial offering, we determined to proceed
with the conversion. We believe that the fundamental reasons for the
conversion have not changed. As we described in our prospectus, the advantages
of the conversion are: (1) the stock holding company form of organization
provides greater flexibility to acquire other financial institutions and
diversify operations, (2) the offering will provide a larger capital base to
support the growth of Pulaski Bank, and (3) the larger number of shares
outstanding should permit a more active market for our stock.
In accordance with Pulaski Bank=s Plan of Conversion, our independent appraiser
updated its appraisal of the pro forma market value of Pulaski Bank. This
updated appraisal reflects a decrease in the offering range from 4,080,000 to
5,520,000 shares to 1,870,000 to 2,530,000 shares. The purchase price remains
at $10.00 per share. The reduction in the offering range reflects the current
condition of the stock market, not any material change in Pulaski Bank=s
earnings or operations. Information regarding the updated appraisal and its
effect on the anticipated pro forma book value and capitalization of Pulaski
Financial Corp. and Pulaski Bank as well as on the revised dividend policy of
Pulaski Financial Corp. is set forth in the enclosed Prospectus Supplement.
In view of this change, we are giving persons who subscribed for common stock
the opportunity to maintain their orders as originally submitted, or to
increase, decrease or cancel their orders. IF YOU WISH EITHER TO MAINTAIN OR
CHANGE YOUR ORDER, YOU MUST SIGN AND RETURN THE ENCLOSED SUPPLEMENTAL ORDER FORM
SO THAT WE RECEIVE IT NO LATER THAN 12:00 NOON, CENTRAL TIME, ON ___________,
1998. FAILURE TO RETURN THE SUPPLEMENTAL ORDER FORM WILL RESULT IN THE
AUTOMATIC CANCELLATION OF YOUR ORIGINAL ORDER AND EITHER (1) THE PROMPT RETURN
OF YOUR FUNDS WITH INTEREST OR (2) TERMINATION OF YOUR WITHDRAWAL AUTHORIZATION.
As indicated above, a Prospectus Supplement, including revised pro forma data,
is enclosed. You should read this material carefully before determining whether
to maintain or change your existing order.
We look forward to the completion of our conversion and having you as a
stockholder of Pulaski Financial Corp. If you have any questions concerning the
procedure to be followed in completing your supplemental order form, please call
us at (314) 878-5200. The Board of Directors and Management of Pulaski Bank and
Pulaski Financial Corp. appreciate your subscription and thank you for your
continued support.
Sincerely,
William A. Donius
President and Chief Executive Officer
THE SHARES OF COMMON STOCK BEING OFFERED IN THE CONVERSION ARE NOT SAVINGS
ACCOUNTS OR SAVINGS DEPOSITS AND ARE NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE BANK INSURANCE FUND, THE SAVINGS ASSOCIATION
INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. THIS IS NOT AN OFFER TO SELL
OR A SOLICITATION OF AN OFFER TO BUY STOCK. THE OFFER IS MADE ONLY BY THE
PROSPECTUS AND THE PROSPECTUS SUPPLEMENT.
IMPORTANT - IMMEDIATE ACTION REQUIRED
PULASKI FINANCIAL CORP.
Supplemental Order Form
[Broker/Custodian/Customer 1 Name] [Order Number]
[Customer 2 Name/Addtl Info] [Original Shares]
[Address Line 1] [Paid By Check]
[Address Line 2] [Paid By Account]
[City, State [ZIP]] [Original Purchase]
Changes in the stock offering require that all persons who wish to purchase
shares in the Pulaski Financial Corp. offering must return this form by the date
specified below. If you desire to maintain or modify your existing order, you
MUST complete, sign and return to Pulaski Financial Corp. in the envelope
provided or at any branch of Pulaski Bank no later than 12:00 Noon, Central Time
on _____ __, 1998. IF YOU DO NOT RETURN THIS FORM, YOUR ORIGINAL ORDER WILL
AUTOMATICALLY BE CANCELLED. The minimum number of shares that may be purchased
is 25 and the maximum number of shares that may be purchased is 40,000 shares.
The number of shares to be offered is based on a valuation that is subject to
review prior to fulfilling any stock orders.
STOCK ELECTION Please complete the section that describes your choice.
(1) [_] MAINTAIN ORIGINAL NUMBER OF SHARES ORDERED No change in number of shares
ordered. (Go to Item #7)
(2) [_] DECREASE NUMBER OF SHARES Amount refunded will be based on a new number
of shares which is less than the original number of shares at the $10.00
per share price. (Go to Item #5)
(3) [_] INCREASE NUMBER OF SHARES Amount owed will be based on a new number of
shares which is greater than the original number of shares ordered at
the $10.00 offering price. (Go to Item #5)
(4) [_] CANCEL ORDER Cancel order and refund payment with interest or release
hold on deposit accounts. (Go to Item #7)
(5) RECALCULATION
Original Number of Shares _________ shares Revised Number of Shares ________ shares
Price Per Share $10.00 Price Per Share $10.00
Total Original Purchase (A) $_________ Total Revised Purchase (B) $________
If (A) is greater than (B), the amount to be refunded to you or account hold
released is: $________ (Go to Item #7)
If (B) is greater than (A), the additional amount you owe is: $________ (Go
to Item #6)
(6) METHOD OF PAYMENT (FOR ADDITIONAL AMOUNT ONLY)
Enclosed is a check, bank draft or money order payable to Pulaski Financial
Corp. for $________
ACCOUNT NUMBERS AMOUNT(S)
I authorize Pulaski Financial Corp. to make withdrawals from ----------------------- --------------
my Pulaski Bank account(s) shown below, and understand ----------------------- --------------
that the amounts will not be otherwise available for withdrawal. ----------------------- --------------
(NOTE: LIST ONLY the ADDITIONAL AMOUNT you want withdrawn.) TOTAL ADDITIONAL AMOUNT --------------
(7) I (we) hereby authorize fulfillment of any requested changes in my (our)
order. Further, I (we) certify that any change in our order does not
conflict with the purchase limitations in the Plan of Conversion (as
described in the Prospectus Supplement) and that any additional shares being
subscribed for are for my (our) account only and that there is no present
agreement or understanding regarding subsequent sale or transfer of such
shares. IF NO SUPPLEMENTAL ORDER FORM IS RECEIVED PRIOR TO 12:00 NOON ON
_____ __, 1998, SUCH PURCHASER WILL BE DEEMED TO HAVE CANCELLED THEIR ORDER.
I (we) will take ownership of any additional shares in the form of ownership
designated by me (us) at the time of my (our) original order. All signatures
should appear exactly as on the original stock order form. The Supplemental
Order Form should be signed by all persons who signed the original stock
order form. If less than all signatories appear on this form, Pulaski
Financial Corp. reserves the right to treat the election as valid, but is
not obligated to do so. If separate order forms were submitted for stock to
be registered in separate titles, then a separate Supplemental Order Form
must be submitted for each order.
I (we) acknowledge receipt of the Prospectus dated August 12, 1998 and the
Prospectus Supplement dated _____ __, 1998.
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SIGNATURE (TITLE, IF APPLICABLE) DATE SIGNATURE (TITLE, IF APPLICABLE) DATE
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IF YOU HAVE ANY QUESTIONS, PLEASE CALL THE STOCK INFORMATION CENTER AT
(314) 878-5200 BETWEEN 9:00 A.M. AND 5:00 P.M.