ST. LOUIS--(BUSINESS WIRE)--Pulaski Financial Corp. (Nasdaq Global Select: PULB, the “Company”) announced today that its banking subsidiary, Pulaski Bank, intends to file an application to convert from a federal savings bank to a national bank. In connection with the charter conversion, the Company intends to file an application to convert from a savings and loan holding company to a bank holding company.
“Our business model and our balance sheet are no longer well-suited to the federal thrift charter,” said Gary Douglass, President and CEO of the Company. “We have evolved to the point where commercial banking has become a significant complement to our historically strong mortgage lending business. The charter conversion will give us the flexibility to continue to grow our commercial business alongside of our traditional retail business. In addition, we expect that the Company and its shareholders ultimately will benefit from comparison to a peer group of banks, rather than thrifts.”
The conversion, which is subject to regulatory approval, is expected to be completed in late 2014. The conversion to a national bank charter will not affect Pulaski Bank customers. Depositors will continue to be insured by the FDIC to fullest extent permitted by law. Following the charter conversion, Pulaski Bank will continue to be regulated by the Office of the Comptroller of the Currency and the Company will continue to be regulated by the Federal Reserve Board.
About Pulaski Financial
Pulaski Financial Corp., operating in its 92nd year through its subsidiary, Pulaski Bank, offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area. The Bank also offers residential mortgage loan products through loan production offices in the St. Louis, Kansas City and Chicago metropolitan areas, mid-Missouri, southwestern Missouri, eastern Kansas, Omaha, Nebraska, and Council Bluffs, Iowa. The Company’s website can be accessed at www.pulaskibank.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,” “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, 2013 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, each as 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.