ST. LOUIS--(BUSINESS WIRE)--Pulaski Financial Corp. (Nasdaq Global Select: PULB) announced today that it has completed the repurchase from private investors of $6.0 million in par value of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $1,000 per share liquidation preference (the “Preferred Stock”) in exchange for $6.0 million in cash. The Company originally issued a total of $32.5 million in par value of the Preferred Stock in January 2009 to the U.S. Department of the Treasury in conjunction with its Capital Purchase Program. The Treasury sold all of the Preferred Stock to private investors in a Dutch auction that was completed in July 2012.
This recent transaction brings the Company’s cumulative repurchases to $15.2 million in par value, or 47% of the $32.5 million originally issued.
Gary Douglass, President and Chief Executive Officer commented, “We are pleased that we have been able to fund all of our repurchases to date using cash from accumulated earnings and excess capital. Going forward, we will look for opportunities to repurchase additional preferred stock as our earnings and capital levels permit, or in another manner that is beneficial to common shareholders. Our ultimate goal is to repurchase all of the remaining preferred stock prior to January 2014, which is when the dividend rate is scheduled to increase from 5% to 9%.”
About Pulaski Financial
Pulaski Financial Corp., operating in its 91st 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 mortgage loan products through loan production offices in the St. Louis and Kansas City 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, 2012 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.