| Pulaski Bancorp MHC | |||
| Ticker: | PLSK | ||
| Exchange: | NASDAQ-National Market | Springfield, NJ | |
| Industry: | Financial (SIC Code 6035) | ||
| Type of Shares: | Common Shares | Filing Date: | 12/20/96 | |
| U.S. Shares: | 952,000 | Offer Date: | 4/3/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 952,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.78 | |
| Offering Amount: | $9,520,000 | Selling: | ||
| Expenses: | $385,000 | Reallowance: | ||
| Shares Out After: | - |
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Business Description |
| The Bank was originally in 1943 as a New Jersey chartered savings and loan association and, in 1995, became a federally-chartered savings bank. The Bank is a community-oriented savings institution whose business primarily consists of accepting deposits from customers and investing those funds in mortgage loans secured by one- to four-family residences within its primary market area. To a significantly lesser extent, the Bank invests in home equity, multi-family, commercial real estate, construction and development and consumer loans. In addition to its lending activities, the Bank, to a lesser extent, currently invests in investment securities, consisting primarily of U.S. Government and U.S. Government sponsored agency obligations, and mortgage-backed securities, primarily those guaranteed by governmental agencies such as the Federal Home Loan Mortgage Corporation Government National Mortgage Association and the Federal National Mortgage Association. |
| Competition |
| The Bank faces significant competition both in making loans and in attracting deposits. The State of New Jersey has a high density of financial institutions, many of which are branches of significantly larger institutions which have greater financial resources than the Bank, all of which are competitors of the Bank to varying degrees. The Bank's competition for loans comes principally from commercial banks, savings banks, savings and loan assocations, credit unions, mortgage banking companies and insurance companies. Its most direct competition for deposits has historically come from commercial banks, savings banks, savings and loan associations and credit unions. The Bank faces additional competition for deposits from short-term money market funds, other corporate and government securities frunds and from other financial service institutions such as brokerage firms and insurance ocmpanies. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |