Guaranty Federal Bancshares, Inc.
Proposed Ticker:GFED 1341 W. Battlefield
Exchange:NASDAQ-National Market Springfield, MO 65807
Industry:Financial (SIC Code 6035) (417) 889-2494

Filing Information
Type of Shares:Common Shares Filing Date:9/23/97
U.S. Shares Filed:6,221,522 Filing Price:$10.00
Non-U.S. Shares Filed:0 Offering Amount: $62,215,220
Primary Shares:6,221,522 Expenses:$915,000
Secondary Shares:0 Shares Out After:

Primary Underwriting Group
ManagerTierPhone
Friedman, Billings, Ramsey & Co., Inc.Lead Manager (703) 312-9571

Legal Counsel, Auditor and Registrar
Issuer's Law Firm: Malizia, Spidi, Sloane & Fisch
Bank's Law Firm: Luse Lehman Gorman Pomerenk & Schick
Auditor: Baird, Kurtz & Dobson

Selected Financial Data

Dollar amounts in U.S. millions except for per share data
Full Year
Audited
Income
Latest
Unaudited
Income
Prior
Unaudited
Income
Balance
Sheet
6/30/97 6/30/97
Revenue:$15.24Assets:$199.47
Net Income:$1.16Curr Assets:
EPS:$0.37Liabilities:$174.03
Prior EPS:$0.56Curr Liabilities:
Cash Flow/Oper:-$0.58Equity:$25.43
Cash Flow/Fin:$11.33Cash:$3.82
Cash Flow/Inv:-$9.60

Business Description
The company is the holding company for Guaranty Federal Savings Bank. The bank is a community and customer oriented federal savings bank. The bank provides financial services to individuals, families and small businesses.

Use of Proceeds
The proceeds from the proposed offering will be used for general corporate purposes.

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