<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 24, 1997
GFS BANCORP, INC.
- -----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-22742 42-1410536
- -----------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1025 Main Street, Grinnell, Iowa 50112-1633
- ----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(515) 236-3121
--------------
N/A
- ----------------------------------------------------------------
(Former name or former address, if changed since last report)<PAGE>
<PAGE>
Item 5. Other Events
- ---------------------
On June 24, 1997, the Registrant announced an increase in
its quarterly cash dividend. For further information, see the
Registrant's press release dated June 24, 1997, attached hereto
and incorporated herein by reference.
Item 7. Financial Statements and Exhibits
---------------------------------
(a) Exhibits
99.1 Press release, dated June 24, 1997.
-------------
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned thereunto duly authorized.
GFS BANCORP, INC.
Date: June 26, 1997 By: /s/ Steven L. Opsal
------------------------
Steven L. Opsal
President and Chief
Executive Officer
<PAGE>
FOR FURTHER INFORMATION CONTACT:
STEVEN L. OPSAL, PRESIDENT FOR IMMEDIATE RELEASE
GFS BANCORP, INC. JUNE 24, 1997
P.O. BOX 30
GRINNELL, IOWA 50112
PHONE: (515) 236-3121
GFS BANCORP, INC.
DECLARES INCREASE IN CASH DIVIDEND
GRINNELL, IOWA (NASDAQ: "GFSB") ... GFS Bancorp, Inc., the parent
company for Grinnell Federal Savings Bank, is pleased to announce
that the Corporation will pay a cash dividend of $.065 per share
for the fourth quarter of 1997. The dividend will be payable on
July 25, 1997 to shareholders of record on July 11, 1997. This
reflects a 30% increase over the $.05 per share cash dividend
paid previously.
GFS Bancorp serves primarily Poweshiek County, and, to a lesser
extent, portions of Marshall, Iowa, Mahaska, Tama and Jasper
Counties. At March 31, 1997, GFS Bancorp exceeded all applicable
regulatory capital requirements on a fully phased-in basis.
As of March 31, 1997, the Company had total assets of $88.2
million and stockholders' equity of $10.2 million. The Company's
stock is traded on the Nasdaq SmallCap Market under the symbol
"GFSB".
