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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):
March 24, 1997
GFS BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-22742 42-1410536
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1025 Main Street, Grinnell, Iowa 50112-1633
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(515) 236-2131
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N/A
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(Former name or former address, if changed since last report)<PAGE>
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Item 5. Other Events
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On March 24, 1997, the Registrant issued the attached press
release announcing a 2-for-1 stock split and a regular cash
dividend.
Item 7. Financial Statements and Exhibits
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(a) Exhibits
1. Press release, dated March 24, 1997.
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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: March 26, 1997 By: /s/ Steven L. Opsal
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Steven L. Opsal
President and Chief
Executive Officer
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FOR FURTHER INFORMATION CONTACT:
STEVEN L. OPSAL, PRESIDENT FOR IMMEDIATE RELEASE
GFS BANCORP, INC. MARCH 24, 1997
P.O. BOX 30 GRINNELL, IOWA 50112
PHONE: (515) 236-3121
GFS BANCORP, INC.
DECLARES 2-for-1 STOCK SPLIT
AND REGULAR CASH DIVIDEND
GRINNELL, IOWA (NASDAQ: "GFSB") --- On March 21, 1997, the Board
of Directors of GFS Bancorp, Inc., headquartered in Grinnell,
Iowa, declared a 2-for-1 stock split to be effected as a 100%
stock dividend on the Company's outstanding common stock. Also,
a 5 cent per share cash dividend on the new stock total was also
declared, which, after adjusting for the split, is consistent
with the cash dividend paid in the previous 2 quarters. The
dividend shares and cash dividend are payable on April 25, 1997
to shareholders of record as of April 11, 1997.
Steven L. Opsal, President, explained that the main objective of
the stock dividend is to increase liquidity and provide
stockholders with a broader trading market for their stock.
GFS Bancorp, Inc. is the holding company of Grinnell Federal
Savings Bank, a federally chartered capital stock savings bank.
At March 21, 1997, before the effect of the stock dividend, the
Company had 493,921 shares of common stock issued and
outstanding.
As of December 31, 1996, the Company had total assets of $87.6
million and stockholders' equity of $10.1 million. The Company's
stock is traded on the Nasdaq SmallCap Market under the symbol
"GFSB".
