SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
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GFSB Bancorp, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
361692 10 6
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(CUSIP Number)
Check the following box if a fee is being paid with this statement
|X|. (A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1: and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class). (See Rule 13d-7).
* The remainder of the cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Continued on following pages)
Page 1 of 4 Pages
<PAGE>
CUSIP No. 361692 10 6 Schedule 13G
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1. Name of Reporting Person
S.S. or I.R.S. Identification Number of above person:
Gallup Federal Savings Bank
Employee Stock Ownership Plan
2. Check the appropriate box if a member of a group*
(a) |X| (b) |_|
3. SEC Use Only
4. Citizenship or Place of Organization: New Mexico
Number of Shares Beneficially Owned by Each Reporting Person with:
5. Sole Voting Power: 0
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6. Shared Voting Power: 56,000
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7. Sole Dispositive Power: 0
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8. Shared Dispositive Power: 56,000
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9. Aggregate Amount Beneficially Owned by Each Reporting Person:
56,000
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10. Check Box If The Aggregate Amount in Row (9) Excludes Certain
Shares*
11. Percent of Class Represented by Amount in Row 9: 6.64 %
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12. Type of Reporting Person*: EP
* SEE INSTRUCTION
Page 2 of 4 Pages
<PAGE>
Securities and Exchange Commission
Washington, D.C. 20549
Item 1(a) Name of Issuer: GFSB Bancorp, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
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221 West Aztec Avenue
Gallup, New Mexico 87301
Item 2(a) Name of Person Filing:
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Gallup Federal Savings Bank
Employee Stock Ownership Plan
Item 2(b) Address of Principal Business Office: Same as Item 1(b)
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Item 2(c) Citizenship: New Mexico
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Item 2(d) Title of Class of Securities: Common Stock
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Item 2(e) CUSIP Number: 361692 10 6
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Item 3 Check whether the person filing is a:
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Item 3(f) X Employee Benefit Plan, Pension Fund which is
----- subject to the provisions of the Employee
Retirement Income Security Act of 1974.
Item 3(h) X Group, in accordance with Rule 13d-
----- 1(b)(1)(ii)(H).
Item 3(a)(b)(c)(d)(e)(g) - not applicable.
Item 4(a) Amount Beneficially Owned: 56,000
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Item 4(b) Percent of Class: 6.64 %
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Item 4(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote -0-
(ii) shared power to vote or to direct the vote 56,000
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(iii) sole power to dispose or to direct the
disposition of -0-
(iv) shared power to dispose or to direct the
disposition of 56,000
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Item 5 Ownership of Five Percent or Less of Class:
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Not Applicable
Page 3 of 4 Pages
<PAGE>
Item 6 Ownership of More than Five Percent on Behalf of Another
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Person:
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Not applicable.
Item 7 Identification and Classification of the Subsidiary Which
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Acquired the Security Being Reported on by the Parent
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Holding Company.
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Not Applicable
Item 8 Identification and Classification of Members of the
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Group.
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This Schedule 13G is being filed on behalf of the Employee Stock
Ownership Plan ("ESOP") identified in Item 2(a) by the Plan
Committee and the ESOP Trustee both filing under the Item 3(f)
and 3(h) classifications. Exhibit A contains a disclosure of the
voting and dispositive powers over shares of the issuer held
directly by these entities exclusive of those shares held by the
ESOP as well as identification of members of these groups.
Item 9 Notice of Dissolution of Group.
-------------------------------
Not Applicable
Item 10 Certification.
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By signing below, I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purpose or effect.
Page 4 of 4 Pages
<PAGE>
SIGNATURE:
After reasonable inquiry and to the best of my knowledge and belief, as
a member of the Plan Committee and as an ESOP Trustee, I certify that the
information set forth in this statement is true, complete, and correct.
/s/ Charles L. Parker, Jr. 02/21/97
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Charles L. Parker, Jr. Date
/s/ George S. Perce 02/21/97
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George S. Perce Date
/s/ Wallace R. Phillips 02/21/97
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Wallace R. Phillips Date
<PAGE>
Exhibit A
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Identification of Members of Group
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Shares of common stock of the issuer are held in trust for the benefit
of participating employees by the ESOP Trustee. The ESOP Trustee shares voting
and dispositive power with the Plan Committee. By the terms of the ESOP, the
ESOP Trustee votes stock allocated to participant accounts as directed by
participants. Stock held by the ESOP Trust, but not yet allocated is voted by
the ESOP Trustee as directed by the Plan Committee. Investment direction is
exercised by the ESOP Trustee as directed by the Plan Committee. The Plan
Committee and the ESOP Trustee share voting and dispositive power with respect
to the unallocated stock held by the ESOP pursuant to their fiduciary
responsibilities under Section 404 of the Employee Retirement Income Security
Act of 1974, as amended.
Members of the Plan Committee and the ESOP Trustees and their beneficial
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ownership of shares of common stock of the issuer exclusive of membership on the
Plan Committee, and exclusive of their responsibilities as an ESOP Trustee are
as follows:
Direct Beneficial Beneficial Ownership
Name Ownership (1) as Plan Participant
- --------------------------------------------------------------------------------
Charles L. Parker, Jr. 40,325 -0-
George S. Perce 40,550 -0-
Wallace R. Phillips 14,693 -0-
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(1) Includes shares of common stock of issuer owned in conjunction with
family members. The Plan Committee and ESOP Trustees disclaim ownership
of these shares in conjunction with the exercise of their fiduciary
duties as members of the Plan Committee and as ESOP Trustees.
