EXHIBIT 99
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[GFSB BANCORP, INC. LETTERHEAD]
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
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October 31, 2000 Jerry R. Spurlin, Chief Financial Officer
(505) 726-6500
GFSB BANCORP, INC. ANNOUNCES 25% STOCK DIVIDEND
Gallup, New Mexico -- GFSB Bancorp, Inc. (Nasdaq SmallCap: GUPB),
parent holding company of Gallup Federal Savings Bank, Gallup, New Mexico,
announced that the Company's Board of Directors has declared a 25% stock
dividend. The Company intends to effect the issuance of the 25% stock dividend
on the Company's outstanding common stock, payable on December 15, 2000, to
stockholders of record as of December 1, 2000.
Richard C. Kauzlaric, President and CEO of the Company, stated that
"the Board of Directors is very pleased to issue the stock dividend to enhance
stockholder value and to increase the liquidity of the stock to potentially make
the stock more attractive to investors." As a result of the Board's action, the
outstanding shares of the Company's common stock will increase by approximately
280,600 shares, from 936,000 shares outstanding to 1,216,600 shares
outstanding."
Gallup Federal Savings Bank is a federally chartered stock savings bank
headquartered and operated through its office located in Gallup, New Mexico. The
Bank is a community oriented, retail savings bank offering traditional mortgage
loan products, primarily for the financing of real estate. The Federal Deposit
Insurance Corporation insures deposits at Gallup Federal Savings Bank up to
legal maximum limits. The Company's common stock is traded in the Nasdaq
SmallCap Market under the symbol "GUPB."
