SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES
13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT
TO RULE 13d-2(b)
(Amendment No. 1)*
GFSB Bancorp, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
361692 10 6
- --------------------------------------------------------------------------------
(CUSIP Number)
September 9, 1998
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this schedule
is filed:
|X| Rule 13d-1(b)
|_| Rule 13d-1(c)
|_| Rule 13d-1(d)
- ------------------
* 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
------------ ------------
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
--------
6. Shared Voting Power: 80,750
--------
7. Sole Dispositive Power: 0
--------
8. Shared Dispositive Power: 80,750
--------
9. Aggregate Amount Beneficially Owned by Each Reporting Person:
80,750
------
10. Check Box If The Aggregate Amount in Row (9) Excludes Certain
Shares* |_|
11. Percent of Class Represented by Amount in Row 9: 8.3%
-----
12. Type of Reporting Person*: EP
* SEE INSTRUCTION
Page 2 of 4 Pages
<PAGE>
Item 1(a) Name of Issuer: GFSB Bancorp, Inc.
--------------
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
221 West Aztec Avenue
Gallup, New Mexico 87301
Item 2(a) Name of Person Filing:
---------------------
Gallup Federal Savings Bank
Employee Stock Ownership Plan
Item 2(b) Address of Principal Business Office: Same as Item 1(b)
------------------------------------- -----------------
Item 2(c) Citizenship: New Mexico
----------- ----------
Item 2(d) Title of Class of Securities: Common Stock
----------------------------- ------------
Item 2(e) CUSIP Number: 361692 10 6
------------ -----------
Item 3 Check whether the person filing is a:
------------------------------------
Item 3(f) X Employee Benefit Plan, in accordance with
--- Rule 13d-1(b)(1)(ii)(F).
Item 3(j) X Group, in accordance with Rule 13d-
--- 1(b)(1)(ii)(J).
Item 3(a)(b)(c)(d)(e)(g)(h)(i) - not applicable.
Item 4(a) Amount Beneficially Owned: 80,750
------------------------- ----------
Item 4(b) Percent of Class: 8.3%
---------------- ----
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 80,750
------
(iii) sole power to dispose or to direct the
disposition of 0
------
(iv) shared power to dispose or to direct the
disposition of 80,750
------
Item 5 Ownership of Five Percent or Less of Class:
------------------------------------------
Not applicable
Page 3 of 4 Pages
<PAGE>
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not applicable
Item 7 Identification and Classification of the Subsidiary Which
---------------------------------------------------------
Acquired the Security Being Reported on by the Parent
-----------------------------------------------------
Holding Company.
---------------
Not applicable
Item 8 Identification and Classification of Members of the
---------------------------------------------------
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(j) 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.
-------------
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. 02/11/00
- ---------------------------------------- -----------------------
Charles L. Parker, Jr. Date
/s/George S. Perce 02/11/00
- ----------------------------------------- -----------------------
George S. Perce Date
- ----------------------------------------- -----------------------
Wallace R. Phillips Date
<PAGE>
Exhibit A
- ---------
Identification of Members of Group
----------------------------------
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 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. 65,121 -0-
George S. Perce 65,122 -0-
Wallace R. Phillips 26,673 -0-
- ---------------
(1) Beneficial ownership as of February 11, 2000. 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.
