##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-KSB
  þ
    
    ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended June 30, 2007
 OR
 o
    
    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number: 000-51668
 GREENVILLE FEDERAL FINANCIAL CORPORATION
  Ohio
    
    20-3742295(State or other jurisdiction of incorporation of organization)
    
    (I.R.S. Employer Identification Number)690 Wagner Avenue, Greenville,
Ohio
    
    45331(Address of principal executive offices)
    
    (Zip Code)
 (937) 548-4158
  None
    
    None(Title of each class)
    
    (Name of each exchangeon which registered)
  Common Stock, par value $.01 per share
  o
 þ o
 þ
 o þ
    DOCUMENTS INCORPORATED BY REFERENCE
   o þ




---



TABLE OF CONTENTS  PART IItem 1. Description of BusinessItem 2. Description of PropertyItem 3. Legal ProceedingsItem 4. Submission of Matters to a Vote of Security HoldersPART IIItem 5. Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity SecuritiesItem 6. Managements Discussion and Analysis or Plan of OperationItem 7. Financial StatementsItem 8. Changes in and Disagreements with Accountants on Accounting and FinancialItem 8A. Controls and ProceduresItem 8B. Other InformationPART IIIItem 9. Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange ActItem 10. Executive CompensationItem 11. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem 12. Certain Relationships and Related TransactionsItem 13. ExhibitsItem 14. Principal Accountant Fees and ServicesSIGNATURESINDEX TO EXHIBITSEX-13EX-21EX-23.1EX-23.2EX-31.1EX-31.2EX-32.1EX-32.2    Table of Contents  
 PART I
 
 Item 1. Description of Business
 General
    www.greenvillefederal.com.
 Lending activities
 General.
 2




---



##### Table of Contents



Loan portfolio composition.
 June 30,2007
    
    
    2006Percent
    
    
    
    
    
    
    PercentAmount
    
    
    of total loans
    
    
    Amount
    
    
    of total loans(Dollars in thousands)Residential real estate loans:One- to four-family
    
    $
    72,089
    
    
    
    80.78
    %
    
    $
    68,604
    
    
    
    79.72
    %Multifamily
    
    
    3,864
    
    
    
    4.33
    
    
    
    3,936
    
    
    
    4.57Construction
    
    
    701
    
    
    
    0.79
    
    
    
    1,984
    
    
    
    2.31Nonresidential real estate
    
    
    5,242
    
    
    
    5.87
    
    
    
    4,181
    
    
    
    4.86Nonresidential real estate construction
    
    
    750
    
    
    
    0.84
    
    
    
    
    
    
    
    Commercial
    
    
    3,467
    
    
    
    3.89
    
    
    
    4,258
    
    
    
    4.95Consumer and other
    
    
    3,121
    
    
    
    3.50
    
    
    
    3,089
    
    
    
    3.59Total loans
    
    
    89,234
    
    
    
    100.00
    %
    
    
    86,052
    
    
    
    100.00
    %Less:Unearned interest
    
    
    9
    
    
    
    
    
    
    
    14Deferred loan origination fees, net
    
    
    371
    
    
    
    
    
    
    
    403Allowance for loan losses
    
    
    579
    
    
    
    
    
    
    
    579Undisbursed portion of loans
in process- residential
    
    
    655
    
    
    
    
    
    
    
    1,604Undisbursed portion of loans
in process- nonresidential
    
    
    207
    
    
    
    
    
    
    
    Loans receivable, net
    
    $
    87,413
    
    
    
    
    
    
    $
    83,452
 Loan maturity schedule.
 3




---



##### Table of Contents



Due during the year ending
    
    
    Due 4-5
    
    
    Due 6-10
    
    
    Due 11-20
    
    
    Due more thanJune 30,
    
    
    years after
    
    
    years after
    
    
    years after
    
    
    20 years after2008
    
    
    2009
    
    
    2010
    
    
    6/30/07
    
    
    6/30/07
    
    
    6/30/07
    
    
    6/30/07
    
    
    Total(In thousands)Fixed-rate loansResidential real estate loans:One- to four-family (first
mortgage)(1)
    
    $
    179
    
    
    $
    41
    
    
    $
    18
    
    
    $
    332
    
    
    $
    3,440
    
    
    $
    13,734
    
    
    $
    35,853
    
    
    $
    53,597Home equity (second mortgage)
    
    
    141
    
    
    
    19
    
    
    
    75
    
    
    
    320
    
    
    
    1,004
    
    
    
    1,295
    
    
    
    
    
    
    
    2,854Multifamily and nonresidential
real estate loans (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    117
    
    
    
    
    
    
    
    2,943
    
    
    
    43
    
    
    
    3,103Total real estate loans
    
    
    320
    
    
    
    60
    
    
    
    93
    
    
    
    769
    
    
    
    4,444
    
    
    
    17,972
    
    
    
    35,896
    
    
    
    59,554Commercial loans
    
    
    1,875
    
    
    
    120
    
    
    
    100
    
    
    
    426
    
    
    
    478
    
    
    
    216
    
    
    
    
    
    
    
    3,215Consumer and other loans
    
    
    228
    
    
    
    290
    
    
    
    647
    
    
    
    1,758
    
    
    
    170
    
    
    
    28
    
    
    
    
    
    
    
    3,121Total fixed-rate loans
    
    
    2,423
    
    
    
    470
    
    
    
    840
    
    
    
    2,953
    
    
    
    5,092
    
    
    
    18,216
    
    
    
    35,896
    
    
    
    65,890Adjustable-rate loansResidential real estate loans:One- to four-family (first
mortgage)(1)
    
    
    
    
    
    
    5
    
    
    
    
    
    
    
    67
    
    
    
    347
    
    
    
    2,300
    
    
    
    10,492
    
    
    
    13,211Home equity (second mortgage)
    
    
    727
    
    
    
    593
    
    
    
    494
    
    
    
    1,230
    
    
    
    24
    
    
    
    60
    
    
    
    
    
    
    
    3,128Multifamily and nonresidential
real estate loans
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    13
    
    
    
    105
    
    
    
    789
    
    
    
    5,845
    
    
    
    6,753Total real estate loans
    
    
    727
    
    
    
    599
    
    
    
    494
    
    
    
    1,310
    
    
    
    476
    
    
    
    3,149
    
    
    
    16,337
    
    
    
    23,092Commercial loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    95
    
    
    
    157
    
    
    
    252Consumer and other loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total adjustable-rate loans
    
    
    727
    
    
    
    599
    
    
    
    494
    
    
    
    1,310
    
    
    
    476
    
    
    
    3,244
    
    
    
    16,494
    
    
    
    23,344Total loans
    
    $
    3,150
    
    
    $
    1,069
    
    
    $
    1,334
    
    
    $
    4,263
    
    
    $
    5,568
    
    
    $
    21,460
    
    
    $
    52,390
    
    
    $
    89,234
 
 (1)
    
    Includes construction loans. One- to four-family residential real estate loans.
  4




---



##### Table of Contents



Multifamily residential real estate loans.
  5




---



##### Table of Contents



Construction loans.
   Nonresidential real estate loans.
  6




---



##### Table of Contents



Consumer loans.
   Commercial loans.
   7




---



##### Table of Contents



Loan solicitation and processing.
        8




---



##### Table of Contents



Loan purchases and sales.
  Year endedJune 30,2007
    
    
    2006(In thousands)Loan originations:One- to four-family residential
    
    $
    13,197
    
    
    $
    13,346Multifamily residential
    
    
    
    
    
    
    2,551Nonresidential
    
    
    1,931
    
    
    
    202Land
    
    
    
    
    
    
    Commercial
    
    
    2,381
    
    
    
    3,951Consumer
    
    
    2,053
    
    
    
    3,775Total loans originated
    
    
    19,562
    
    
    
    23,825Loans purchased
    
    
    
    
    
    
    Total loans originated and purchased
    
    
    19,562
    
    
    
    23,825Principal repayments
    
    
    (14,818
    )
    
    
    (18,594
    )Loan originations, net
    
    
    4,744
    
    
    
    5,231Loans sold
    
    
    
    
    
    
    Transfers from loans to real estate acquired through foreclosure
    
    
    (811
    )
    
    
    (54
    )Increase (decrease) due to other items, net (1)
    
    
    28
    
    
    
    86Net increase in net loan portfolio
    
    $
    3,961
    
    
    $
    5,263
 
 (1)
    
    Consists of deferred fees, costs and the allowance for loan losses.   9




---



##### Table of Contents



Delinquent loans, nonperforming assets and classified assets.
     10




---



##### Table of Contents



At June 30,2007
    
    
    2006Percent
    
    
    
    
    
    
    
    
    
    
    PercentNumber
    
    
    Amount
    
    
    of total loans
    
    
    Number
    
    
    Amount
    
    
    of total loans(Dollars in thousands)Loans delinquent for (1):30 - 59 days
    
    
    25
    
    
    $
    1,055
    
    
    
    1.18
    %
    
    
    16
    
    
    $
    668
    
    
    
    0.78
    %60 - 89 days
    
    
    10
    
    
    
    367
    
    
    
    0.41
    
    
    
    6
    
    
    
    361
    
    
    
    0.4290 days and over
    
    
    9
    
    
    
    403
    
    
    
    0.46
    
    
    
    5
    
    
    
    529
    
    
    
    0.61Total delinquent loans
    
    
    44
    
    
    $
    1,825
    
    
    
    2.05
    %
    
    
    27
    
    
    $
    1,558
    
    
    
    1.81
    %
 
 (1)
    
    The number of days a loan is delinquent is measured from the day the payment was due under
the terms of the loan agreement.  At June 30,2007
    
    
    2006(Dollars in thousands)Accruing loans greater than 90 days delinquent:Real estate:Residential
    
    $
    399
    
    
    $
    43Nonresidential
    
    
    
    
    
    
    Consumer
    
    
    
    
    
    
    Total accruing loans greater than 90 days delinquent
    
    
    399
    
    
    
    43Nonaccrual loans:Real estate:Residential (1)
    
    
    63
    
    
    
    484Nonresidential
    
    
    
    
    
    
    Consumer (1)
    
    
    9
    
    
    
    2Total nonaccrual loans
    
    
    72
    
    
    
    486Total nonperforming loans
    
    
    471
    
    
    
    529Real estate owned
    
    
    247
    
    
    
    Total nonperforming assets
    
    $
    718
    
    
    $
    529Total nonperforming loans as a percentage of total loans
    
    
    0.53
    %
    
    
    0.61
    %Total nonperforming assets as a percentage of total assets
    
    
    0.55
    %
    
    
    0.40
    %Allowance for loan losses as a percentage of nonperforming loans
    
    
    122.93
    %
    
    
    109.45
    %
 
 (1)
    
    As of June 30, 2007, the $63,000 amount listed is past due less than 90 days and $5,000 of
consumer loans listed are less than 90 days past due.  11




---



##### Table of Contents



At June 30,2007
    
    
    2006(In thousands)Classified assets:Substandard
    
    $
    2,177
    
    
    $
    984Doubtful
    
    
    
    
    
    
    Loss
    
    
    18
    
    
    
    3Total classified assets
    
    $
    2,195
    
    
    $
    987
   Allowance for loan losses.
 12




---



##### Table of Contents



Year ended June 30,2007
    
    
    2006(Dollars in thousands)Total gross loans outstanding
    
    $
    89,234
    
    
    $
    86,052Average net loans outstanding
    
    $
    85,263
    
    
    $
    81,016Allowance for loan lossesBalance at beginning of year
    
    $
    579
    
    
    $
    590Charge-offsReal estate:Residential
    
    
    
    
    
    
    Nonresidential
    
    
    
    
    
    
    Consumer
    
    
    (20
    )
    
    
    (36
    )Total charge-offs
    
    
    (20
    )
    
    
    (36
    )RecoveriesReal estate:Residential
    
    
    
    
    
    
    Nonresidential
    
    
    
    
    
    
    Consumer
    
    
    
    
    
    
    Total recoveries
    
    
    
    
    
    
    Net charge-offs
    
    
    (20
    )
    
    
    (36
    )Provision for losses on loans
    
    
    20
    
    
    
    25Balance at end of year
    
    $
    579
    
    
    $
    579Ratio of allowance for loan losses as a percent of total loans outstanding
    
    
    0.65
    %
    
    
    0.67
    %Ratio of net charge-offs to average loans outstanding during the period
    
    
    0.02
    %
    
    
    0.04
    %
 13




---



##### Table of Contents



At June 30, 2007Amount
    
    
    Percent of total allowance
    
    
    Percent of gross loans(Dollars in thousands)One- to four-family real estate
    
    $
    504
    
    
    
    87.0
    %
    
    
    81.6
    %Multifamily real estate
    
    
    2
    
    
    
    0.4
    
    
    
    4.3Nonresidential real estate
    
    
    8
    
    
    
    1.4
    
    
    
    6.7Commercial
    
    
    28
    
    
    
    4.8
    
    
    
    3.9Consumer
    
    
    37
    
    
    
    6.4
    
    
    
    3.5$
    579
    
    
    
    100.0
    %
    
    
    100.0
    %
 At June 30, 2006Amount
    
    
    Percent of total allowance
    
    
    Percent of gross loans(Dollars in thousands)One- to four-family real estate
    
    $
    473
    
    
    
    81.6
    %
    
    
    82.0
    %Multifamily real estate
    
    
    8
    
    
    
    1.4
    
    
    
    4.6Nonresidential real estate
    
    
    16
    
    
    
    2.8
    
    
    
    4.9Commercial
    
    
    48
    
    
    
    8.3
    
    
    
    4.9Consumer
    
    
    34
    
    
    
    5.9
    
    
    
    3.6$
    579
    
    
    
    100.0
    %
    
    
    100.0
    %
 14




---



##### Table of Contents



Mortgage-backed securities
    At June 30,2007
    
    
    2006Carrying
    
    
    Market
    
    
    Carrying
    
    
    Marketvalue
    
    
    value
    
    
    value
    
    
    value(In thousands)Fannie Mae certificates
    
    $
    1,436
    
    
    $
    1,443
    
    
    $
    1,807
    
    
    $
    1,797Ginnie Mae certificates
    
    
    16
    
    
    
    16
    
    
    
    21
    
    
    
    21Freddie Mac certificates
    
    
    232
    
    
    
    233
    
    
    
    344
    
    
    
    346Total mortgage-
backed securities
    
    $
    1,684
    
    
    $
    1,692
    
    
    $
    2,172
    
    
    $
    2,164
 15




---



##### Table of Contents



At June 30, 2007Total mortgage-backedOne year or less
    
    
    After one to five years
    
    
    After five to ten years
    
    
    After ten years
    
    
    portfolioCarrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Market
    
    
    AverageValue
    
    
    yield
    
    
    value
    
    
    yield
    
    
    value
    
    
    yield
    
    
    value
    
    
    yield
    
    
    value
    
    
    value
    
    
    yield(Dollars in thousands)Fannie Mae certificates
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    1,436
    
    
    
    5.17
    %
    
    $
    1,436
    
    
    $
    1,443
    
    
    
    5.17
    %Ginnie Mae certificates
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    9.00
    
    
    
    
    
    
    
    
    
    
    
    14
    
    
    
    5.13
    
    
    
    16
    
    
    
    16
    
    
    
    5.72Freddie Mac certificates
    
    
    
    
    
    
    
    
    
    
    14
    
    
    
    7.57
    
    
    
    165
    
    
    
    6.34
    
    
    
    53
    
    
    
    6.60
    
    
    
    232
    
    
    
    233
    
    
    
    6.47Total
    
    $
    
    
    
    
    
    %
    
    $
    16
    
    
    
    7.80
    %
    
    $
    165
    
    
    
    6.34
    %
    
    $
    1,503
    
    
    
    5.22
    %
    
    $
    1,684
    
    
    $
    1,692
    
    
    
    5.35
    %
 At June 30, 2006Total mortgage-backedOne year or less
    
    
    After one to five years
    
    
    After five to ten years
    
    
    After ten years
    
    
    portfolioCarrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Market
    
    
    Averagevalue
    
    
    yield
    
    
    value
    
    
    yield
    
    
    value
    
    
    yield
    
    
    Value
    
    
    yield
    
    
    value
    
    
    Value
    
    
    yield(Dollars in thousands)Fannie Mae certificates
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    1,807
    
    
    
    4.93
    %
    
    $
    1,807
    
    
    $
    1,797
    
    
    
    4.93
    %Ginnie Mae certificates
    
    
    
    
    
    
    
    
    
    
    4
    
    
    
    9.00
    
    
    
    
    
    
    
    
    
    
    
    17
    
    
    
    5.13
    
    
    
    21
    
    
    
    21
    
    
    
    5.84Freddie Mac certificates
    
    
    
    
    
    
    
    
    
    
    27
    
    
    
    7.46
    
    
    
    20
    
    
    
    5.95
    
    
    
    297
    
    
    
    5.31
    
    
    
    344
    
    
    
    346
    
    
    
    5.54Total
    
    $
    
    
    
    
    
    %
    
    $
    31
    
    
    
    7.65
    %
    
    $
    20
    
    
    
    5.95
    %
    
    $
    2,121
    
    
    
    4.99
    %
    
    $
    2,172
    
    
    $
    2,164
    
    
    
    5.04
    %
 16




---



##### Table of Contents



Investments
   At June 30,2007
    
    
    2006Carrying
    
    
    Percent
    
    
    Market
    
    
    Percent
    
    
    Carrying
    
    
    Percent
    
    
    Market
    
    
    Percentvalue
    
    
    of total
    
    
    value
    
    
    of total
    
    
    value
    
    
    of total
    
    
    value
    
    
    of total(Dollars in thousands)Held to maturity:U.S. Government agency and sponsored
entity securities
    
    $
    11,000
    
    
    
    39.2
    %
    
    $
    10,828
    
    
    
    38.9
    %
    
    $
    17,000
    
    
    
    51.2
    %
    
    $
    16,555
    
    
    
    50.5
    %Municipal obligations
    
    
    31
    
    
    
    0.1
    
    
    
    31
    
    
    
    0.1
    
    
    
    41
    
    
    
    0.1
    
    
    
    41
    
    
    
    0.1Total securities held to maturity
    
    
    11,031
    
    
    
    39.3
    
    
    
    10,859
    
    
    
    39.0
    
    
    
    17,041
    
    
    
    51.3
    
    
    
    16,596
    
    
    
    50.6Available for sale:Asset management fund
    
    
    17,013
    
    
    
    60.7
    
    
    
    17,013
    
    
    
    61.0
    
    
    
    16,204
    
    
    
    48.7
    
    
    
    16,204
    
    
    
    49.4Total investment securities
    
    $
    28,044
    
    
    
    100.0
    %
    
    $
    27,872
    
    
    
    100.0
    %
    
    $
    33,245
    
    
    
    100.0
    %
    
    $
    32,800
    
    
    
    100.0
    %
 17




---



##### Table of Contents



At June 30, 2007One year or less
    
    
    

    After one to five years
    
    
    After five to ten years
    
    
    After ten years
    
    
    
    
    
    
    Total PortfolioWeighted
    
    
    
    
    
    
    
    
    
    
    WeightedCarrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    Carrying
    
    
    Average
    
    
    average life
    
    
    Carrying
    
    
    Market
    
    
    averagevalue
    
    
    Yield
    
    
    value
    
    
    yield
    
    
    value
    
    
    yield
    
    
    value
    
    
    yield
    
    
    in years
    
    
    value
    
    
    value
    
    
    yield(Dollars in thousands)U.S. Government
agency and sponsored
entity securities
    
    $
    2,000
    
    
    
    3.55
    %
    
    $
    9,000
    
    
    
    3.86
    %
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    
    0.50
    
    
    $
    11,000
    
    
    $
    10,828
    
    
    
    3.80
    %Municipal obligations
    
    
    
    
    
    
    
    
    
    
    31
    
    
    
    3.63
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.83
    
    
    
    31
    
    
    
    31
    
    
    
    3.63$
    2,000
    
    
    
    3.55
    %
    
    $
    9,031
    
    
    
    3.86
    %
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    
    1.26
    
    
    $
    11,031
    
    
    $
    10,859
    
    
    
    3.80
    %
 18




---



##### Table of Contents



Deposits and borrowings
 General.
 Deposits.
  19




---



##### Table of Contents



At June 30,2007
    
    
    2006Percent
    
    
    
    
    
    
    Percentof total
    
    
    
    
    
    
    of totalAmount
    
    
    deposits
    
    
    Amount
    
    
    deposits(Dollars in thousands)Transaction accounts:Non-interest-bearing accounts
    
    $
    4,248
    
    
    
    5.3
    %
    
    $
    4,153
    
    
    
    5.3
    %NOW accounts (1)
    
    
    4,844
    
    
    
    6.1
    
    
    
    4,859
    
    
    
    6.2Money market accounts (2)
    
    
    498
    
    
    
    0.6
    
    
    
    602
    
    
    
    0.7Savings accounts (3)
    
    
    18,818
    
    
    
    23.7
    
    
    
    20,661
    
    
    
    26.2Total transaction accounts
    
    
    28,408
    
    
    
    35.7
    
    
    
    30,275
    
    
    
    38.4Certificates of deposit:1.01% - 2.00%
    
    
    
    
    
    
    
    
    
    
    614
    
    
    
    0.82.01% - 3.00%
    
    
    3,005
    
    
    
    3.8
    
    
    
    11,610
    
    
    
    14.73.01% - 4.00%
    
    
    15,446
    
    
    
    19.4
    
    
    
    14,693
    
    
    
    18.74.01% - 5.00%
    
    
    15,112
    
    
    
    18.9
    
    
    
    21,210
    
    
    
    26.9Greater than 5.00%
    
    
    17,662
    
    
    
    22.2
    
    
    
    380
    
    
    
    0.5Total certificates of deposit
    
    
    51,225
    
    
    
    64.3
    
    
    
    48,507
    
    
    
    61.6Total deposits (4)
    
    $
    79,633
    
    
    
    100.0
    %
    
    $
    78,782
    
    
    
    100.0
    %
 
 (1)
    
    Greenville Federals weighted-average interest rate paid on NOW accounts fluctuates with the
general movement of interest rates. At June 30, 2007 and 2006, the weighted-average rates on
NOW accounts were 0.56% and 0.56%, respectively.(2)
    
    Greenville Federals weighted-average interest rate paid on money market accounts fluctuates
with the general movement of interest rates. At June 30, 2007 and 2006, the weighted-average
rates on money market accounts were 0.60%, and 0.60%, respectively.(3)
    
    Greenville Federals weighted-average rate on savings accounts fluctuates with the general
movement of interest rates. The weighted-average interest rate on savings accounts was 1.08%,
and 1.04%, at June 30, 2007 and 2006, respectively.(4)
    
    IRAs are included in the various certificates of deposit balances. IRAs totaled $7.5 million
and $7.4 million as of June 30, 2007 and 2006, respectively. 20




---



##### Table of Contents



June 30, 2007
    
    
    June 30, 2006Amount
    
    
    Average interest rate
    
    
    Amount
    
    
    Average interest rate(Dollars in thousands)3 months or less
    
    $
    2,742
    
    
    
    5.03
    %
    
    $
    5,616
    
    
    
    4.65
    %Over 3 to 6 months
    
    
    3,869
    
    
    
    4.90
    
    
    
    3,353
    
    
    
    4.57Over 6 to 12 months
    
    
    6,678
    
    
    
    5.08
    
    
    
    559
    
    
    
    3.94Over 12 months
    
    
    1,259
    
    
    
    3.94
    
    
    
    997
    
    
    
    3.77Total time deposits
$100,000 or greater
    
    $
    14,548
    
    
    
    4.92
    %
    
    $
    10,525
    
    
    
    4.50
    %
 Borrowings.
  At or for theyear endedJune 30,2007
    
    2006(Dollars in thousands)Average balance outstanding
    
    $
    28,146
    
    
    $
    30,621Maximum amount outstanding at any month end
during the year
    
    
    31,215
    
    
    
    32,193Balance outstanding at end of year
    
    
    26,125
    
    
    
    28,177Weighted-average interest rate during the year
    
    
    4.83
    %
    
    
    4.64
    %Weighted-average interest rate at end of year
    
    
    4.78
    %
    
    
    4.81
    %
 Subsidiaries
  21




---



##### Table of Contents



Personnel
  SUPERVISION AND REGULATION
   General
   22




---



##### Table of Contents



Greenville Federal Financial Corporation
   Greenville Federal
     23




---



##### Table of Contents



Insurance of accounts and regulation by the FDIC
  Regulatory capital requirements
      24




---



##### Table of Contents



Limitations on dividends and other capital distributions
   25




---



##### Table of Contents



Liquidity
  Qualified thrift lender test
  26




---



##### Table of Contents



Community Reinvestment Act
  Transactions with affiliates
   Federal Reserve System
  Federal Home Loan Bank System
  27




---



##### Table of Contents



Patriot Act
  
    
    establishment of anti-money laundering programs;
    
    establishment of a program specifying procedures for obtaining identifying
information from customers seeking to open new accounts, including verifying the
identity of customers within a reasonable period of time;
    
    establishment of enhanced due diligence policies, procedures and controls designed
to detect and report money laundering; and
    
    prohibitions on correspondent accounts for foreign shell banks and compliance with
record keeping obligations with respect to correspondent accounts of foreign banks.
  Federal securities law
  28




---



##### Table of Contents



TAXATION
 Federal income taxation
 General.
 Bad debt reserves.
 Taxable distributions and recapture.
 Charitable contributions.
 Tax treatment of distributions.
 29




---



##### Table of Contents



Corporate dividends-received deduction.
 Alternative minimum tax.
 Net operating loss carryovers.
  Ohio franchise and income taxation
 General.
  30




---



##### Table of Contents



Item 2. Description of Property
 Properties
  Date acquiredLocation
    
    Owned or leased
    
    or leased
    
    Book value
    
    Deposits(Dollars in thousands)Main Office:690 Wagner Avenue

Greenville, Ohio
    
    Owned
    
    
    4/11/95
    
    
    $
    1,645
    
    
    $
    74,410Branch:Kroger Store

200 Lease Avenue
    
    Leased (1)
    
    
    8/11/00
    
    
    
    
    
    
    
    5,223Vacant Land:State Rt. Alt. 49N

Arcanum, Ohio
    
    Owned
    
    
    6/18/04
    
    
    
    162
    
    
    
    
 
 (1)
    
    Greenville Federal and Kroger Limited Partnership I signed banking services license
modification agreement No. 2 that extended the term of the renewal option to October 26, 2010,
from October 26, 2007. The rental fee currently is $4,000 per month. Starting October 27,
2007, the rental fee will be $4,300 per month through October 26, 2010. 
 Item 3. Legal Proceedings
  31




---



##### Table of Contents



Item 4. Submission of Matters to a Vote of Security Holders
  
 PART II
 
 Item 5. Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases
of Equity Securities.
   (a)


    

(b)

    
    
    (c)Number of securitiesremaining available forNumber of
    
    
    
    
    
    future issuance undersecurities
    
    
    
    equity compensationto be issued upon
    
    Weighted-average
    
    plans (excludingexercise of
    
    exercise price of
    
    securitiesPlan Category
    
    outstanding options
    
    outstanding options
    
    reflected in column (a)Equity compensation
plans approved by
security holders
    
    
    74,800
    
    
    $
    9.45
    
    
    
    57,170
    (1)Equity compensation
plans not approved
by security holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    74,800
    
    
    $
    9.45
    
    
    
    57,170
    (1)
 
 (1)
    
    The Equity Plan authorizes the award of options to purchase 112,622 shares of GFFC
common stock, and options to purchase 74,800 shares have been awarded. As of September 14,
2007, no options have yet been exercised. The Equity Plan also authorizes the award of
45,048 retention shares, of which 25,700 shares have been awarded. The retention shares
awarded were purchased on the over-the-counter market by the trust established pursuant to
the Equity Plan. Retention shares may be purchased on the over-the-counter market or
directly from GFFC. The 57,170 shares 32




---



##### Table of Contents



indicated as available for future issuance include 37,822 shares that still may be
issued upon the exercise of options not yet awarded and 19,348 shares that may be issued
as retention shares.(b)
    
    Not applicable(c)
    
    Unregistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Equity SecuritiesMaximumTotal Number of
    
    
    Number of SharesShares Purchased
    
    
    that May Yet Beas Part of Publicly
    
    
    Purchased UnderTotal Number of
    
    
    Average Price
    
    
    Announced Plans or
    
    
    the Plans orPeriod
    
    Shares Purchased
    
    
    Paid per Share
    
    
    Programs
    
    
    Programs4/1 to 4/30/2007
    
    
  
    
    
    $
    
    
    
    
    
    
    
    
    5/1 to 5/31/2007
    
    
    16,500
    
    
    
    9.83
    
    
    
    16,500
    
    
    
    19,7456/1 to 6/30/2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    16,500
    
    
    $
    9.83
    
    
    
    16,500
    
    
    
    19,745
 
 (1)
    
    On October 31, 2006, stockholders of the Corporation approved the Greenville Federal
Financial Corporation 2006 Equity Plan. As permitted by the 2006 Equity Plan, the
Greenville Federal Financial Corporation 2006 Equity Plan Trust may purchase up to 45,048
shares of Corporation common stock either on the open market, in privately negotiated
transactions or from the Corporation for retention shares to be awarded pursuant to the
Equity Plan. All 16,500 shares indicated above were purchased by the 2006 Equity Plan
Trust. 
 Item 6. Managements Discussion and Analysis or Plan of Operation.
  
 Item 7. Financial Statements
  33




---



##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




---



##### Table of Contents



Item 8. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 8A. Controls and Procedures.
  
 Item 8B. Other Information.
  
 PART III
 
 Item 9.
    
    Directors, Executive Officers, Promoters and Control Persons; Compliance with Section
16(a) of the Exchange Act.
   
 Item 10. Executive Compensation





Item 11. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.




34



---



##### Table of Contents



Item 12. Certain Relationships and Related Transactions
  
 Item 13. Exhibits
 3.1

    Federal Stock Charter3.2

    Federal Stock Bylaws10.1

    Employment Agreement for David M. Kepler (Replaced)10.2

    Employment Agreement for David M. Kepler (Current)10.3

    Employment Agreement for Susan J. Allread (Replaced)10.4

    Employment Agreement for Susan J. Allread (Current)10.5

    Greenville Federal Financial Corporation 2006 Equity Plan10.6

    Form of Greenville Federal Financial Corporation 2006
Equity Plan Award Agreement
 35




---



##### Table of Contents



13

    2007 Annual Report to Stockholders (the following parts
of which are incorporated herein by reference: Market
Price of GFFCs Common Stock and Related Stockholder
Matters, Managements Discussion and Analysis of
Financial Condition and Results of Operations and
Consolidated Financial Statements)16

    Letter from Grant Thornton LLP20

    Proxy Statement for 2007 Annual Meeting of Stockholders21

    Subsidiaries23.1

    Consent of BKD LLP23.2

    Consent of Grant Thornton LLP31.1

    Certification of Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 200231.2

    Certification of Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 200232.1

    Certification of Chief Executive Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 200232.2

    Certification of Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
 
 Item 14. Principal Accountant Fees and Services
  36




---



##### Table of Contents



SIGNATURES
  GREENVILLE FEDERAL FINANCIAL CORPORATIONBy:
    /s/ David M. KeplerDavid M. KeplerPresident and Chief Executive OfficerDate: September 26, 2007  /s/ David Feltman
    
    /s/ David M. KeplerDavid Feltman
    
    David M. KeplerDirector
    
    President, Chief Executive Officer and Director(Principal Executive Officer)Date: September 26, 2007
    
    Date: September 26, 2007/s/ George S. Luce, Jr.
    
    /s/ Richard J. OBrienGeorge S. Luce, Jr.
    
    Richard J. OBrienDirector
    
    DirectorDate: September 26, 2007
    
    Date: September 26, 2007/s/ Eunice F. Steinbrecher
    
    /s/ James W. WardEunice F. Steinbrecher
    
    James W. WardDirector
    
    Director, Chairman of the BoardDate: September 26, 2007
    
    Date: September 26, 2007/s/ David R. Wolverton
    
    /s/ Susan J. AllreadDavid R. Wolverton
    
    Susan J. AllreadDirector
    
    Chief Financial Officer and Secretary(Principal Financial Officer and Principal
Accounting Officer)Date: September 26, 2007
    
    Date: September 26, 2007
 37




---



##### Table of Contents



INDEX TO EXHIBITS
 EXHIBITNUMBER
    
    DESCRIPTION3.1
    
    Greenville Federal Financial
Corporation Federal Stock
Subsidiary Holding Company
Charter
    
    Incorporated by reference to
the Registration Statement
on Form 8-A (the Form 8-A)
filed by the Registrant with
the Securities and Exchange
Commission (the SEC) on
December 14, 2005, Exhibit 23.2
    
    Greenville Federal Financial
Corporation Federal Stock
Subsidiary Holding Company
Bylaws
    
    Incorporated by reference to
the Form 8-A filed by the
Registrant with the SEC on
December 14, 2005, Exhibit 310.1
    
    Employment Agreement for
David M. Kepler (Replaced)
    
    Incorporated by reference to
Exhibit 10.1 to the Current
Report on Form 8-K filed by
the Registrant with the SEC
on January 19, 200610.2
    
    Employment Agreement for
David M. Kepler (Current)
    
    Incorporated by reference to
Exhibit 10.1 to the Current
Report on Form 8-K filed by
the Registrant with the SEC
on September 21, 200610.3
    
    Employment Agreement for
Susan J. Allread (Replaced)
    
    Incorporated by reference to
Exhibit 10.2 to the Current
Report on Form 8-K filed by
the Registrant with the SEC
on January 19, 200610.4
    
    Employment Agreement for
Susan J. Allread (Current)
    
    Incorporated by reference to
Exhibit 10.2 to the Current
Report on Form 8-K filed by
the Registrant with the SEC
on September 21, 200610.5
    
    Greenville Federal Financial
Corporation 2006 Equity Plan
    
    Incorporated by reference to
Exhibit A to Proxy Statement
filed by the Registrant with
the SEC on September 27,
200610.6
    
    Form of Greenville Federal
Financial Corporation 2006
Equity Plan Award Agreement
    
    Incorporated by reference to
Exhibit 10.1 to the Current
Report on Form 8-K fled by
the Registrant with the SEC
on November 2, 200613
    
    Greenville Federal Financial
Corporation 2007 Annual
Report to Stockholders
    
    Included herewith16
    
    Letter from Grant Thornton
LLP
    
    Incorporated by reference to
Exhibit 16.1 to the Current
Report on Form 8-K filed by
the Registrant on July 11,
2007
 38




---



##### Table of Contents



EXHIBITNUMBER
    
    DESCRIPTION20
    
    Proxy Statement for 2007
Annual Meeting of
Stockholders
    
    Incorporated by reference to
the Proxy Statement for the
2007 Annual Meeting of
Stockholders, to be filed
with the SEC no later than
120 days after the end of
the fiscal year21
    
    Subsidiaries
    
    Included herewith23.1
    
    Consent of BKD LLP
    
    Included herewith23.2
    
    Consent of Grant Thornton LLP
    
    Included herewith31.1
    
    Certification of Chief
Executive Officer pursuant
to Section 302 of the
Sarbanes-Oxley Act of 2002
    
    Included herewith31.2
    
    Certification of Chief
Financial Officer pursuant
to Section 302 of the
Sarbanes-Oxley Act of 2002
    
    Included herewith32.1
    
    Certification of Chief
Executive Officer pursuant
to Section 906 of the
Sarbanes-Oxley Act of 2002
    
    Included herewith32.2
    
    Certification of Chief
Financial Officer pursuant
to Section 906 of the
Sarbanes-Oxley Act of 2002
    
    Included herewith
 39