UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended June 30, 2009
 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
 Yes o No þ
 Yes o No þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 Yes o No þ
   DOCUMENTS INCORPORATED BY REFERENCE




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##### 



PART I
 Item 1. Description of Business.
 General
    www.greenvillefederal.com.
 Lending activities
 General.
  2




---



##### 



Loan portfolio composition.
 June 30,2009
    
    
    2008Percent
    
    
    
    
    
    
    PercentAmount
    
    
    of total loans
    
    
    Amount
    
    
    of total loans(Dollars in thousands)Residential real estate loans:One- to four-family
    
    $
    77,866
    
    
    
    83.59
    %
    
    $
    74,882
    
    
    
    81.69
    %Multi-family
    
    
    3,825
    
    
    
    4.11
    
    
    
    3,907
    
    
    
    4.26Construction
    
    
    686
    
    
    
    0.73
    
    
    
    998
    
    
    
    1.09Nonresidential real estate
    
    
    5,793
    
    
    
    6.22
    
    
    
    5,999
    
    
    
    6.54Nonresidential real estate
construction
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Commercial
    
    
    2,270
    
    
    
    2.44
    
    
    
    2,879
    
    
    
    3.14Consumer and other
    
    
    2,710
    
    
    
    2.91
    
    
    
    3,004
    
    
    
    3.28Total loans
    
    
    93,150
    
    
    
    100.00
    %
    
    
    91,669
    
    
    
    100.00
    %Less:Unearned interest
    
    
    10
    
    
    
    
    
    
    
    10Deferred loan origination fees, net
    
    
    338
    
    
    
    
    
    
    
    368Allowance for loan losses
    
    
    577
    
    
    
    
    
    
    
    583Undisbursed portion of loans
in process- residential
    
    
    562
    
    
    
    
    
    
    
    857Undisbursed portion of loans
in process- nonresidential
    
    
    
    
    
    
    
    
    
    
    Loans receivable, net
    
    $
    91,663
    
    
    
    
    
    
    $
    89,851
  3




---



##### 



Loan maturity schedule.
 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 after2010
    
    
    2011
    
    
    2012
    
    
    6/30/09
    
    
    6/30/09
    
    
    6/30/09
    
    
    6/30/09
    
    
    Total(In thousands)Fixed-rate loansResidential real estate loans:One- to four-family (first mortgage) (1)
    
    $
    75
    
    
    $
    71
    
    
    $
    34
    
    
    $
    783
    
    
    $
    5,068
    
    
    $
    19,926
    
    
    $
    37,651
    
    
    $
    63,608Home equity (second mortgage)
    
    
    93
    
    
    
    36
    
    
    
    101
    
    
    
    187
    
    
    
    1,066
    
    
    
    870
    
    
    
    
    
    
    
    2,353Multi-family and nonresidential real estate loans (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    524
    
    
    
    2,195
    
    
    
    199
    
    
    
    2,918Total real estate loans
    
    
    168
    
    
    
    107
    
    
    
    135
    
    
    
    970
    
    
    
    6,658
    
    
    
    22,991
    
    
    
    37,850
    
    
    
    68,879Commercial loans
    
    
    641
    
    
    
    196
    
    
    
    107
    
    
    
    389
    
    
    
    452
    
    
    
    193
    
    
    
    
    
    
    
    1,978Consumer and other loans
    
    
    319
    
    
    
    312
    
    
    
    718
    
    
    
    1,277
    
    
    
    85
    
    
    
    
    
    
    
    
    
    
    
    2,711Total fixed-rate loans
    
    
    1,128
    
    
    
    615
    
    
    
    960
    
    
    
    2,636
    
    
    
    7,195
    
    
    
    23,184
    
    
    
    37,850
    
    
    
    73,568Adjustable-rate loansResidential real estate loans:One- to four-family (first mortgage) (1)
    
    
    
    
    
    
    15
    
    
    
    13
    
    
    
    35
    
    
    
    260
    
    
    
    2,725
    
    
    
    6,805
    
    
    
    9,853Home equity (second mortgage)
    
    
    386
    
    
    
    293
    
    
    
    532
    
    
    
    1,505
    
    
    
    21
    
    
    
    
    
    
    
    
    
    
    
    2,737Multi-family and nonresidential real estate loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    78
    
    
    
    1,134
    
    
    
    5,489
    
    
    
    6,701Total real estate loans
    
    
    386
    
    
    
    308
    
    
    
    545
    
    
    
    1,540
    
    
    
    359
    
    
    
    3,859
    
    
    
    12,294
    
    
    
    19,291Commercial loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    291
    
    
    
    291Consumer and other loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total adjustable-rate loans
    
    
    386
    
    
    
    308
    
    
    
    545
    
    
    
    1,540
    
    
    
    359
    
    
    
    3,859
    
    
    
    12,585
    
    
    
    19,583Total loans
    
    $
    1,514
    
    
    $
    923
    
    
    $
    1,505
    
    
    $
    4,176
    
    
    $
    7,554
    
    
    $
    27,043
    
    
    $
    50,435
    
    
    $
    93,150
 
 (1)
    
    Includes construction loans. One- to four-family residential real estate loans.
   4




---



##### 



Multi-family residential real estate loans.
   5




---



##### 



Construction loans.
   Nonresidential real estate loans.
    6




---



##### 



Consumer loans.
   Commercial loans.
    7




---



##### 



Loan solicitation and processing.
        Loan purchases and sales.
  8




---



##### 



Year ended June 30,2009
    
    
    2008(In thousands)Loan originations:One- to four-family residential
    
    $
    12,798
    
    
    $
    11,230Multi-family residential
    
    
    
    
    
    
    184Nonresidential
    
    
    135
    
    
    
    639Land
    
    
    109
    
    
    
    137Commercial
    
    
    747
    
    
    
    1,724Consumer
    
    
    1,390
    
    
    
    1,758Total loans originated
    
    
    15,179
    
    
    
    15,672Loans purchased
    
    
    
    
    
    
    Total loans originated and purchased
    
    
    15,179
    
    
    
    15,672Principal repayments
    
    
    (12,955
    )
    
    
    (12,415
    )Loan originations, net
    
    
    2,224
    
    
    
    3,257Loans sold
    
    
    
    
    
    
    Transfers from loans to real estate acquired through foreclosure
    
    
    (378
    )
    
    
    (673
    )Increase (decrease) due to other items, net (1)
    
    
    (34
    )
    
    
    (146
    )Net increase in net loan portfolio
    
    $
    1,812
    
    
    $
    2,438
 
 (1)
    
    Consists of deferred fees, costs and the allowance for loan losses.    9




---



##### 



Delinquent loans, nonperforming assets and classified assets.
      10




---



##### 



At June 30,2009
    
    
    2008Percent
    
    
    
    
    
    
    
    
    
    
    PercentNumber
    
    
    Amount
    
    
    of total loans
    
    
    Number
    
    
    Amount
    
    
    of total loans(Dollars in thousands)Loans delinquent for (1):30  59 days
    
    
    21
    
    
    $
    1,342
    
    
    
    1.44
    %
    
    
    22
    
    
    $
    1,106
    
    
    
    1.21
    %60  89 days
    
    
    26
    
    
    
    1,143
    
    
    
    1.23
    
    
    
    8
    
    
    
    222
    
    
    
    0.2490 days and over
    
    
    12
    
    
    
    834
    
    
    
    0.90
    
    
    
    11
    
    
    
    747
    
    
    
    0.82Total delinquent loans
    
    
    59
    
    
    $
    3,319
    
    
    
    3.56
    %
    
    
    41
    
    
    $
    2,075
    
    
    
    2.27
    %
 
 (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 30,2009
    
    
    2008(Dollars in thousands)Accruing loans greater than 90 days delinquent:Real estate:Residential
    
    $
    338
    
    
    $
    503Nonresidential
    
    
    
    
    
    
    Commercial
    
    
    100
    
    
    
    Total accruing loans greater than 90 days delinquent
    
    
    438
    
    
    
    503Nonaccrual loans:Real estate:Residential (1)
    
    
    390
    
    
    
    236Nonresidential
    
    
    
    
    
    
    Consumer (1)
    
    
    6
    
    
    
    8Total nonaccrual loans
    
    
    244
    
    
    
    244Total nonperforming loans
    
    
    834
    
    
    
    747Real estate owned
    
    
    559
    
    
    
    687Total nonperforming assets
    
    $
    1,393
    
    
    $
    1,434Total nonperforming loans as a percentage of total loans
    
    
    0.90
    %
    
    
    0.81
    %Total nonperforming assets as a percentage of total assets
    
    
    1.17
    %
    
    
    1.14
    %Allowance for loan losses as a percentage of nonperforming loans
    
    
    69.18
    %
    
    
    78.05
    %
 
 (1)
    
    As of June 30, 2008 and 2009, none of the above loan balances are less than 90 days past due.   11




---



##### 



At June 30,2009
    
    
    2008(In thousands)Classified assets:Substandard
    
    $
    4,689
    
    
    $
    2,806Doubtful
    
    
    
    
    
    
    Loss
    
    
    24
    
    
    
    59Total classified assets
    
    $
    4,713
    
    
    $
    2,865
    12




---



##### 



Allowance for loan losses.
    13




---



##### 



Year ended June 30,2009
    
    
    2008(Dollars in thousands)Total gross loans outstanding
    
    $
    93,137
    
    
    $
    91,669Average net loans outstanding
    
    $
    90,729
    
    
    $
    88,761Allowance for loan lossesBalance at beginning of year
    
    $
    583
    
    
    $
    579Charge-offsReal estate:Residential
    
    
    (128
    )
    
    
    (23
    )Nonresidential
    
    
    
    
    
    
    Commercial
    
    
    
    
    
    
    (120
    )Consumer
    
    
    (43
    )
    
    
    (56
    )Total charge-offs
    
    
    (171
    )
    
    
    (199
    )RecoveriesReal estate:Residential
    
    
    
    
    
    
    Nonresidential
    
    
    
    
    
    
    Commercial
    
    
    
    
    
    
    Consumer
    
    
    10
    
    
    
    14Total recoveries
    
    
    10
    
    
    
    14Net charge-offs
    
    
    (161
    )
    
    
    (185
    )Provision for losses on loans
    
    
    155
    
    
    
    189Balance at end of year
    
    $
    577
    
    
    $
    583Ratio of allowance for loan losses to total loans outstanding
    
    
    0.62
    %
    
    
    0.64
    %Ratio of net charge-offs to average loans outstanding during the year
    
    
    0.18
    %
    
    
    0.21
    %
  14




---



##### 



At June 30, 2009Amount
    
    
    Percent of total allowance
    
    
    Percent of gross loans(Dollars in thousands)One- to four-family real estate
    
    $
    401
    
    
    
    69.5
    
    
    
    84.4
    %Multi-family real estate
    
    
    12
    
    
    
    2.1
    
    
    
    4.1Nonresidential real estate
    
    
    18
    
    
    
    3.1
    
    
    
    6.2Commercial
    
    
    8
    
    
    
    1.4
    
    
    
    2.4Consumer
    
    
    138
    
    
    
    23.9
    
    
    
    2.9$
    577
    
    
    
    100.0
    %
    
    
    100.0
    %
 At June 30, 2008Amount
    
    
    Percent of total allowance
    
    
    Percent of gross loans(Dollars in thousands)One- to four-family real estate
    
    $
    450
    
    
    
    77.2
    %
    
    
    82.8
    %Multi-family real estate
    
    
    21
    
    
    
    3.6
    
    
    
    4.3Nonresidential real estate
    
    
    32
    
    
    
    5.5
    
    
    
    6.5Commercial
    
    
    17
    
    
    
    2.9
    
    
    
    3.1Consumer
    
    
    63
    
    
    
    10.8
    
    
    
    3.3$
    583
    
    
    
    100.0
    %
    
    
    100.0
    %
  15




---



##### 



Mortgage-backed securities
    At June 30,2009
        
    2008Carrying
    
    
    Market
    
    
    Carrying
    
    
    Marketvalue
    
    
    value
    
    
    value
    
    
    value(In thousands)Fannie Mae certificates
    
    $
    881
    
    
    $
    923
    
    
    $
    1,088
    
    
    $
    1,108Ginnie Mae certificates
    
    
    786
    
    
    
    815
    
    
    
    12
    
    
    
    12Freddie Mac certificates
    
    
    155
    
    
    
    155
    
    
    
    180
    
    
    
    181Total mortgage-backed securities
    
    $
    1,822
    
    
    $
    1,893
    
    
    $
    1,280
    
    
    $
    1,301
  16




---



##### 



At June 30, 2009Total 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
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    881
    
    
    
    5.22
    %
    
    $
    881
    
    
    $
    923
    
    
    
    5.22
    %Ginnie Mae certificates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    786
    
    
    
    5.94
    
    
    
    786
    
    
    
    815
    
    
    
    5.94Freddie Mac certificates
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    12.25
    
    
    
    135
    
    
    
    4.73
    
    
    
    19
    
    
    
    3.89
    
    
    
    155
    
    
    
    155
    
    
    
    4.68Total
    
    $
    
    
    
    
    
    %
    
    $
    1
    
    
    
    12.25
    %
    
    $
    135
    
    
    
    4.73
    %
    
    $
    1,686
    
    
    
    5.54
    %
    
    $
    1,822
    
    
    $
    1,893
    
    
    
    5.49
    %
 At June 30, 2008Total 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
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    1,088
    
    
    
    5.59
    %
    
    $
    1,088
    
    
    $
    1,108
    
    
    
    5.59
    %Ginnie Mae certificates
    
    
    1
    
    
    
    9.00
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11
    
    
    
    5.13
    
    
    
    12
    
    
    
    12
    
    
    
    5.46Freddie Mac certificates
    
    
    2
    
    
    
    7.00
    
    
    
    1
    
    
    
    12.58
    
    
    
    154
    
    
    
    6.56
    
    
    
    23
    
    
    
    6.11
    
    
    
    180
    
    
    
    181
    
    
    
    6.61Total
    
    $
    3
    
    
    
    7.64
    %
    
    $
    1
    
    
    
    12.58
    %
    
    $
    154
    
    
    
    6.56
    %
    
    $
    1,122
    
    
    
    5.58
    %
    
    $
    1,280
    
    
    $
    1,301
    
    
    
    5.73
    %
  17




---



##### 



Investments
   At June 30,2009
    
    
    2008Carrying
    
    
    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
    
    $
    
    
    
    
    
    %
    
    $
    
    
    
    
    
    %
    
    $
    2,000
    
    
    
    11.0
    %
    
    $
    2,001
    
    
    
    11.0
    %Municipal obligations
    
    
    11
    
    
    
    0.1
    
    
    
    11
    
    
    
    0.1
    
    
    
    21
    
    
    
    0.1
    
    
    
    21
    
    
    
    0.1Total securities held to maturity
    
    
    11
    
    
    
    0.1
    
    
    
    11
    
    
    
    0.1
    
    
    
    2,021
    
    
    
    11.1
    
    
    
    2,022
    
    
    
    11.1Available for sale:Asset management fund
    
    
    11,888
    
    
    
    99.9
    
    
    
    11,888
    
    
    
    99.9
    
    
    
    16,157
    
    
    
    88.9
    
    
    
    16,157
    
    
    
    88.9Total investment securities
    
    $
    11,899
    
    
    
    100.0
    %
    
    $
    11,899
    
    
    
    100.0
    %
    
    $
    18,178
    
    
    
    100.0
    %
    
    $
    18,179
    
    
    
    100.0
    %
  At June 30, 2009One 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)Municipal obligations
    
    $
    11
    
    
    
    3.63
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.83
    
    
    $
    11
    
    
    $
    11
    
    
    
    3.63
    %$
    11
    
    
    
    3.63
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    0.83
    
    
    $
    11
    
    
    $
    11
    
    
    
    3.63
    %
  18




---



##### 



Deposits and borrowings
 General.
 Deposits.
   19




---



##### 



At June 30,2009
    
    
    2008Percent
    
    
    
    
    
    
    Percentof total
    
    
    
    
    
    
    of totalAmount
    
    
    deposits
    
    
    Amount
    
    
    deposits(Dollars in thousands)Transaction accounts:Non-interest-bearing accounts
    
    $
    4,832
    
    
    
    6.6
    %
    
    $
    4,806
    
    
    
    5.7
    %NOW accounts (1)
    
    
    4,937
    
    
    
    6.8
    
    
    
    4,580
    
    
    
    5.5Money market accounts (2)
    
    
    338
    
    
    
    0.5
    
    
    
    330
    
    
    
    0.4Savings accounts (3)
    
    
    21,290
    
    
    
    29.2
    
    
    
    20,357
    
    
    
    24.3Total transaction accounts
    
    
    31,397
    
    
    
    43.1
    
    
    
    30,073
    
    
    
    35.9Certificates of deposit:0.00%  1.00%
    
    
    2,799
    
    
    
    3.8
    %
    
    
    
    
    
    
    1.01%  2.00%
    
    
    10,182
    
    
    
    13.9
    
    
    
    2,721
    
    
    
    3.32.01%  3.00%
    
    
    8,520
    
    
    
    11.7
    
    
    
    23,032
    
    
    
    27.53.01%  4.00%
    
    
    11,797
    
    
    
    16.2
    
    
    
    19,149
    
    
    
    22.94.01%  5.00%
    
    
    8,223
    
    
    
    11.3
    
    
    
    8,722
    
    
    
    10.4Greater than 5.00%
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total certificates of deposit
    
    
    41,521
    
    
    
    56.9
    
    
    
    53,624
    
    
    
    64.1Total deposits (4)
    
    $
    72,918
    
    
    
    100.0
    %
    
    $
    83,697
    
    
    
    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, 2009 and 2008, the weighted-average rates on
NOW accounts were 0.17% 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, 2009 and 2008, the weighted-average
rates on money market accounts were 0.20% 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 0.57%
and 1.11%, at June 30, 2009 and 2008, respectively.(4)
    
    IRAs are included in the various certificates of deposit balances. IRAs totaled $8.8 million
and $7.4 million as of June 30, 2009 and 2008, respectively.  20




---



##### 



June 30, 2009
    
    
    June 30, 2008Amount
    
    
    Average interest rate
    
    
    Amount
    
    
    Average interest rate(Dollars in thousands)3 months or less
    
    $
    2,394
    
    
    
    1.09
    %
    
    $
    9,607
    
    
    
    2.86
    %Over 3 to 6 months
    
    
    604
    
    
    
    1.69
    
    
    
    5,347
    
    
    
    2.09Over 6 to 12 months
    
    
    623
    
    
    
    2.40
    
    
    
    1,618
    
    
    
    2.96Over 12 months
    
    
    3,253
    
    
    
    3.65
    
    
    
    1,668
    
    
    
    4.01Total time deposits $100,000 or greater
    
    $
    6,874
    
    
    
    2.47
    %
    
    $
    18,240
    
    
    
    2.75
    %
 Borrowings.
  At or for theyear ended 
June 30,2009
    
    
    2008(Dollars in thousands)Average balance outstanding
    
    $
    22,092
    
    
    $
    23,782Maximum amount outstanding at any month end during the year
    
    
    26,903
    
    
    
    28,250Balance outstanding at end of year
    
    
    26,903
    
    
    
    19,214Weighted-average interest rate during the year
    
    
    4.05
    %
    
    
    4.65
    %Weighted-average interest rate at end of year
    
    
    3.83
    %
    
    
    4.43
    %
 Subsidiaries
   21




---



##### 



Competition
  Personnel
  SUPERVISION AND REGULATION
   General
   22




---



##### 



Greenville Federal Financial Corporation
   Greenville Federal
     23




---



##### 



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




---



##### 



25




---



##### 



Limitations on dividends and other capital distributions
      Liquidity
   26




---



##### 



Qualified thrift lender test
  Community Reinvestment Act
  Transactions with affiliates
   Federal Reserve System
   27




---



##### 



Federal Home Loan Bank System
   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.
   28




---



##### 



Federal securities law
   TAXATION
 Federal income taxation
 General.
 Bad debt reserves.
 Taxable distributions and recapture.
  29




---



##### 



Charitable contributions.
 Tax treatment of distributions.
 Corporate dividends-received deduction.
 Alternative minimum tax.
 Net operating loss carryovers.
   30




---



##### 



Ohio franchise and income taxation
 General.
   Item 1A. Risk Factors.
   31




---



##### 



Item 1B. Unresolved Staff Comments.
  Item 2. 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
    
    
    $
    1,556
    
    
    $
    74,842Branch:
Kroger Store
200 Lease Avenue
    
    Leased (1)
    
    
    8/11/00
    
    
    
    
    
    
    $
    6,143Vacant 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 is $4,300 per month. Item 3. Legal Proceedings.
  Item 4. Submission of Matters to a Vote of Security Holders.
   32




---



##### 



PART II
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.
   (a)
    
    
    (b)
    
    
    (c)Number of securitiesNumber of
    
    
    
    
    
    
    remaining available forsecurities
    
    
        
    

    
    future issuance underto be issued upon
    
    
    Weighted-average
    
    
    equity compensationexercise of
    
    
    exercise price of
    
    
    plans (excludingoutstanding options,
    
    
    outstanding options,
    
    
    securitiesPlan Category
    
    warrants and rights
    
    
    warrants and rights
    
    
    reflected in column (a)Equity compensation
plans approved by
security holders
    
    
    74,800
    
    
    $
    7.46
    
    
    
    50,730
    (1)Equity compensation
plans not approved
by security holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    74,800
    
    
    $
    7.46
    
    
    
    50,730
    (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 18,
2009, no options have yet been exercised. The Equity Plan also authorizes the award of
45,048 retention shares, of which 32,140 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 50,730 shares indicated as available for future issuance include
37,822 shares that still may be issued upon the exercise of options not yet awarded and
12,908 shares that may be issued as retention shares.   Item 6. Selected Financial Data.
   33




---



##### 



Item 7. Managements Discussion and Analysis of Financial Conditions and Results of Operation.
  Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
  Item 8. Financial Statements and Supplementary Data.
  Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure.
    34




---



##### 



Item 9A. Controls and Procedures.
  Greenville Federal Financial Corporation
Managements Report on Internal Control Over Financial Reporting
     /s/ Jeff D. Kniese
    
    
    
    /s/ Susan J. AllreadJeff D. Kniese
    
    
    
    Susan J. AllreadPresident & Chief Executive Officer
    
    
    
    Chief Financial OfficerSeptember 28, 2009
    
    
    
    September 28, 2009
  35




---



##### 



Item 9B. Other Information.
   36




---



##### 



PART III
 Item 10. Directors, Executive Officers, and Corporate Governance.
  www.greenvillefederal.com.
 Item 11. Executive Compensation.
  Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.
  Item 13. Certain Relationships and Related Transactions, and Director Independence.
    Item 14. Principal Accountant Fees and Services.
   37




---



##### 



PART IV
 Item 15. Exhibits and Financial Statement Schedules.
 3.1
    
    
    Federal Stock Charter3.2
    
    
    Federal Stock Bylaws4
    
    
    Agreement to furnish long-term debt instruments and agreements10.1
    
    
    Employment Agreement for Jeff D. Kniese (Current)10.2
    
    
    Employment Agreement for Susan J. Allread (Replaced)10.3
    
    
    First Amendment to Employment Agreement for Susan J. Allread
(Replaced)10.4
    
    
    Employment Agreement for Susan J. Allread (Current)10.5
    
    
    Greenville Federal Financial Corporation Amended and Restated
2006 Equity Plan10.6
    
    
    Form of Greenville Federal Financial Corporation 2006 Equity
Plan Award Agreement13
    
    
    2009 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 BKD LLP20
    
    
    Proxy Statement for 2009 Annual Meeting of Stockholders21
    
    
    Subsidiaries23.1
    
    
    Consent of BKD 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
  38




---



##### 



SIGNATURES
  GREENVILLE FEDERAL FINANCIAL CORPORATIONBy:
    /s/ Jeff D. KnieseJeff D. KniesePresident and Chief Executive OfficerDate: September 28, 2009   /s/ David Feltman
    
    
    
    /s/ Jeff D. KnieseDavid Feltman
    
    
    
    Jeff D. KnieseDirector
    
    
    
    President, Chief Executive Officer and Director(Principal Executive Officer)Date: September 28, 2009
    
    
    
    Date: September 28, 2009/s/ George S. Luce, Jr.
    
    
    
    /s/ Richard J. OBrienGeorge S. Luce, Jr.
    
    
    
    Richard J. OBrienDirector
    
    
    
    DirectorDate: September 28, 2009
    
    
    
    Date: September 28, 2009/s/ Eunice F. Steinbrecher
    
    
    
    /s/ James W. WardEunice F. Steinbrecher
    
    
    
    James W. WardDirector
    
    
    
    Director, Chairman of the BoardDate: September 28, 2009
    
    
    
    Date: September 28, 2009/s/ David R. Wolverton
    
    
    
    /s/ Susan J. AllreadDavid R. Wolverton
    
    
    
    Susan J. AllreadDirector
    
    
    
    Chief Financial Officer and Secretary(Principal Financial Officer and PrincipalAccounting Officer)Date: September 28, 2009
    
    
    
    Date: September 28, 2009
  39




---



##### 



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 Exhibit 3.1 to the
Current Report on Form 8-K
filed by the Registrant with
the SEC on April 24, 20094
    
    
    Agreement to Furnish
Long-term Debt Instruments
and Agreements
    
    Included herewith10.1
    
    
    Employment Agreement for
Jeff D. Kniese (Current)
    
    Incorporated by reference to
Exhibit 99.1 to the Current
Report on Form 8-K filed by
the Registrant with the SEC
on April 14, 200910.2
    
    
    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 December 21, 200710.3
    
    
    First Amendment to
Employment Agreement for
Susan J. Allread (Replaced)
    
    Incorporated by reference to
Exhibit 10.6 to the annual
Report on Form 10-K filed by
the Registrant with the SEC
on September 25, 200810.4
    
    
    Employment Agreement for
Susan J. Allread (Current)
    
    Incorporated by reference to
Exhibit 10.1 to the Current
Report on Form 8-K filed by
the Registrant with the SEC
on July 24, 200910.5
    
    
    Greenville Federal Financial
Corporation Amended and
Restated 2006 Equity Plan
    
    Incorporated by reference to
Exhibit 10.7 to the Annual
Report on Form 10-K filed by
the Registrant with the SEC
on September 25, 200810.6
    
    
    Form of Greenville Federal
Financial Corporation 2006
Equity Plan Award Agreement
    
    Incorporated by reference to
Exhibit 10.8 to the Annual
Report on Form 10-K filed by
the Registrant with the SEC
on September 25, 200813
    
    
    Greenville Federal Financial Corporation 2009 Annual Report to
Shareholders
    
    Included herewith16
    
    
    Letter from BKD LLP
    

Incorporated
by reference to Exhibit 16 to the
Form 8-K filed by the
Registrant with the SEC on
September 25, 2009




---



##### 



EXHIBITNUMBER
    
    DESCRIPTION20
    
    
    Proxy Statement for 2009
Annual Meeting of
Stockholders
    
    Incorporated by reference to
the Proxy Statement for the
2009 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 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