SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-KSB/A
                                (Amendment No. 1)
(Mark One):

[X]  ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES  EXCHANGE
     ACT OF 1934

     For the fiscal year ended   June 30, 2002
                               -----------------

                                       OR

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934  For the transition period from           to         .
                                                          ---------    --------
Commission File Number:  0-25854

                               GFSB BANCORP, INC.
            --------------------------------------------------------
                 (Name of Small Business Issuer in its Charter)

Delaware                                                04-2095007
---------------------------------------------   --------------------------------
(State or Other Jurisdiction of Incorporation        (I.R.S. Employer
or Organization)                                    Identification No.)

221 West Aztec Avenue, Gallup, New Mexico                 87301
------------------------------------------            ------------
(Address of Principal Executive Offices)               (Zip Code)

Issuer's Telephone Number, Including Area Code:       (505) 722-4361
                                                      --------------

Securities Registered Under Section 12(b) of the Exchange Act:       None
                                                                     ----

Securities Registered Under Section 12(g) of the Exchange Act:

                     Common Stock, par value $0.10 per share
                     ---------------------------------------
                                (Title of Class)

         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. YES X  NO   .
                                                                      ---   ---

         Check if there is no  disclosure  of  delinquent  filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure will
be contained,  to the best of  registrant's  knowledge,  in definitive  proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [ ]

         State issuer's revenues for its most recent fiscal year.  $13,894,399
                                                                   -----------

         The aggregate  market value of the voting and non-voting  common equity
held by  non-affiliates  of the  registrant,  based on the average bid and asked
price  of the  registrant's  Common  Stock  on the  Nasdaq  Smallcap  Market  at
September 16, 2002, was $8.5 million.

         As of September 16, 2002,  there were issued and outstanding  1,150,106
shares of the registrant's Common Stock.

         Transitional Small Business Disclosure format (check one):

Yes               No    X
    -------          -------

                       DOCUMENTS INCORPORATED BY REFERENCE

1.   Portions of Annual  Report to  Stockholders  for Fiscal Year ended June 30,
     2002. (Part II)
2.   Portions of Proxy  Statement for the 2002 Annual  Meeting of  Stockholders.
     (Part III)
<PAGE>



         This Amendment No. 1 on Form 10-KSB/A  amends the annual report on Form
10-KSB for the fiscal year ended June 30, 2002,  as filed on September 27, 2002,
to include  the 302  Certifications  from the  principal  executive  officer and
principal financial officer.


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<PAGE>

                            SECTION 302 CERTIFICATION


     I, James Nechero, Jr., President, certify that:

1.   I have  reviewed  the annual  report on Form 10-KSB of GFSB  Bancorp,  Inc.
     filed on September 27, 2002 ("this annual report");

2.   Based on my  knowledge,  this  annual  report  does not  contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual report,  fairly present in all material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this annual report.

Date: October 15, 2002                   /s/James Nechero, Jr.
                                         ---------------------------------------
                                         James Nechero, Jr.
                                         President

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<PAGE>


                            SECTION 302 CERTIFICATION


     I, Jerry R. Spurlin, Chief Financial Officer, certify that:

1.   I have  reviewed  the annual  report on Form 10-KSB of GFSB  Bancorp,  Inc.
     filed on September 27, 2002 ("this annual report");

2.   Based on my  knowledge,  this  annual  report  does not  contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual report,  fairly present in all material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this annual report.

Date: October 15, 2002                  /s/Jerry R. Spurlin
                                        ----------------------------------------
                                        Jerry R. Spurlin
                                        Chief Financial Officer



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