UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  FORM 10-QSB

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

               For the quarterly period ended September 30, 2000
                                              ------------------

                                       OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                            THE 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                               (I.R.S. Employer
Incorporation 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
                                                              --------------

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
                                  ---        ---

As of October 27, 2000, there were issued and outstanding  936,000 shares of the
registrant's Common Stock.

<PAGE>
                                     Index
<TABLE>
<CAPTION>
                                                                                       Page No.
                                                                                       --------
<S>                                                                                     <C>
PART I.  FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements:

        Consolidated Statements of Financial Condition
                 September 30, 2000 and June 30, 2000                                      3

        Consolidated Statements of Earnings and Comprehensive Earnings
                 Three months ended September 30, 2000 and September 30, 1999              4

        Consolidated Statements of Cash Flows
                 Three months ended September 30, 2000 and September 30, 1999              6

        Notes to Consolidated Financial Statements                                         8

Item 2. Management's Discussion and Analysis or Plan of Operation                          9

PART II.  OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K                                                   13

        Signatures                                                                         14



                                       2
</TABLE>

<PAGE>
                               GFSB Bancorp, Inc.

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
<TABLE>
<CAPTION>
                                                        September 30,      June 30,
                                                            2000             2000
                                                       -------------    -------------
                                                                 (Unaudited)
                                  ASSETS
<S>                                                   <C>              <C>
Cash and due from banks                                $   2,824,074    $   2,875,537
Interest-bearing deposits with banks                         862,442        1,215,428
Available-for-sale investment securities                  25,874,131       25,438,540
Available-for-sale mortgage-backed securities             28,451,491       28,930,510
Held-to-maturity investment securities                     1,682,397        1,681,310
Stock of Federal Home Loan Bank, at cost, restricted       4,391,400        4,206,900
Loans receivable, net, substantially pledged             115,069,831      109,777,269
Accrued interest and dividends receivable                  1,119,525        1,033,974
Premises and equipment                                     1,263,487        1,296,048
Other real estate and repossessed property                   151,262           38,000
Prepaid and other assets                                     106,302          197,883
Deferred tax asset                                            94,517           94,517
                                                       -------------    -------------
        TOTAL ASSETS                                   $ 181,890,859      176,785,916
                                                       =============      ===========

               LIABILITIES AND STOCKHOLDERS' EQUITY

Transaction and NOW accounts                           $  12,683,435    $  12,409,069
Savings and MMDA deposits                                 13,379,320       14,801,893
Time deposits                                             53,859,872       52,736,983
Accrued interest payable                                     334,162          288,350
Advances from borrowers for taxes and insurance              533,759          305,909
Accounts payable and accrued liabilities                     264,654          236,070
Repurchase agreements                                      2,463,609          230,839
Deferred income taxes                                        261,904           67,157
Dividends declared and payable                                88,379           88,875
Advances from Federal Home Loan Bank                      84,699,124       82,935,066
Income taxes payable                                          39,624               --
                                                       -------------    -------------
        TOTAL LIABILITIES                                168,607,842      164,100,211

COMMITMENTS AND CONTINGENCIES                                     --               --

STOCKHOLDERS' EQUITY
Common stock, $.10 par value, 1,500,000
  shares authorized; 940,963 issued and outstanding
  at June 30, 2000 and 936,000 shares issued and
  outstanding at September 30, 2000, held by the
  Company's wholly owned subsidiary, respectively             93,600           94,096
Preferred stock, $.10 par value, 500,000
  shares authorized;  no shares issued or
  outstanding                                                     --               --
Additional paid-in-capital                                 2,757,676        2,810,626
Unearned ESOP stock                                         (311,839)        (323,911)
Retained earnings, substantially
  restricted                                              10,235,178        9,974,531
Accumulated other comprehensive
earnings                                                     508,402          130,363
                                                       -------------    -------------
        TOTAL STOCKHOLDERS' EQUITY                        13,283,017       12,685,705
                                                       -------------    -------------
        TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $ 181,890,859    $ 176,785,916
                                                       =============    =============
</TABLE>
See notes to consolidated financial statements.

                                       3
<PAGE>
                               GFSB Bancorp, Inc.

                      CONSOLIDATED STATEMENTS OF EARNINGS
                           AND COMPREHENSIVE EARNINGS
<TABLE>
<CAPTION>

                                                      Three months ended
                                                         September 30,
                                                    -----------------------
                                                       2000         1999
                                                    -----------------------
                                                    (Unaudited)  (Unaudited)
<S>                                                <C>          <C>
Interest income
        Loans receivable
                Mortgage loans                      $2,067,880   $1,819,818
                Commercial loans                       194,963      110,803
                Share and consumer loans               146,618      110,735
        Investment and mortgage-backed securities      934,703      631,017
        Other interest-earning assets                   84,690       57,566
                                                    ----------   ----------
                TOTAL INTEREST EARNINGS              3,428,854    2,729,939

Interest expense
        Deposits                                       870,487      787,992
        Advances from Federal Home Loan Bank         1,368,866      782,609
        Repurchase agreements                           18,411           --
                                                    ----------   ----------
                TOTAL INTEREST EXPENSE               2,257,764    1,570,601
                                                    ----------   ----------
                NET INTEREST EARNINGS                1,171,090    1,159,338


Provision for loan losses                               70,000       20,000
                                                    ----------   ----------
                NET INTEREST EARNINGS AFTER
                  PROVISION FOR LOAN LOSSES          1,101,090    1,139,338

Non-interest earnings
        Income from real estate operations                  --        2,500
        Miscellaneous income                            11,212        3,586
        Net gains from sales of loans                   14,415        7,141
        Service charge income                           71,110       59,639
                                                    ----------   ----------
                TOTAL NON-INTEREST EARNINGS             96,737       72,866

Non-interest expense
        Compensation and benefits                      388,130      394,835
        Insurance                                       12,592       18,785
        Stock services                                   2,292        2,499
        Occupancy                                       90,945       75,644
        Data processing                                 51,756       49,262
        Professional fees                               17,827       23,497
        Advertising                                     18,322       14,166
        Stationary, printing and office supplies        14,126       13,236
        ATM expense                                     11,330       14,060
        Supervisory Exam Fees                           10,976        9,492
        Postage                                          8,631        7,258
        Other                                           62,029       51,433
                                                    ----------   ----------
                TOTAL NON-INTEREST EXPENSE             688,956      674,167
</TABLE>

                                       4
<PAGE>

                               GFSB Bancorp, Inc.

                      CONSOLIDATED STATEMENTS OF EARNINGS
                     AND COMPREHENSIVE EARNINGS - CONTINUED

                                                        Three months ended
                                                           September 30,
                                                          2000        1999
                                                      (Unaudited) (Unaudited)
                                                       ---------------------

                EARNINGS BEFORE INCOME TAXES             508,871     538,037

Income tax expense
        Currently payable                                159,844     192,805
        Deferred provision                                  --          --
                                                       ---------   ---------
                                                         159,844     192,805
                                                       ---------   ---------
                NET EARNINGS                           $ 349,027   $ 345,232
                                                       =========   =========



Other Comprehensive Earnings
        Unrealized gain (loss), net of tax               378,039    (133,263)
                                                       ---------   ---------
                COMPREHENSIVE EARNINGS                   727,066     211,969
                                                       =========   =========

Earnings per common share
        Basic                                          $    0.39        0.37
                                                       =========   =========

Weighted average number of common shares outstanding
        Basic                                            890,800     932,654
                                                       =========   =========

Earnings per common share
        Diluted                                             0.38        0.36
                                                       =========   =========

Weighted average number of common shares outstanding
        Diluted                                          911,176     950,735
                                                       =========   =========

                                       5


<PAGE>

                               GFSB Bancorp, Inc.

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                Increase (decrease) in cash and cash equivalents

<TABLE>
<CAPTION>
                                                                Three months ended
                                                                    September 30,
                                                             ----------------------------
                                                                 2000            1999
                                                              -----------    -----------
                                                               (Unaudited)    (Unaudited)
<S>                                                          <C>            <C>
Cash flows from operating activities
        Net earnings                                          $   349,027    $   345,232
        Adjustments to reconcile net earnings to
          net cash provided by operations
                Deferred loan origination fees                    (62,351)       (91,399)
                Gain on sale of sold loans                        (14,415)        (7,141)
                Provision for loan losses                          70,000         20,000
                Depreciation of premises and equipment             44,912         43,351
                Amortization of investment and mortgage-
                  backed securities premiums                       14,951         65,437
                Stock dividends on FHLB stock                     (70,300)       (40,700)
                Release of ESOP stock                              25,315         23,759
                Stock compensation                                 17,400         16,221
                Benefit for deferred income taxes                      --        (23,892)

        Net changes in operating assets and liabilities
                Accrued interest and dividends receivable         (85,551)       (73,773)
                Prepaid and other assets                           91,582        (26,024)
                Accrued interest payable                           45,812         82,253
                Accounts payable and accrued liabilities           11,183        (55,799)
                Repurchase agreements                           2,232,770             --
                Income taxes payable                               39,624         42,057
                Dividends declared and payable                       (496)          (982)
                                                              -----------    -----------
                        Net cash provided by
                        operating activities                    2,709,463        318,600

Cash flows from investing activities
        Purchase of premises and equipment                        (12,351)        (1,678)
        Loan originations and principal
          repayment on loans, net                              (5,399,058)    (2,512,797)
        Principal payments on mortgage-backed
          securities                                            1,066,246      2,065,934
        Purchases of mortgage-backed securities                  (509,098)            --
        Purchases of available-for-sale securities                (64,933)    (6,615,850)
        Principal payments on available-for-sale securities       107,961         75,000
        Purchase of FHLB stock                                   (114,200)      (350,000)
                                                              -----------    -----------
                        Net cash used by
                        investing activities                   (4,925,433)    (7,339,391)

</TABLE>

                                       6

<PAGE>

                               GFSB Bancorp, Inc.

               CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED

                Increase (decrease) in cash and cash equivalents

<TABLE>
<CAPTION>
                                                                  Three months ended
                                                                    September 30,
                                                            ------------------------------
                                                                2000             1999
                                                            -------------    -------------
                                                              (Unaudited)      (Unaudited)
<S>                                                        <C>              <C>
Cash flows from financing activities
        Net increase in transaction accounts, passbook
          savings, money market accounts, and
          certificates of deposit                           $     (25,318)   $  (2,057,523)
        Net increase in mortgage escrow funds                     227,850          164,334
        Proceeds from FHLB advances                           867,372,346      119,538,922
        Repayments on FHLB advances                          (865,608,288)    (112,529,387)
        Purchase of GFSB Bancorp stock under the
          stock repurchase plan in cash                           (66,690)        (166,162)
        Dividends paid or to be paid in cash                      (88,379)         (73,766)
                                                            -------------        ---------
                        Net cash provided by
                        financing activities                    1,811,521        4,876,418
                                                            -------------        ---------
        Decrease in cash and cash equivalents                    (404,449)      (2,144,373)

        Cash and cash equivalents at beginning of period        4,090,965        5,147,215
                                                            -------------        ---------
        Cash and cash equivalents at end of period          $   3,686,516        3,002,842
                                                            =============        =========


Supplemental disclosures
        Cash paid during the period for
                Interest on deposits and advances           $   2,193,541    $   1,488,349
                Income taxes                                      121,388          180,069

        Change in unrealized gain (loss), net of deferred
          taxes on available-for-sale securities                  378,039         (133,263)

        Dividends declared not yet paid                            88,379           73,766
</TABLE>


                                       7
<PAGE>


                               GFSB BANCORP, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)

         1. The accompanying unaudited consolidated financial statements were in
accordance  with  instructions  for Form 10-QSB and therefore do not include all
disclosure necessary for a complete  presentation of the consolidated  financial
statements in conformity with generally accepted accounting principles. However,
all adjustments which are, in the opinion of management,  necessary for the fair
presentation of the interim  financial  statements have been included.  All such
adjustments are of a normal recurring  nature.  The  consolidated  statements of
income are not necessarily  indicative of results, which may be expected for the
entire year, or for any other interim period.

Certain information and footnote  disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting  principles
have been  condensed  or omitted  pursuant to the rules and  regulations  of the
Securities  and  Exchange  Commission.  It is  suggested  that  these  condensed
unaudited  financial  statement be read in conjunction  with the Form 10-KSB for
the year ended June 30, 2000.

                                       8
<PAGE>

Item 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

General

The  Private  Securities  Litigation  Reform Act of 1995  contains  safe  harbor
provisions regarding forward-looking  statements.  When used in this discussion,
the words believes, anticipates,  contemplates, expects, and similar expressions
are intended to identify forward-looking statements. Such statements are subject
to certain risks and  uncertainties  which could cause actual  results to differ
materially from those projected.  Those risks and uncertainties  include changes
in  interest  rates,  risks  associated  with the  ability to control  costs and
expenses,  year 2000 issues and general  economic  conditions.  We  undertake no
obligation  to publicly  release the results of any  revisions to those  forward
looking  statements which may be made to reflect events or  circumstances  after
the date hereof or to reflect the occurrence of unanticipated events.

Overview

GFSB Bancorp,  Inc. (GFSB Bancorp) is a Company holding company headquartered in
Gallup,  New Mexico,  which  provides a full range of deposits  and  traditional
mortgage loan products  through its wholly owned Companying  subsidiary,  Gallup
Federal Savings Company (collectively, the Company).


FINANCIAL CONDITION

The total  assets of the  Company  increased  $5.1  million or 2.9% from  $176.8
million at June 30, 2000 to $181.9 million at September 30, 2000.  This increase
was primarily the result of a $5.3 million dollar  increase in the company's net
loan portfolio.  Of this increase,  approximately $2.3 million was in commercial
loans, $1.4 million in consumer  residential loans, and $1 million in commercial
real estate  non-residential  loans.  The increase was the result of the Company
hiring a new senior lending officer in May 2000.  During the same period,  total
liabilities  increased $4.5 million or 2.7% from $164.1 million at June 30, 2000
to $168.6  million at September 30, 2000.  This increase was primarily due to an
increase in  borrowings  from the Federal  Home Loan Bank (FHLB) of $1.8 million
and an increase in  repurchase  agreements  of $2.2  million.  FHLB advances and
repurchase agreements funded purchases of loans,  securities,  and mortgage loan
participations.


                                       9
<PAGE>
RESULTS OF OPERATIONS

Net income for the three months ended  September  30, 2000  increased  $4,000 to
$349,000  compared  to net income of  $345,000  for the  comparable  three-month
period in 1999.  The slight  increase in net income was the result of higher net
interest  earnings income and  non-interest  earnings offset by increases to the
provision for loan losses and non-interest  expense. See Average Balance Sheets
and Rate/Volume Analysis for the details of the Company's results of operations
for the current and prior three-month periods.

Average Balance Sheets

The  following  table sets forth certain  information  relating to the Company's
average  balance sheet and reflects the average yield on assets and average cost
of liabilities for the periods indicated and the average yields earned and rates
paid. Average balances are derived from month-end balances.  Management does not
believe that the use of month-end balances instead of daily average balances has
caused any material differences in the information presented.

<TABLE>
<CAPTION>
                                   Quarter ended September 30, 2000      Quarter ended September 30, 1999
                                   --------------------------------      --------------------------------
                                    Average               Average       Average                  Average
                                    Balance   Interest   Yield/Cost     Balance     Interest    Yield/Cost
                                    -------   --------   ----------     -------     --------    ----------
                                       (Dollars in Thousands)                (Dollars in Thousands)
<S>                               <C>          <C>         <C>        <C>            <C>          <C>
Interest-earning assets:
Loans receivable (1)               $112,842     $2,409      8.54%      $ 97,893       $2,041       8.34%
Investment securities and
  Mortgage-backed securities         56,082        935      6.67%        45,862          631       5.50%
Other interest-earning
  Assets (2)                          5,268         85      6.45%         4,471           58       5.19%
                                   --------     ------                 --------       ------
Total interest-earning assets       174,192      3,429      7.87%       148,226        2,730       7.37%
Non-interest-earning assets           5,605                               4,824
                                   --------                            --------
Total assets                       $179,797                            $153,050
                                   ========                            ========
Interest-bearing liabilities:
  Transaction accounts             $  6,028     $   22      1.46%      $  6,037       $   23       1.52%
  Passbook savings                    5,042         26      2.06%         4,860           25       2.06%
  Money market accounts               9,363         85      3.63%        11,072           81       2.93%
  Certificates of deposit            52,876        738      5.58%        51,737          659       5.09%
  Other liabilities                  85,486      1,387      6.49%        58,945          783       5.31%
                                   --------     ------                 --------       ------
Total interest-bearing
   liabilities                      158,795      2,258      5.69%       132,651        1,571       4.74%
Non-interest bearing
   liabilities                        8,025                               8,042
                                   --------                            --------
Total liabilities                   166,820                             140,693

Stockholders' equity                 12,977                              12,357
                                   --------                            --------
Total liabilities and
  Stockholders' equity             $179,797                            $153,050
                                   ========                            ========

Net interest income                             $1,171                                $1,159
                                                ======                                ======
Interest rate spread (3)                                     2.18%                                 2.63%
                                                             ====                                  ====
Net yield on interest-
  earning  assets (4)                                        2.69%                                 3.13%
                                                             ====                                  ====
Ratio of average interest-
Earning assets to average
  interest-bearing  liabilities                              1.10X                                 1.12X
                                                             ====                                  ====
</TABLE>
(1)  Average balances include non-accrual loans.
(2)  Includes interest-bearing deposits in other financial institutions

                                       10
<PAGE>

(3)  Interest-rate spread represents the difference between the average yield on
     interest-earning   assets  and  the   average   cost  of   interest-bearing
     liabilities.
(4)  Net yield on interest - earning assets  represents net interest income as a
     percentage of average interest-earning assets.

Rate/Volume Analysis

The table below sets forth  certain  information  regarding  changes in interest
income and interest expense of the Company for the periods  indicated.  For each
category   of   interest-earning   assets  and   interest-bearing   liabilities,
information is provided on changes  attributable to (i) changes in volume;  (ii)
changes in rates; (iii) changes in rate-volume.  The changes attributable to the
combined  impact of volume and rate have been allocated  proportionately  to the
changes due to volume and the changes due to rate.

                                      Quarter ended September 30, 2000 vs.
                                                      1999
                                               Increase (Decrease)
                                                     Due to
                                      -----------------------------
                                                            Rate/
                                       Volume     Rate      Volume    Net
                                       ------     ----      ------    ----
                                                (Dollars in Thousands)

Interest income:
  Loans receivable                     $  311     $ 49       $  8     $368
  Mortgage-backed securities and
     investment securities                140      134         30      304
  Other interest-earning  assets           10       14          3       27
                                       ------     ----       ----     ----
    Total interest-earning assets         461      197         41      699

Interest expense:
  Transaction accounts                      -        -          -        -
  Savings accounts                          -        -          -        -
  Money markets                           (13)      20         (3)       4
  Certificates of deposit                  14       63          2       79
  Other liabilities                       353      174         77      604
                                       ------     ----       ----     ----
   Total interest-bearing liabilities     354      257         76      687
                                       ------     ----       ----     ----
Net change in interest income          $  107     $(60)      $(35)    $ 12
                                       ======     ====       ====     ====

Provision for Losses on Loans

The Company  maintains  an  allowance  for loan losses  based upon  management's
periodic evaluation of known and inherent risks in the loan portfolio, past loss
experience,  adverse  situations that may affect the borrower's ability to repay
loans,  estimated  value of the  underlying  collateral and current and expected
market conditions.  The provision for loan loss was $ 70,000 and $20,000 for the
quarter  ended  September 30, 2000 and 1999,  respectively.  The increase in the
provision for loan losses for the current  three-month  period was the result of
the growth in commercial  and commercial  real estate loans,  which tend to have
greater  credit  risk than  residential  real  estate  loans.  While the Company
maintains its allowance for losses at a level which it considers to be adequate,
there can be no assurance  that further  additions  will not be made to the loss
allowances  and that such losses will not exceed the estimated  amounts.  Recent
substantial  increases  in the loan  portfolio  of the  Company may result in an
increase of provision for losses on loans.

Non-Interest Income

Total  non-interest  income  increased  by $24,000 or 32.8% from $73,000 for the
quarter ended  September 30, 1999 to $97,000 for the quarter ended September 30,
2000.  This  increase was primarily  due to increased  service  charge income of
approximately  $11,500.  Net gains from sales of loans  increased  approximately
$7,300 and miscellaneous income increased approximately $7,600, due primarily to
commission fees collected from credit card merchant sales.

                                       11
<PAGE>


Non-Interest Expense

Total  non-interest  expense  increased  $15,000 or 2.2% from  $674,000  for the
quarter ended September 30, 1999 to $689,000 for the quarter ended September 30,
2000.  Occupancy  costs was the most  significant  factor,  due to  increases in
Automated Teller Machine maintenance expense, utilities, and property taxes.

Liquidity and Capital Resources

The  Company is  required  under  applicable  federal  regulations  to  maintain
"liquid" investments in qualifying types of U.S. Government,  federal agency and
other  investments  of not less  than 4% of its  average  daily  balance  of net
withdrawable  deposit  accounts and  borrowings  payable in one year of less. At
September  30,  2000,  the  Company's  liquidity,  as  measured  for  regulatory
purposes, was 5.51%.

At  September  30,  2000,  the  Company  exceeded  each of the three OTS capital
requirements on a fully-phased-in basis.

                                       12

<PAGE>

PART II.  OTHER INFORMATION
---------------------------


Item 1. Legal Proceedings
        -----------------

Not applicable.

Item 2. Changes in Securities and Use of Proceeds
        -----------------------------------------

Not applicable.

Item 3. Defaults Upon Senior Securities
        -------------------------------
Not applicable.

Item 4. Submission of Matters to a Vote of Security Holders
        ---------------------------------------------------

Not applicable.

Item 5. Other Information
        -----------------

Not applicable.

Item 6. Exhibits and Reports on Form 8-K
        --------------------------------

(a)     List of Exhibits

    3.1     Certificate of Incorporation of GFSB Bancorp, Inc.*
    3.2     Bylaws of GFSB Bancorp, Inc.*
    10.1    1995 Stock Option Plan**
    10.2    Management Stock Bonus Plan**
    10.3    Form of Directors Deferred Compensation Agreement between the Bank
            and Directors***
    10.4    Form of Directors Stock Compensation Plan between the Company and
            Directors of the Company***
    10.5    2000 Stock Option Plan****
    27      Financial Data Schedule (electronic filing only)

--------------
*    Incorporated   herein  by   reference  to  exhibits   3(i)(Certificate   of
     Incorporation) and 3(ii)(Bylaws) to the Registration  Statement on Form S-1
     of the Registrant (File No.  33-90400)  initially filed with the Commission
     on March 17, 1995.
**   Incorporated  by  reference  to the  identically  numbered  exhibits of the
     Annual  Report on Form 10-KSB for the fiscal year ended June 30, 1997 (File
     No. 0-25854) filed with the SEC.
***  Incorporated  by  reference  to the  identically  numbered  exhibits of the
     Quarterly  Report on Form 10-QSB for the quarter ended March 31, 2000 filed
     with the SEC.
**** Incorporated  by reference to the Proxy Statement for the Annual Meeting of
     Stockholders  on October 27, 2000 and filed with the SEC on  September  25,
     2000.

(b)     Not applicable.

                                       13

<PAGE>

SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                 GFSB BANCORP, INC.


Date: November 3, 2000           /s/Jerry R. Spurlin
                                 -----------------------------------------------
                                 Jerry R. Spurlin
                                 Assistant Secretary and Chief Financial Officer
                                 (Duly Authorized Representative and
                                 Principal Financial Officer)


                                       14