U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 10-Q

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

                    For the quarter ended September 30, 1997
                                          ------------------

                                       OR

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

                For the transition period from         to 
                                               -------    -------

File number 0-23325
            -------

                        Guaranty Federal Bancshares, Inc.
                        ---------------------------------
             (Exact name of registrant as specified in its charter)

          Delaware                                       43-1792717     
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)

  1341 West Battlefield
  Springfield, Missouri                                           65807      
  ---------------------                                           -----       
(Address of principal executive offices)                        (Zip Code)


                        Telephone Number: (417) 889-2494
                                          --------------

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the  Securities  Exchange Act of
1934  during  the  preceding  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                                         No  X
                       ---                                       ---
         Indicate the number of shares  outstanding of each of the  registrant's
classes of common stock, as of the latest practicable date.


            Class                               Outstanding on December 15, 1997
            -----                               --------------------------------

         Common Stock                                     0 Shares


<PAGE>





                        GUARANTY FEDERAL BANCSHARES, INC.
                                

                                   Form 10-Q

                                TABLE OF CONTENTS

Item                                                                        Page

                         PART I. Financial Information
                         -----------------------------

1.  Financial Statements (Unaudited)                                          3

                           PART II. Other Information
                           --------------------------

1.  Legal Proceedings                                                         4

2.  Changes in Securities and Use of Proceeds                                 4

3.  Defaults Upon Senior Securities                                           4

4.  Submission of Matters to Vote of Security Holders                         4

5.  Other Information                                                         4

6.  Exhibits and Reports on Form 8-K                                          4

    Signatures                                                                5

                                       2
<PAGE>
                                     PART I

The  information as required by Part I of the Form 10-Q has been omitted because
the  conversion  from the mutual to stock form of ownership of Guaranty  Federal
Savings  Bank  (the  "Bank")  and  its   acquisition   by  the   registrant (the
"Conversion"),  as described in the Form S-1 (file no.  333-36141),  has not yet
occurred.  It is anticipated  that the Conversion  will be completed on or about
December 31, 1997.  The  financial  statements  of the Bank at and for the three
months  ended  September  30, 1997 are included as Exhibit 99 to this Form 10-Q.
The registrant had no assets,  liabilities,  equity, or operations at and during
the three months ended September 30, 1997.

                                       3
<PAGE>

                        

                                     PART II

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

         None.

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 Vote of Security Holders
----------------------------------------------------------

            None.

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

         None.

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

         99       Financial Statements of Guaranty Federal Savings Bank

                  No Reports on Form 8-K were filed during the quarter ended 
                  September 30, 1997


                                       4
<PAGE>



                                   SIGNATURES

         In accordance with the  requirements of the Securities  Exchange Act of
1934,  the  registrant  has  caused this  report  to be  signed  on  its  behalf
by the undersigned, thereunto duly authorized.

                                         Guaranty Federal Bancshares, Inc.



                    Signatures                               Date
                    ----------                               ----

/s/  James E. Haseltine                               December 17, 1997
-------------------------------------------------    
     James E. Haseltine
     President and Chief Executive Officer
     (Principal Executive Officer)



/s/  Bruce Winston                                    December 17, 1997
-------------------------------------------------    
     Bruce Winston
     Vice President and Chief Financial Officer
     (Principal Financial and Accounting Officer)


                                       5