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                        UNITED STATES
              SECURITIES AND EXCHANGE COMMISSION
                    Washington, DC  20549

                         FORM 10-KSB/A
                        (AMENDMENT NO. 1)

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
     For the fiscal year ended June 30, 1996
                            OR
[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
     SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
     For the transition period from _____________ to ____________

               COMMISSION FILE NUMBER 0-22742 

                         GFS BANCORP, INC.
-----------------------------------------------------------------
            (Name of small business issuer in its charter)

             Delaware                        42-1410536
--------------------------------          --------------------
(State or other jurisdiction of              (IRS Employer 
incorporation or organization             Identification No.

1025 Main Street, Grinnell, Iowa                  50112-0030
----------------------------------------          ----------
(Address of principal executive offices)          (Zip Code)

Registrant's telephone number, including area code:(515) 236-3121
                                                   --------------
   Securities Registered Pursuant to Section 12(b) of the Act:

                             None
                             ----
  Securities Registered Pursuant to Section 12(g) of the Act:

            Common Stock, par value $0.01 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 Securities Exchange Act of
1934 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 contained herein, 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. [X]  

     State the issuer's revenues for its most recent fiscal year: 
$6.4 million.

     The aggregate market value of the voting stock held by non-
affiliates of the registrant, computed by reference to the
closing prices of such stock on the Nasdaq System as of September
3, 1996, was $7.1 million.  (The exclusion from such amount of
the market value of the shares owned by any person shall not be
deemed an admission by the registrant that such person is an
affiliate of the registrant.)

     As of September 3, 1996, there were issued and outstanding
502,600 shares of the Registrant's Common Stock.

    Transitionally Small Business disclosure format (check one):
yes [ ]  no [x]
              DOCUMENTS INCORPORATED BY REFERENCE

   Part II of Form 10-KSB - Annual Report to Stockholders for the
fiscal year ended June 30, 1996.

   Part III of Form 10-KSB - Proxy Statement for 1996 Annual
Meeting of Stockholders.<PAGE>
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Item 13.  Exhibits and Reports on Form 8-K
          --------------------------------
(a)  Exhibits
     --------
     The following is the exhibit list filed as part of this
Amendment to Annual Report on Form 10-KSB/A:
               
Regulation S-B       
Exhibit Number               Document
--------------               ---------
     3(a)           Articles of Incorporation, including
                    amendments thereto *

      (b)           By-Laws *

     4              Instruments defining the rights of securities
                    holders, including debentures *

     10             Material Contracts *

                   (a)  Employment contracts between
                         the Bank and Messrs. Meredith,
                         Opsal, Nassif and Ms. Rose

                    (b)  1993 Stock Option and Incentive Plan

                    (c)  Recognition and Retention Plan

                    (d)  Salary Continuation Plan

     13             Annual Report to Security Holders *

     21             Subsidiaries of Registrant *

     23.1           Consent of McGladrey & Pullen, LLP *

     23.2           Consent of Vroman, McGowen, Hurst, Clark
                    & Smith, P.C.

     27             Financial Data Schedule *
               
     99             Report of Predecessor Certified Public
                    Accountants    

__________
* Incorporated by reference to the Registrant's Annual Report on
Form 10KSB for the Fiscal Year Ended June 30, 1996.<PAGE>
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                        SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                   GFS BANCORP, INC.


Date:  April 29, 1997              /s/ Steven L. Opsal
                                   -------------------------
                                   Steven L. Opsal (Duly
                                   Authorized Representative)

     Pursuant to the requirements of the Securities Exchange Act
of 1934, this report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on
the dates indicated. 

/s/ Steven L. Opsal                /s/ LeRoy E. Meredith
-------------------------------    -----------------------------
Steven L. Opsal, President,        LeRoy E. Meredith, Chairman of
Chief Executive Officer and        the Board and Director 
Director (Principal Executive    
Officer)                         

Date: April 29, 1997               Date:  April 29, 1997 

/s/ Theodore Mokricky              /s/ David Clay
-------------------------------    -----------------------------
Theodore Mokricky, Vice            David Clay, Director
Chairman of the Board

Date: April 29, 1997               Date:  April 29, 1997       

/s/ Thomas M. Groth                /s/ Scott A. Jensen
-------------------------------    -----------------------------
Thomas M. Groth, Director          Scott A. Jensen, Director

Date: April 29, 1997               Date:  April 29, 1997

                                 
/s/ Donald H. Howig
------------------------------
Donald H. Howig, Director        

Date: April 29, 1997

/s/ Katherine A. Rose
------------------------------
Katherine A. Rose, Senior Vice
President and Chief Financial 
Officer and Director (Principal 
Financial and Accounting Officer)

Date:  April 29, 1997