Document:

EXHIBIT 4.5

                         FORM OF STOCK OPTION AGREEMENT
                          TO BE ENTERED INTO UNDER THE
                        DIRECTORS STOCK COMPENSATION PLAN

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                      NON-INCENTIVE STOCK OPTION AGREEMENT
                               GFSB BANCORP, INC.
                        DIRECTORS STOCK COMPENSATION PLAN

         A NON-INCENTIVE  STOCK OPTION ("Option") for a total of _____ shares of
Common Stock of GFSB Bancorp,  Inc.  (the  "Corporation")  is hereby  granted to
_________________  (the "Optionee") pursuant to the GFSB Bancorp, Inc. Directors
Stock Compensation Plan ("Directors Plan"). The Option granted hereby is subject
in all  respects  to the terms and  provisions  of the  Directors  Plan and this
Agreement. The Directors Plan is hereby incorporated herein by reference.

         1. Exercise Price.  The exercise price shall be  $___________  for each
share of Common  Stock  eligible to be exercised  hereunder,  which price is not
less than 100% of the fair market value of the Common Stock on the date of grant
of this Option (April 28, 2000).

         2. Exercise of Option.  This Option shall be exercisable as of the date
of grant.

                  (a)      Method of Exercise.  This Option shall be exercisable
                           by a written notice which shall:

                           (i) state the  election to exercise  the Option,  the
                           number of shares  with  respect  to which it is being
                           exercised,   the  person  in  whose  name  the  stock
                           certificate or certificates for such shares of Common
                           Stock is to registered, his or her address and Social
                           Security  number  (or if more  than one,  the  names,
                           addresses and Social Security numbers of each of such
                           persons);

                           (ii) be signed by the person or persons  entitled  to
                           exercise  the  Option  and,  if the  Option  is being
                           exercised  by any  person or  persons  other than the
                           Optionee,  be accompanied by proof,  satisfactory  to
                           counsel  for the  Corporation,  of the  right of such
                           person or persons to exercise the Option; and

                           (iii)  be in writing  and  delivered  in person or by
                           certified mail to the Corporation at its main office.

Payment of the purchase  price of any shares with respect to which the Option is
being  exercised  shall be by cash or by certified or cashier's check payable to
the Corporation,  in shares of Common Stock (including  shares acquired pursuant
to the  exercise of this  Option)  with a fair market  value  equivalent  to the
purchase  price  of the  shares  to be  acquired  pursuant  to this  Option,  by
withholding  some of the shares of Common  Stock  which are  purchased  upon the
exercise of this Option or by any combination of the foregoing.

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                  (b) Restriction on Exercise.  This Option may not be exercised
if the issuance of the shares upon such exercise would constitute a violation of
any applicable federal or state securities law or other law or regulation.  As a
condition to the exercise of this Option, the Corporation may require the person
exercising this Option to make any representative or warranty to the Corporation
as may be required by any applicable law or regulation.

         3. Non-transferability of Option. This Option may not be transferred in
any manner otherwise than by will or the laws of descent and  distribution,  and
may be exercised during the lifetime of the Optionee only by the Optionee or the
Optionee's guardian or legal  representative.  The terms of this Option shall be
binding  upon  the  executors,  administrators,  heirs,  successors,  guardians,
assigns or legal representatives of the Optionee.

         4. Term of Option.  This Option may be  exercised  until the earlier of
(i) ten years  from the date of grant of this  Option,  or (ii) in the event the
Optionee  dies,  one year after the date of death  unless by its term it expires
sooner.  This Option may be exercised  during such term only in accordance  with
the Directors Plan and the terms of this Agreement.

         5. Related  Matters.  Notwithstanding  anything herein to the contrary,
additional  conditions or restrictions  related to such Options may be contained
in the Director Plan.

                                      ON BEHALF OF THE PLAN
                                      ADMINISTRATOR OF THE GFSB
                                      BANCORP, INC. DIRECTORS  STOCK
                                      COMPENSATION PLAN

Date of Grant: April 28, 2000         By:_______________________________________

                                      Attest:___________________________________

Agreed to and accepted this ____ day of _____________, 2000:

______________________________________
Optionee

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                   GFSB BANCORP, INC. STOCK COMPENSATION PLAN
                    NON-INCENTIVE STOCK OPTION EXERCISE FORM

                             _______________________
                                      DATE

ATTN:             Corporate Secretary
                  GFSB  Bancorp, Inc.

Dear Sir or Madam:

The  undersigned  elects  to  exercise  his/her  Non-Incentive  Stock  Option to
purchase  ______________ shares of Common Stock of GFSB Bancorp, Inc., under and
pursuant  to a Notice of Grant of  Non-Incentive  Stock  Option  dated April 28,
2000.

Delivered  herewith is cash, or a certified or cashier's  check or GFSB Bancorp,
Inc. Common Stock, or a combination thereof, in the amount of $______________ in
payment of the option  price.  If Common  Stock is  enclosed  in full or partial
consideration of the purchase price, I am also attaching a notification from the
Plan Administrator  advising: (i) that such means of payment has been authorized
and (ii) as to the fair market value of the shares proposed to be tendered by me
as required by the provisions of the Plan.

The name or names to be on the stock certificate or certificates and the address
and social  security  number or addresses  and social  security  numbers of such
person or persons is as follows:

Name:
          ----------------------------------------------------------------------
Address:
          ----------------------------------------------------------------------

          ----------------------------------------------------------------------
                 City                      State                     Zip Code

Social Security Number:
                         -------------------------------

Very truly yours,

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(Signature of Person or Persons Exercising the Option)

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                  (Print Name and Address)EXHIBIT 4.6

                         FORM OF STOCK AWARD TAX NOTICE

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                 TAX ISSUES RELATED TO EXERCISE OF STOCK OPTIONS

         This   memorandum   reviews  the  tax  effects  upon  the  exercise  of
"Non-Incentive  Stock Options"  ("NSOs")  (those options awarded to non-employee
directors and perhaps to some officers) and "Incentive  Stock Options"  ("ISOs")
(those options generally awarded to officers and employees).

A.       Exercise of an NSO
         ------------------

         Upon the  exercise of an NSO, the amount by which the fair market value
of the shares on the date of exercise  exceeds the exercise  price will be taxed
to the optionee as ordinary income.  The Company will be entitled to a deduction
in  the  same  amount,  provided  it  makes  all  required  withholdings  on the
compensation  element of the exercise.  In general,  the optionee's tax basis in
the shares  acquired by  exercising  an NSO is equal to the fair market value of
such shares on the date of exercise.  Upon a subsequent  sale of any such shares
in a  taxable  transaction,  the  optionee  will  realize  capital  gain or loss
(long-term  or  short-term,  depending  on whether the shares were held for more
than 12 months before the sale) in an amount equal to the difference between his
or her basis in the shares and the sale price.

         Special  rules  apply if an  optionee  pays  the  exercise  price  upon
exercise of NSOs with previously  acquired shares of stock.  Except as described
below with respect to shares  acquired  pursuant to ISOs,  such a transaction is
treated as a  tax-free  exchange  of the old  shares for the same  number of new
shares.  To that extent,  the optionee's  basis in the new shares is the same as
his or her basis in the old shares, i.e., there is a carryover of basis, and the
capital gain holding period runs without interruption from the date when the old
shares were  acquired.  The value of any new shares  received by the optionee in
excess of the number of old shares  surrendered  less any cash the optionee pays
for the new shares will be taxed as ordinary income. The optionee's basis in the
additional  shares is equal to the fair market  value of such shares on the date
the shares were  transferred,  and the capital gain holding period  commences on
the same date.  The effect of these  rules is to defer the date when any gain in
the old  shares  that  are used to buy new  shares  must be  recognized  for tax
purposes.  Stated  differently,  these  rules  allow an  optionee to finance the
exercise of an NSO by using shares of stock that he or she already owns, without
paying  current  tax on any  unrealized  appreciation  in the  value of all or a
portion of those old shares.

B.       Exercise of an ISO
         ------------------

         The holder of an ISO will not be subject to federal income tax upon the
exercise of the ISO, and the Company will not be entitled to a tax  deduction by
reason of such  exercise,  provided  that the  holder is still  employed  by the
Company  (or  terminated  employment  no longer  than  three  months  before the
exercise date).  Additional exceptions to this exercise timing requirement apply
upon the death or disability of the optionee. A sale of the shares received upon
the  exercise of an ISO which  occurs both more than one year after the exercise
of the ISO and more than two years after the grant of the ISO will result in the
realization  of long-term  capital gain or loss in the amount of the  difference
between the amount  realized on the sale and the exercise price for such shares.
Generally,  upon a sale or  disposition  of the  shares  prior to the  foregoing
holding  requirements  (referred  to  as  a  "disqualifying  disposition"),  the
optionee  will  recognize  ordinary  income,  and the  Company  will  receive  a
corresponding deduction equal to the lesser of (i) the excess of the fair market
value of the shares on the date of transfer to the  optionee  over the  exercise
price,  or (ii) the excess of the amount  realized on the  disposition  over the
exercise  price for such shares.  Currently,  ISO exercises are exempt from FICA
and  FUTA  taxes  and  a  disqualifying  disposition  is  exempt  from  employer
withholding.

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         A special rule applies if an optionee  pays all or part of the exercise
price  of an ISO by  surrendering  shares  of  stock  that he or she  previously
acquired  by  exercising  any other ISO.  If the  optionee  has not held the old
shares  for  the  full  duration  of  the  applicable   holding  periods  before
surrendering  them,  then the  surrender  of such shares to exercise the new ISO
will be treated as a disqualifying  disposition of the old shares.  As described
above,  the result of a  disqualifying  disposition is the loss of favorable tax
consequences  with respect to the  acquisition of the old shares pursuant to the
previously exercised ISO.

         Where the applicable holding period requirements have been met, the use
of previously  acquired  shares of stock to pay all or a portion of the exercise
price of an ISO may offer significant tax advantages, particularly a deferral of
the recognition of any appreciation in the surrendered shares in the same manner
as discussed above with respect to NSOs.

C.       Alternative Minimum Tax
         -----------------------

         The  "alternative  minimum  tax"  is  paid  when  such  tax  exceeds  a
taxpayer's regular federal income tax. The alternative minimum tax is calculated
based on alternative minimum taxable income, which is taxable income for federal
income tax  purposes,  modified  by certain  adjustments  and  increased  by tax
preference items.

         The spread  under an ISO - i.e.,  the  difference  between (a) the fair
market  value  of the  shares  at  exercise  and  (b)  the  exercise  price - is
classified  as  alternative  minimum  taxable  income for the year of  exercise.
Alternative  minimum  taxable income may be subject to the  alternative  minimum
tax.  However,  a  disqualifying  disposition  of the shares  subject to the ISO
during the same year in which the ISO was exercised  will  generally  cancel the
alternative minimum taxable income generated upon exercise of the ISO.

         When a taxpayer  sells stock  acquired  through the exercise of an ISO,
generally only the difference between the fair market value of the shares on the
date of  exercise  and the  date of sale is used in  computing  the  alternative
minimum  tax. The portion of a taxpayer's  minimum tax  attributable  to certain
items of tax  preference  (including the spread upon the exercise of an ISO) can
be  credited  against the  taxpayer's  regular  liability  in later years to the
extent that liability exceeds the alternative minimum tax.

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