Joan Ohlgren Promoted To Banking Center Officer

SPRINGFIELD, MO – (September 17, 2009) – Guaranty Bank President and CEO Shaun Burke announced today the promotion of Joan Ohlgren to Banking Center Officer. Ohlgren, who has been with Guaranty Bank since 2004, is the Banking Center Manager at the bank's 1341 W. Battlefield headquarters.

"Joan's promotion is a result of her hard work and dedication to Guaranty Bank. She brings a wealth of knowledge, incredible work ethic, and contagious enthusiasm to her job. We are very fortunate to have her on the Guaranty Bank team," said Shaun Burke.

Ohlgren has 15 years banking experience. During those years she held positions as Proof Operator, Teller, Teller Supervisor, Assistant Manager and Branch Manager. Prior to banking, Ohlgren had almost 25 years of experience in accounting and management in the food industry.

About Guaranty Federal Bancshares, Inc.

Guaranty Federal Bancshares, Inc. (NASDAQ:GFED) has a subsidiary corporation offering full banking services. The principal subsidiary, Guaranty Bank, is headquartered in Springfield, Missouri, and has nine full-service branches in Greene and Christian Counties and Loan Production Offices in Wright, Webster and Howell Counties. In addition, Guaranty Bank is a member of the TransFund ATM network which provides its customers surcharge free access to over 100 area ATMs and over 1,600 ATMs nationwide. For more information visit the Guaranty Bank website: www.gbankmo.com.

The discussion set forth above may contain forward-looking comments. Such comments are based upon the information currently available to management of the Company and management’s perception thereof as of the date of this release. Actual results of the Company’s operations could materially differ from those forward-looking comments. The differences could be caused by a number of factors or combination of factors including, but not limited to: changes in demand for banking services; changes in portfolio composition; changes in management strategy; increased competition from both bank and non-bank companies; changes in the general level of interest rates; the effect of regulatory or government legislative changes; technology changes; and fluctuation in inflation.

Contacts:  Guaranty Bank
           Shaun A. Burke, President & CEO
           417-520-4333
           1341 W. Battlefield
           Springfield, MO 65807