Guaranty Federal Bancshares, Inc. Announces Stock Repurchase Plan

SPRINGFIELD, Mo., Nov. 22, 2002 -- Guaranty Federal Bancshares, Inc, (NASDAQ:GFED), the holding company for Guaranty Federal Savings Bank, today announced a plan to repurchase 10%, up to 300,000 shares, of its outstanding common stock.

There are 22,643 shares remaining to be purchased in order to complete the repurchase of 437,764 shares of common stock which was announced January 5, 2001. The above repurchase plan will commence as soon as this repurchase plan has been completed.

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.

Guaranty Federal Bancshares Inc. has subsidiary corporations offering banking, investment and insurance services. The principal subsidiary, Guaranty Federal Savings Bank, is located in Springfield, Missouri, and has eight branches and 18 ATM locations located in Greene and Christian Counties. In addition Guaranty Federal is a member of the Privileged Status ATM network, which provides its customers surcharge free access to over 60 area ATM's and over 1,000 ATM's nationwide.

Contacts:
Don M. Gibson
417-520-4333