Guaranty Bank Adds Chief Credit Officer to Executive Team

SPRINGFIELD, Mo., Feb. 13, 2009 (GLOBE NEWSWIRE) -- Shaun A. Burke, President and CEO of Guaranty Federal Bancshares, Inc, (NasdaqGM:GFED - News), the holding company for Guaranty Bank, is pleased to announce the addition of Sheri D. Biser as Executive Vice President, Chief Credit Officer for Guaranty Bank. In this newly created position, Biser will focus on assisting the commercial lenders, loan analysts, and loan administration personnel in managing the credit risk in Guaranty Bank's loan portfolio.

Burke commented, ``Through the efforts of our tremendous team of commercial lenders, Guaranty Bank has increased loans to nearly $600 million in the past few years. This growth, along with the challenging economy, a changing regulatory environment, and our desire to prudently continue to grow the company, made it imperative to increase our leadership in our loan area. With over 20 years of credit administration experience, I am confident in Sheri's ability to work with our lenders and credit department to ensure the overall quality of the bank's portfolio.''

In addition to her banking experience, Biser was also a bank examiner for the FDIC.

About Guaranty Federal Bancshares, Inc.

Guaranty Federal Bancshares, Inc. (NasdaqGM:GFED - News) 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 700 ATMs nationwide. For more information visit the Guaranty Bank website: http://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.

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