-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 sCyWMeUu/LKgh/zTXcolpg==

<SEC-DOCUMENT>0000922907-03-000618.txt : 20031209
<SEC-HEADER>0000922907-03-000618.hdr.sgml : 20031209
<ACCEPTANCE-DATETIME>20031209172033
ACCESSION NUMBER:		0000922907-03-000618
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031118
FILED AS OF DATE:		20031209

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WILLIAMS WILLIAM B
		CENTRAL INDEX KEY:			0001211740

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23325
		FILM NUMBER:		031045444

	BUSINESS ADDRESS:	
		STREET 1:		1341 W BATTLEFIELD
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65807
		BUSINESS PHONE:		4175204333

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUARANTY FEDERAL BANCSHARES INC
		CENTRAL INDEX KEY:			0001046203
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				431792717
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		1341 WEST BATTLEFIELD
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65807
		BUSINESS PHONE:		4175204333

	MAIL ADDRESS:	
		STREET 1:		1341 WEST BATTLEFIELD
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65807
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>form4williams_120903ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4/A</documentType>
   <periodOfReport>2003-11-18</periodOfReport>
   <dateOfOriginalSubmission>2003-12-09</dateOfOriginalSubmission>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001046203</issuerCik>
        <issuerName>GUARANTY FEDERAL BANCSHARES INC</issuerName>
        <issuerTradingSymbol>GFED</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001211740</rptOwnerCik>
            <rptOwnerName>WILLIAMS WILLIAM B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1341 W BATTLEFIELD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SPRINGFIELD</rptOwnerCity>
            <rptOwnerState>MO</rptOwnerState>
            <rptOwnerZipCode>65807</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>EVP/COO</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-11-18</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>G</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>500</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>500</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>SELF</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>10000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>IRA</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>7468</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>ESOP</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>29264</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> SELF as Successor Trustee for the Martha Jean Williams Revocable Inter Vivos Trust.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ William B. Williams</signatureName>
      <signatureDate>2003-12-09</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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