GS Financial Corp. Announces Approval of Stock Repurchase Program and Declaration of Dividend

  
    
  
  
    
      Albert J. Zahn, Jr., Chairman of the Board of Directors of GS Financial 
      Corp. (Nasdaq:GSLA), holding company for Guaranty Savings Bank, 
      announced that the Board of Directors, at its meeting on October 21, 
      2008, declared a quarterly cash dividend of $.10 per share. The dividend 
      is payable to shareholders of record as of November 4, 2008 and will be 
      paid on November 19, 2008.
    
    
      GS Financial Corp. also announced today that its Board of Directors at 
      their meeting on October 21, 2008, approved the commencement of a stock 
      repurchase program, subject to the approval or non-objection of the 
      Office of Thrift Supervision for a capital distribution from Guaranty 
      Savings Bank. The repurchase program provides for the repurchase of up 
      to 64,250 shares, or approximately 5.0% of GS Financial Corp.’s 
      outstanding common stock, from time to time, in open market or privately 
      negotiated transactions. The repurchases, which are expected to commence 
      in mid-to late-November, will be made over a one year period, or such 
      longer amount of time as may be necessary to complete the repurchase 
      plan.
    
    
      Albert J. Zahn, Chairman of the Board of GS Financial Corp., stated, 
      "With core and total risk-based capital ratios of 13.2% and 22.4%, 
      respectively, at June 30, 2008, we are gratified that we are in such 
      position to declare our regular quarterly cash dividend and implement a 
      stock repurchase program which will support long term shareholder value."
    
    
      GS Financial Corp. provides community banking services through its 
      wholly-owned subsidiary, Guaranty Savings Bank, a Louisiana chartered 
      savings association, in the metropolitan New Orleans area.
    
    
      Statements contained in this news release which are not historical facts 
      may be forward-looking statements as that term is defined in the Private 
      Securities Litigation Reform Act of 1995. Forward-looking statements can 
      be identified by the fact that they do not relate strictly to historical 
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