Guaranty Federal Bancshares, Inc. Welcomes David T. Moore to Board of Directors

Shaun A. Burke, President and CEO of Guaranty Federal Bancshares, Inc., (Nasdaq:GFED), the holding company for Guaranty Bank, is pleased to announce the election of David T. Moore as a Director of the Company to fill the vacancy created by the retirement of Gregory V. Ostergren.

"We are very pleased to have David Moore join our Board," said Burke. "He has a thorough understanding of leading a publicly traded company and valuable insight into the manufacturing business, which is an important target industry for financial services."

Moore is President, Chief Executive Officer, and member of the Board of Directors of Paul Mueller Company. Paul Mueller Company, (OTC:MUEL), is a publicly held manufacturer of milk cooling equipment and processing equipment headquartered in Springfield, Missouri. Moore has worked at Paul Mueller Company since 2002, serving as the President since 2011. Additionally, he has been a member of the company's Board of Directors since 1997. Prior to joining Paul Mueller Company, Moore was Vice President of Product Development at Corporate Document Systems, a computer software company, for six years. Moore holds an MBA from The University of Chicago - Booth School of Business and a B.A. from Middlebury College.

About Guaranty Federal Bancshares, Inc. and Guaranty Bank:

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 a loan production office in Webster County. 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.

CONTACT: Shaun A. Burke
         President and CEO
         Guaranty Federal Bancshares, Inc. and Guaranty Bank
         1341 West Battlefield
         Springfield, MO 65807
         417.520.4333