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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Mg06GLVAlpWaCT5mU0qRamFqFKz8htOrQI5gTyuqIz2b+YO3RcA3Zi4L62gRVSUG
 0V2zKJejiqwp9wb0u/SwoQ==

<SEC-DOCUMENT>0001046203-04-000052.txt : 20041103
<SEC-HEADER>0001046203-04-000052.hdr.sgml : 20041103
<ACCEPTANCE-DATETIME>20041103123524
ACCESSION NUMBER:		0001046203-04-000052
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041101
FILED AS OF DATE:		20041103
DATE AS OF CHANGE:		20041103

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Erwin Eldon W
		CENTRAL INDEX KEY:			0001307749

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23325
		FILM NUMBER:		041115487

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		417-520-0206

	MAIL ADDRESS:	
		STREET 1:		1341 W BATTLEFIELD
		CITY:			SPRINGFIELD
		STATE:			MO
		ZIP:			65807

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:			1231

	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>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-11-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001046203</issuerCik>
        <issuerName>GUARANTY FEDERAL BANCSHARES INC</issuerName>
        <issuerTradingSymbol>GFED</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001307749</rptOwnerCik>
            <rptOwnerName>Erwin Eldon W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4696 S TURNBERRY AVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SPRINGFIELD</rptOwnerCity>
            <rptOwnerState>MO</rptOwnerState>
            <rptOwnerZipCode>65810</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>EVP/CLO Guaranty Bank</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Option Right-To-Buy</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>20.88</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2005-11-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2014-11-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <ownerSignature>
        <signatureName>Eldon W Erwin</signatureName>
        <signatureDate>2004-11-01</signatureDate>
    </ownerSignature>
</ownershipDocument>

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