Exhibit 99.2
                          [HOLDING COMPANY LETTERHEAD]


May 20, 2005



Dear Shareholder:

I am pleased to enclose your stock certificate representing additional shares
that have been issued to you as a result of the previously announced
eight-for-one (8 - 1) stock split in the form of a stock dividend.

The Company's Board of Directors declared the stock dividend in April 2005, in
connection with the proposed merger with GFSB Bancorp, Inc. The stock split was
previously disclosed to you in the joint proxy statement/prospectus you received
in connection with the merger. The net result of the stock split is that you
have been issued 7 additional shares for each share of the Company's common
stock you owned as of April 26, 2005. Thus, as an example, if you owned 100
shares as of that date, you would be receiving 700 additional shares, bringing
the total number of the Company's common stock owned by you to 800 shares.

No action needs to be taken by you in regard to these new shares. We urge you,
however, to safeguard this certificate and place it with your existing First
Federal Banc of the Southwest, Inc. certificate(s).

The Company anticipates closing the merger transaction with GFSB Bancorp, Inc.
on May 31, 2005, and to begin trading on the Nasdaq SmallCap market on June 1,
2005, under the ticker symbol "FFSW".

On behalf of the Company's directors, officers and employees, we look forward to
this new opportunity and hope you share our enthusiasm as we build our Company.

                           Forward-Looking Statements
                           --------------------------

Certain statements contained in this letter that are not historical facts,
including, but not limited to, statements that can be identified by the use of
forward-looking terminology such as "may," "expect," "anticipate," "predict,"
"believe," "plan," "estimate" or "continue" or the negative thereof or other
variations thereon or comparable terminology, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, and
involve a number of risks and uncertainties. The actual results of the future
events described in such forward-looking statements in this press release could
differ materially from those stated in such forward-looking statements. Among
the factors that could cause actual results to differ materially are: third
party claims or actions in relation to ongoing or future litigation or
bankruptcy matters; interest rate fluctuations; level of delinquencies; defaults
and prepayments; general economic conditions; competition; government
regulation; unanticipated developments in connection with the bankruptcy actions
or litigation mentioned above, including judicial variation from existing legal




precedent and the decision by one or more parties to appeal decisions rendered;
the risks and uncertainties discussed elsewhere from time to time in the
Company's periodic reports filed with the Securities and Exchange Commission and
other public statements.


Sincerely,



Aubrey L. Dunn Jr.
President & CEO

Enc.