FOR IMMEDIATE RELEASE                  FOR FURTHER INFORMATION CONTACT:
- ---------------------                  --------------------------------
May 18, 2005                           Jerry R. Spurlin, Chief Financial Officer
                                       (505) 726-6500


                     GFSB BANCORP, INC. SHAREHOLDERS APPROVE
              MERGER WITH FIRST FEDERAL BANC OF THE SOUTHWEST, INC.


         Gallup, New Mexico -- GFSB Bancorp, Inc. ("GFSB" or the "Company"), the
parent savings and loan holding company of Gallup Federal Savings Bank,  Gallup,
New Mexico  announced that a Special Meeting of Stockholders  was held today. At
the meeting,  stockholders approved the Agreement and Plan of Merger dated as of
August 25,  2004,  by and between  First  Federal  Banc of the  Southwest,  Inc.
("First  Federal")  and GFSB,  pursuant  to which  GFSB will merge with and into
First Federal and each share of GFSB common stock (other than shares the holders
of which have perfected  dissenters' rights of appraisal) will be converted into
the right to receive either $20.00 in cash or 1.17806 shares of First Federal or
combination thereof.

         The Merger is expected to close on May 31, 2005.  The Company's  common
stock is traded on the NASDAQ SmallCap Market under the symbol "GUPB."

         This release may contain  forward-looking  statements.  We caution that
such statements may be subject to a number of  uncertainties  and actual results
could differ materially and, therefore,  readers should not place undue reliance
on any forward-looking  statements.  GFSB Bancorp, Inc. does not undertake,  and
specifically  disclaims,  any obligation to publicly  release the results of any
revisions  that may be made to any  forward-looking  statements  to reflect  the
occurrence of anticipated or  unanticipated  events or  circumstances  after the
date of such statements.