EXHIBIT 5.1

             Opinion of Malizia, Spidi, Sloane & Fisch, P.C. as to
               the validity of the Common Stock being registered



                      MALIZIA, SPIDI, SLOANE & FISCH, P.C.
                               One Franklin Square
                               1301 K Street, N.W.
                                 Suite 700 East
                             Washington, D.C. 20005
                            Telephone: (202) 434-4665
                           Telecopier: (202) 434-4661

June 28, 1996

Board of Directors
GFSB Bancorp, Inc.
221 Aztec Avenue
Gallup, New Mexico  87031

      RE:   Registration Statement on Form S-8:
            GFSB Bancorp, Inc.  1995 Stock Option Plan

Gentlemen:

      We have  acted as  special  counsel  to GFSB  Bancorp,  Inc.  , a State of
Delaware corporation (the "Company"),  in connection with the preparation of the
Registration  Statement on Form S-8 to be filed with the Securities and Exchange
Commission (the  "Registration  Statement") under the Securities Act of 1933, as
amended,  relating to 94,875  shares of common  stock,  par value $.10 per share
(the  "Common  Stock") of the Company  which may be issued upon the  exercise of
options granted or which may be granted under the GFSB Bancorp,  Inc. 1995 Stock
Option Plan (the "Plan"), as more fully described in the Registration Statement.
You have  requested  the  opinion of this firm with  respect  to  certain  legal
aspects of the proposed offering.

      We have examined such  documents,  records,  and matters of law as we have
deemed  necessary for purposes of this opinion and based thereon,  we are of the
opinion  that the Common  Stock when issued  pursuant to the exercise of options
granted  under  and in  accordance  with the  terms of the Plan will be duly and
validly issued, fully paid, and nonassessable.

      We hereby  consent  to the  filing of this  opinion  as an  exhibit to the
Registration  Statement and to references to our firm included under the caption
"Legal Opinion" in the Prospectus which is a part of the Registration Statement.

                                       Sincerely,


                                       /s/Malizia, Spidi, Sloane & Fisch, P.C.
                                       Malizia, Spidi, Sloane & Fisch, P.C.

Washington, D.C.