Exhibit 5.0
                                LAW OFFICES
                  Elias, Matz, Tiernan & Herrick L.L.P.
                                12TH FLOOR
                           734 15TH STREET, N.W.
                           WASHINGTON, D.C. 20005
                                   _____

                         TELEPHONE:  (202) 347-0300
                         FACSIMILE:   (202) 347-2172
                                WWW.EMTH.COM




                            September 14, 2004

                                 VIA EDGAR






Board of Directors
PFS Bancorp, Inc.
Second and Bridgeway Streets
Aurora, Indiana 47001

     Re:  Registration Statement on Form S-8
          152,088 Shares of Common Stock

Gentlemen:

     We are special counsel to PFS Bancorp, Inc., an Indiana corporation (the
"Corporation"), in connection with the preparation and filing with the
Securities and Exchange Commission pursuant to the Securities Act of 1933, as
amended, of a Registration Statement on Form S-8 (the "Registration
Statement"), relating to the registration of up to 152,088 shares of common
stock of the Corporation, par value $.01 per share ("Common Stock"), to be
issued pursuant to the PFS Bancorp, Inc. 2002 Stock Option Plan (the "Option
Plan") upon the exercise of stock options ("Stock Options").  The Registration
Statement also registers an indeterminate number of additional shares which
may be necessary under the Option Plan to adjust the number of shares
registered thereby for issuance as the result of a stock split, stock dividend
or similar adjustment of the outstanding Common Stock of the Corporation.   We
have been requested by the Corporation to furnish an opinion to be included as
an exhibit to the Registration Statement.

Board of Directors
September 14, 2004
Page 2


     For this purpose, we have reviewed the Registration Statement, the
Articles of Incorporation and the Bylaws of the Corporation, the Option Plan,
a specimen stock certificate evidencing the Common Stock of the Corporation
and such other corporate records and documents as we have deemed appropriate
for the purposes of this opinion.  We are relying upon the originals, or
copies certified or otherwise identified to our satisfaction, of the corporate
records of the Corporation and such other instruments, certificates and
representations of public officials, officers and representatives of the
Corporation as we have deemed applicable or relevant as a basis for the
opinions set forth below.  In addition, we have assumed, without independent
verification, the genuineness of all signatures and the authenticity of all
documents furnished to us and the conformance in all respects of copies to
originals.  Furthermore, we have made such factual inquiries and reviewed such
laws as we determined to be relevant for the purposes of this opinion.

     For purposes of this opinion, we have also assumed that (i) the shares
of Common Stock issuable pursuant to Stock Options granted under the terms of
the Option Plan will continue to be validly authorized on the dates the Common
Stock is issued pursuant to the Stock Options; (ii) on the dates the Stock
Options are exercised, the Stock Options granted under the terms of the Option
Plan will constitute valid, legal and binding obligations of the Corporation
and will be enforceable as to the Corporation in accordance with their terms
(subject to applicable bankruptcy, moratorium, insolvency, reorganization and
other laws and legal principles affecting the enforceability of creditors'
rights generally); (iii) the Stock Options are exercised in accordance with
their terms and the exercise price therefor is paid in accordance with the
terms thereof; (iv) no change occurs in applicable law or the pertinent facts;
and (v) the provisions of "blue sky" and other securities laws as may be
applicable will have been complied with to the extent required.

     Based on the foregoing, and subject to the assumptions set forth herein,
we are of the opinion as of the date hereof that the shares of Common Stock to
be issued pursuant to the Option Plan, when issued and sold pursuant to the
Option Plan and upon receipt of the consideration required thereby, will be
legally issued, fully paid and non-assessable shares of Common Stock of the
Corporation.

Board of Directors
September 14, 2004
Page 3


     We hereby consent to the reference to this firm under the caption "Legal
Opinion" in the Prospectus of the Option Plan and to the filing of this
opinion as an exhibit to the Registration Statement.

                              Very truly yours,

                              ELIAS, MATZ, TIERNAN & HERRICK L.L.P.




                              By:  /s/ Kevin M. Houlihan
                                   -------------------------------
                                   Kevin M. Houlihan, a Partner