JOINT FILING AGREEMENT In accordance with Rule 13d-1(f) under the Securities and Exchange Act of 1934, as amended, the parties named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D, and amendments thereto, with...

EXHIBIT 1

                                JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(f) under the Securities and Exchange
Act of 1934, as amended, the parties named below agree to the joint
filing on behalf of each of them of a Statement on Schedule 13D, and
amendments thereto, with respect to the securities of the company named
below:

DATED: AUGUST 30, 2001

COMPANY: GUARANTY FEDERAL BANCSHARES, INC.

SECURITIES: COMMON STOCK, PAR VALUE $.10


                                             PARTIES

                                       ALPINE ASSOCIATES,
                                       A Limited Partnership

                                   By: Xxxxxx Corp.
                                   By:  /S/XXXX XXXXX
                                       ----------------------
                                       Xxxx Xxxxx

                                       ALPINE PARTNERS, L.P.

                                   By: Xxxxxx Corp.
                                   By:  /S/XXXX XXXXX
                                       ----------------------
                                       Xxxx Xxxxx

                                       PALISADES PARTNERS, L.P.

                                   By:  /S/XXXXXX X. XXXXXXX, XX.
                                       --------------------------
                                       Xxxxxx X. Xxxxxxx, Xx.