RAYMOND JAMES & ASSOCIATES, INC.
February 27, 2014
VIA EDGAR
Mr. Michael Clampitt
Division of Corporation Finance
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Re: Guaranty Federal Bancshares, Inc.
Registration Statement on Form S-1 (Registration No. 333-191440)
Request for Acceleration of Effectiveness
Dear Mr. Clampitt:
In accordance with Rule 461 of Regulation C promulgated under the Securities Act of 1933, as amended, we hereby join Guaranty Federal Bancshares, Inc. in requesting that the effective date of the above-referenced Registration Statement, as amended, be accelerated so that it will become effective at 3:00 p.m., Eastern Time, on March 3, 2014, or as soon thereafter as may be practicable.
| Very truly yours,
Raymond James & Associates, Inc. |
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| By: | /s/ Douglas F. Secord |
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| Name: | Douglas F. Secord |
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| Title: | Managing Director |
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