UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


                                JANUARY 21, 2003
                Date of Report (Date of Earliest Event Reported)


                            IOWA FIRST BANCSHARES CORP.
             (Exact Name of Registrant as Specified in its Charter)


           IOWA                        2-89283                  42-1211285
(State or Other Jurisdiction of  (Commission File Number)     (I.R.S. Employer
 Incorporation or Organization)                             (Identification No.)

                             300 EAST SECOND STREET
                              MUSCATINE, IOWA 52761
                    (Address of Principal Executive Offices)


       Registrant's Telephone Number, Including Area Code: (563) 263-4221


                                 NOT APPLICABLE
              (Former Name, Former Address and Former Fiscal Year,
                         if Changed Since Last Report)




Item 7.  Financial Statements and Exhibits

         The following exhibit is filed as part of this Report:

                  Exhibit No.                         Description
                  -----------                         -----------
                       99.1               News Release dated January 21, 2003






Item 9.  Regulation FD Disclosure

     On January 21,  2003,  Iowa First  Bancshares  Corp.  issued a News Release
announcing its 2002 financial  results and dividend  payment.  A copy of the New
Release is attached hereto as Exhibit 99.1.






                                   SIGNATURES



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                             IOWA FIRST BANCSHARES CORP.


Date:  January 21, 2003                      By:   /s/ Kim K. Bartling
                                                  ---------------------
                                             Name:  Kim K. Bartling
                                             Title: Executive Vice President
                                                    and Chief Operating Officer
                                                    & Treasurer




                                  EXHIBIT INDEX


     Exhibit No.                                         Description
     -----------                                         -----------
        99.1                                 News Release dated January 21, 2003