Exhibit 23.1


                                      CONSENT

     We hereby consent to the references to this firm and our opinions in, and
the inclusion of our opinions as exhibits to: the Registration Statement on Form
SB-2 filed by First Federal Bancshares, Inc. (the "Company"), and all amendments
thereto; in the Form H-(e)1-S for the Company, and all amendments thereto; and
in the Application for Conversion on Form AC filed by First Federal Bank,
F.S.B.(the "Bank"), and all amendments thereto, relating to the conversion of
the Bank from a federally-chartered mutual savings bank to a federally-chartered
stock savings bank, the concurrent issuance of the Bank's outstanding capital
stock to the Company, a holding company formed for such purpose, and the
offering of the Company's common stock.


                                      /s/ Muldoon, Murphy & Faucette LLP

                                      MULDOON, MURPHY & FAUCETTE LLP

Dated this 23rd day of
June 2000