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


        Date of Report (Date of earliest event reported): August 21, 2003


                         First Federal Bankshares, Inc.
                         ------------------------------
             (Exact name of registrant as specified in its charter)


         Delaware                       0-25509                  42-1485449
         --------                       -------                  ----------
(State or other jurisdiction)    (Commission File No.)       (I.R.S. Employer
        of incorporation)                                    Identification No.)


Address of principal executive offices:329 Pierce Street, Sioux City, Iowa 51101
                                       -----------------------------------------

Registrant's telephone number, including area code:  (712) 277-0200
                                                     --------------


                                 Not Applicable
                                 --------------
          (Former name or former address if changed since last report)







Item 5. Other Events

     First  Federal  Bankshares,  Inc.  (the  "Company")  announced  that  it is
commencing a share repurchase  program.  The program calls for the repurchase of
up to 377,000 shares,  or approximately 10% of the shares  outstanding,  in open
market  purchases.  The  shares  will be held as  treasury  stock,  and  will be
available for general corporate purposes.  Please see Press Release dated August
21, 2003, a copy of which is included 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.

                                    FIRST FEDERAL BANKSHARES, INC.


DATE:  August 21, 2003              By:    /s/ Barry Backhaus
                                           -------------------------------------
                                           Barry Backhaus
                                           President and Chief Executive Officer








                                  EXHIBIT INDEX


The following Exhibits are filed as part of this report:

         Exhibit 99.1  Press Release of First  Federal  Bankshares,  Inc.  dated
                       August 21, 2003