EXHIBIT 31.2

                    Certification of Chief Financial Officer
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Stephen L. Mourlam, Executive Vice President and Chief Financial Officer,
certify that:

      1.    I have reviewed this quarterly report on Form 10-QSB of Webster City
            Federal Bancorp;

      2.    Based on my knowledge, this quarterly report does not contain any
            untrue statement of a material fact or omit to state a material fact
            necessary to make the statements made, in light of the circumstances
            under which such statements were made, not misleading with respect
            to the period covered by this quarterly report;

      3.    Based on my knowledge, the financial statements, and other financial
            information included in this quarterly report, fairly present in all
            material respects the financial condition, results of operations and
            cash flows of the small business issuer as of, and for, the periods
            presented in this quarterly report;

      4.    The small business issuer's other certifying officers and I are
            responsible for establishing and maintaining disclosure controls and
            procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)
            for the small business issuer and have:

                  a.    designed such disclosure controls and procedures, or
                        caused such disclosure controls and procedures to be
                        designed under our supervision, to ensure that material
                        information relating to the small business issuer,
                        including its consolidated subsidiaries, is made known
                        to us by others within those entities, particularly
                        during the period in which this quarterly report is
                        being prepared;

                  b.    evaluated the effectiveness of the small business
                        issuer's disclosure controls and procedures and
                        presented in this report our conclusions about the
                        effectiveness of the disclosure controls and procedures,
                        as of the end of the period covered by this report based
                        on such evaluation; and

                  c)    disclosed in this report any change in the small
                        business issuer's internal control over financial
                        reporting that occurred during the small business
                        issuer's most recent financial quarter that has
                        materially affected, or is reasonably likely to
                        materially affect, the small business issuer's internal
                        control over financial reporting; and

      5.    The small business issuer's other certifying officers and I have
            disclosed, based on our most recent evaluation of internal control
            over financial reporting, to the small business issuer's auditors
            and the audit committee of small business issuer's board of
            directors (or persons performing the equivalent functions):

                  c)    all significant deficiencies and material weaknesses in
                        the design or operation of internal control over
                        financial reporting which are reasonably likely to
                        adversely affect the small business issuer's ability to
                        record, process, summarize and report financial
                        information; and

                  d)    any fraud, whether or not material, that involves
                        management or other employees who have a significant
                        role in the small business issuer's internal control
                        over formal reporting.


August 12, 2004                     /s/ Stephen L. Mourlam
Date                                ----------------------
                                        Stephen L. Mourlam
                                        Executive Vice President and Chief
                                        Financial Officer