EXHIBIT 99

                 PRESS RELEASE OF WEBSTER CITY FEDERAL BANCORP

                                                              September 23, 2004
                                                           FOR IMMEDIATE RELEASE

                                           Contact: Phyllis A. Murphy, President
                                                     and Chief Executive Officer
                                                               Tel (515)832-3071


                          WEBSTER CITY FEDERAL BANCORP
                    DEREGISTERS AND DELISTS ITS COMMON STOCK


Webster City Federal Bancorp (the "Company") announced that the Company filed on
September 23, 2004 with the Securities and Exchange  Commission to terminate the
registration  of its common stock under the Securities and Exchange Act of 1934.
As a result of this  deregistration,  the  Company  also will be  delisting  its
common stock on the Nasdaq Small Cap Market.

According  to  Phyllis  Murphy,  President  and Chief  Executive  Officer of the
Company,  "The Board of Directors of the Company  concluded  that the  increased
costs and administrative burdens associated with continued registration with the
SEC and listing with the Nasdaq Small Cap Market were no longer  justified given
the small number of Company stockholders and the relatively low level of trading
in the Company's  common stock." Mrs.  Murphy further stated that "The Board has
emphasized  that the Company will continue to conduct  business as it has in the
past, and will continue to provide  financial and other information with respect
to the Company to stockholders  on a regular basis.  The Company will make every
effort to ensure that the  Company's  common  stock is quoted on the Pink Sheets
and  information  regarding  the  Company is made  available  for  existing  and
potential stockholders."

Webster  City  Federal  Bancorp is the holding  company for Webster City Federal
Savings Bank and  Security  Title & Abstract,  Inc.  Information  regarding  the
Company is available on the Bank's website at www.webcityfed.com.

Safe Harbor Statement
- ---------------------

This news  release  and  other  releases  and  reports  issued  by the  Company,
including  reports  to the  Securities  and  Exchange  Commission,  may  contain
"forward-looking   statements".   The  Company   intends  such   forward-looking
statements  to be  covered by the safe  harbor  provisions  for  forward-looking
statements  contained  in the  Private  Securities  Reform  Act of 1995,  and is
including this statement for purposes of these safe harbor provisions.