Exhibit 99
PRESS RELEASE OF FIRST FEDERAL BANKSHARES, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to this current report to be signed on
its behalf by the undersigned, hereunto duly authorized.
First Federal Bankshares, Inc.
DATE: April 28, 1999 By: /s/ Katherine A. Bousquet
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Katherine A. Bousquet
Vice President and Treasurer
(Principal Financial and
Accounting Officer)
[GRAPHIC OMITTED:
Depicting First
Federal Bankshares,
Inc. Logo]
PRESS RELEASE
April 13, 1999
For Immediate Release
For Further Information Contact: Barry Backhaus
First Federal Bankshares, Inc.
329 Pierce Street, P.O. Box 897
Sioux City, IA 51102
712.277.0200
FIRST FEDERAL BANKSHARES, INC. COMPLETES "SECOND STEP" OFFERING AND ACQUISITION
OF MID-IOWA SAVINGS BANK
Sioux City, Iowa. First Federal Bankshares, Inc. is pleased to announce the
completion of its "second step" offering and its acquisition of Mid-Iowa
Financial Corp. and its subsidiary, Mid-Iowa Savings Bank in Newton, Iowa. Barry
Backhaus, President and CEO of First Federal, said he was very pleased to expand
First Federal's service territory in central Iowa. "The addition of Mid-Iowa
coupled with our purchase of Grinnell Federal Savings Bank a year ago provides
us a strong presence in central Iowa and a diversification to our existing
coverage in northwest Iowa," said Mr. Backhaus.
First Federal's acquisition of Mid-Iowa was concurrent with the conversion of
its mutual holding company to stock form. As part of the conversion, First
Federal sold 2,635,000 shares of common stock at $10 per share, raising gross
proceeds of $26.4 million. "We are very grateful to the more than 2,200 people
who purchased our stock, most of whom are from the communities we serve," said
Mr. Backhaus. The stock is expected to begin trading immediately on the NASDAQ
National Market under the symbol FFSXD, and will revert to the trading symbol
FFSX shortly.
Stockholders who owned First Federal Savings Bank stock prior to the current
offering will exchange each of their existing shares for 1.64696 shares of the
new stock.
Concurrent with the change in corporate form, First Federal Bankshares, Inc.'s
bank subsidiary will operate under its new name "First Federal Bank".
Including the Mid-Iowa acquisition, First Federal now operates a total of 19
offices including ten offices in northwest Iowa, one in South Sioux City,
Nebraska, and eight offices in central Iowa. First Federal currently has assets
of approximately $700 million.