EXHIBIT 99

                 PRESS RELEASE OF FIRST FEDERAL BANKSHARES, INC.






                                                  First Federal Bankshares, Inc.


PRESS RELEASE

December 12, 2005
For Immediate Release

For Further Information Contact:    Barry E. Backhaus
                                    President and Chief Executive Officer
                                    First Federal Bankshares, Inc.
                                    329 Pierce Street, P.O. Box 897
                                    Sioux City, IA  51102
                                    712-277-0200




                         FIRST FEDERAL BANKSHARES, INC.
                     COMPLETES STOCK REPURCHASE PROGRAM AND
                     ANNOUNCES NEW STOCK REPURCHASE PROGRAM


Sioux City,  Iowa - December 12, 2005 (Nasdaq  National  Market - "FFSX")  First
Federal Bankshares,  Inc., the holding company of First Federal Bank,  announced
today that it completed its current stock  repurchase  program pursuant to which
the Company  repurchased 377,000 shares at an average price per share of $21.63.
The  repurchased  shares are held as treasury  stock and will be  available  for
general  corporate  purposes.  The  Company  also  announced  that its  Board of
Directors has authorized a new stock  repurchase  program  pursuant to which the
Company intends to repurchase up to 10% of its issued and outstanding shares, or
up to 346,000 shares.  The repurchases  generally will be effected  through open
market  purchases,   although  there  may  be  the  possibility  of  unsolicited
negotiated transactions or other types of repurchases.

Barry E. Backhaus,  President and Chief Executive Officer of the Company, stated
"We are pleased to announce the new  repurchase  program.  We believe our common
stock remains a compelling  value at current  trading  prices and we believe the
deployment of some of the Company's capital into this investment is warranted."

First Federal  Bankshares,  Inc.  common stock is traded on the Nasdaq  National
Market under the symbol "FFSX." The Company is headquartered in Sioux City, Iowa
and its bank  subsidiary  operates eight offices in northwest Iowa, an office in
South Sioux City, Nebraska and six offices in central Iowa.



     329 Pierce Street . P.O. Box 897 . Sioux City IA 51102 . 712-277-0200