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                                  UNITED STATES
                       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): December 23, 2005
                                                        -----------------

                   FIRST FEDERAL BANC OF THE SOUTHWEST, INC.
                   -----------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

 Delaware                            000-51243                   85-0453611
- -----------------------------   ----------------------         --------------
(State or Other Jurisdiction)  (Commission File Number)       (I.R.S. Employer
  of Incorporation)                                          Identification No.)


300 North Pennsylvania Avenue, Roswell, New Mexico                88201
- --------------------------------------------------                -----
(Address of Principal Executive Offices)                        (Zip Code)

Registrant's telephone number, including area code:  (505) 622-6201
                                                     --------------

                                 Not Applicable
                                 --------------
          (Former Name or Former Address, if Changed Since Last Report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)

[ ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR
    240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))






Item 8.01 Other Events.
          -------------

     On December 23, 2005, First Federal Banc of the Southwest,  Inc.  announced
the  declaration of a cash dividend.  A copy of the press release is attached as
Exhibit 99.1 to this current report on Form 8-K.

Item 9.01 Financial Statements and Exhibits
          ---------------------------------

          (a) Financial Statements of Businesses Acquired. Not applicable

          (b) Pro Forma Financial Information.  Not Applicable

          (c) Exhibits.

              Exhibit No.       Description
              -----------       -----------

                 99.1           Press release of First Federal Banc of the
                                Southwest, Inc. dated December 23, 2005.





                                   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 BANC OF THE SOUTHWEST, INC.



DATE:  December 27, 2005           By: /s/ George A. Rosenbaum, Jr.
                                       ----------------------------------------
                                       George A. Rosenbaum, Jr.
                                       Chief Financial Officer






                                  EXHIBIT INDEX


Exhibit           Description

99.1 Press release of First Federal Banc of the  Southwest,  Inc. dated December
     23, 2005.