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): July 6, 2006
First Federal Bankshares, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-25509 42-1485449
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(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of incorporation) Identification No.)
329 Pierce Street, Sioux City, Iowa 51101
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(Address of principal executive offices) (Zip Code)
(712) 277-0200
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(Registrant's telephone number, including area code)
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 CRF 240.13e-4(c))
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On July 6, 2006, Mr. Steven L. Opsal, Executive Vice President of First Federal
Bankshares, Inc. (the "Company"), resigned from the Company and its affiliates,
including First Federal Bank (the "Bank"), effective upon a mutually agreed date
between the Bank and Mr. Opsal, but no later than the Company's 2006 Annual
Meeting of Stockholders, expected to be held on October 26, 2006. Mr. Opsal
cited personal reasons and the desire to pursue other interests, as the reasons
for his decision to leave the Company and the Bank. The Company and the Bank are
grateful for Mr. Opsal's many years of dedicated service and leadership and
thank him for his contributions to the success of the Company and the Bank. The
Company has initiated a search for his successor.
Mr. Opsal also resigned from the Board of Directors of the Company and of the
Company's affiliates, including First Federal Bank, effective at the 2006 Annual
Meeting of Stockholders. The Nominating Committee of the Board of Directors has
initiated a search for Mr. Opsal's successor on the Board.
In connection with Mr. Opsal's resignation, he and the Bank entered into a
Separation Agreement and General Release, pursuant to which Mr. Opsal's existing
employment agreement with the Bank was terminated. The Separation Agreement and
General Release includes the payment to Mr. Opsal of $200,000 and Mr. Opsal's
agreement not to compete with the Bank for a period of eighteen months. The
Separation Agreement and General Release is attached as Exhibit 10.1 and
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits. Exhibit 10.1: Separation Agreement and General Release with
Steven L. Opsal
SIGNATURE
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 BANKSHARES, INC.
Dated: July 6, 2006 By: /s/ Michael W. Dosland
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Michael W. Dosland
President and Chief Executive Officer