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): October 14, 2008
FIRST FEDERAL BANKSHARES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-25509 42-1485449
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
329 Pierce Street, Sioux City, Iowa 51101
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (712) 277-0200
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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
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On October 14, 2008, First Federal Bankshares, Inc. (the "Company") failed
to timely file its Form 10-K for the fiscal year ended June 30, 2008. The
Company had previously filed Form 12b-25 on September 30, 2008 to extend the
date for filing the Form 10-K to October 14, 2008.
The continued delay in filing the Form 10-K is due to additional time
needed by the Company to assess potential other-than-temporary impairment losses
related to certain assets, including certain illiquid investment securities
whose investment rating has recently been downgraded, in light of the
clarifications on fair value accounting issued on September 30, 2008 by the
Office of the Chief Accountant of the Securities and Exchange Commission and the
staff of the Financial Accounting Standards Board ("FASB"), and in light of
notice of proposed FASB staff position on FASB Statement No. 157, issued on
October 10, 2008.
The Company intends to file the Form 10-K immediately following the
completion of its assessment.
The Company also announced that it has received a Nasdaq Staff
Determination letter dated October 15, 2008 notifying the Company that, because
of the Company's failure to timely file its Form 10-K, the Company has not
complied with Nasdaq Marketplace Rule 4310(c)(14). Consequently, trading in the
Company's common stock is subject to suspension at the opening of business on
October 24, 2008 and the common stock is subject to delisting unless the Company
requests an appeal that addresses the Company's plan to come into compliance
with the Nasdaq Marketplace Rules. The Company intends to appeal the staff's
determination and to request a hearing to address its plan for regaining
compliance with the Nasdaq Marketplace Rules. Under the Nasdaq rules, a request
for a hearing stays the delisting action pending the issuance of a written
determination by the Listing Qualifications Panel. The Company expects to regain
compliance with the Nasdaq Marketplace Rules.
A press release related to the above matters is filed as an Exhibit to this
Form 8-K.
Item 9.01. Financial Statements and Exhibits
(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibit: Press Release dated October 17, 2008
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 BANKSHARES, INC.
DATE: October 17, 2008 By: /s/ Barry E. Backhaus
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Barry E. Backhaus
President and Chief Executive Officer