EXHIBIT 99

                 PRESS RELEASE OF FIRST FEDERAL BANKSHARES, INC.






PRESS RELEASE

December 18, 2008
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. ANNOUNCES APPOINTMENT OF
                 LEVON L. MATHEWS AS NEW CHIEF EXECUTIVE OFFICER


December 18, 2008 - Sioux City, Iowa. -- First Federal Bankshares, Inc. (Nasdaq:
"FFSX")  (the  "Company"),  the holding  company for Vantus Bank, a savings bank
headquartered in Sioux City, Iowa (the "Bank"),  today announced the appointment
of Levon L. Mathews as President and Chief Executive  Officer of the Company and
of the Bank.

Mr.  Mathews  has had a  25-year  career in  banking  beginning  with  Lafayette
National  Bank in Lafayette,  Indiana and  continuing  with  expanded  roles and
responsibilities  as  a  result  of  subsequent  mergers  that  included  market
president responsibilities for Lafayette,  Indiana and then Memphis,  Tennessee.
Mr.  Mathews most recently  served as Executive  Vice  President and Director of
Private  Banking  Sales  for  Regions  Financial  Corporation,  a  $144  billion
financial holding company headquartered in Birmingham, Alabama.

Mr. Mathews earned a Masters of Business  Administration from Butler University.
He also holds a Bachelor  of Science  degree  from  Purdue  University.  He also
completed the  University  of Virginia  Retail  School of Banking  program.  Mr.
Mathews  is a former  board  member of the  Federal  Reserve  Bank of St.  Louis
(Memphis  Branch).  In the various  markets he served,  he was involved with the
United Way, Chamber of Commerce, the arts and hospital boards.

Arlene T. Curry,  Chairman of the Board of the Company and the Bank,  said, "The
Board of Directors is very pleased to have Mr.  Mathews lead the Company and the
Bank during these challenging times." Mr. Mathews stated,  "Vantus Bank has been
a leading  community  bank for many  years in all types of market  and  economic
conditions. I am looking forward to the hard work that lies ahead."



Mr.  Mathews will begin work at the Company and the Bank on January 5, 2009.  He
will succeed  Barry E.  Backhaus,  who has been  serving as President  and Chief
Executive  Officer on an interim basis since July 2008. Mr. Backhaus will remain
a member of the Board of Directors of the Company and of the Bank.

First Federal Bankshares,  Inc. and Vantus Bank are headquartered in Sioux City,
Iowa.  Vantus Bank operates seven offices in Northwest  Iowa, an office in South
Sioux City, Nebraska and six offices in central Iowa,  including four offices in
the Des Moines,  Iowa market area. At September 30, 2008, Vantus Bank had $549.4
million in total assets.  First Federal Bankshares,  Inc. common stock is traded
on the Nasdaq Global Market under the symbol "FFSX."