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): February 18, 2009
FIRST FEDERAL BANKSHARES, INC.
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(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
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(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 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
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As previously announced, First Federal Bankshares, Inc., the holding
company of Vantus Bank (the "Bank"), has begun implementing a reorganization
plan designed to optimize the Bank's operating efficiencies through selected
reductions in personnel. The Bank previously announced reductions in full-time
equivalent employees of approximately 15%, and management anticipates annual
compensation and benefits savings of approximately $2.0 million from such
reductions.
The Bank announced today further staff reductions. The new staff reductions
are expected to reduce compensation and benefits expense by an additional
$500,000. In conjunction with the new staff reductions, the Bank announced that
the position of Amy M. Anderson-Vali, Senior Vice President - Retail Banking
Manager of the Bank, has been eliminated; Ms. Anderson-Vali's departure from the
Bank was effective February 18, 2009.
Item 9.01. Financial Statements and Exhibits
(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibit. None
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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: February 19, 2009 By: /s/ Levon L Mathews
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Mr. Levon L. Mathews
President and Chief Executive Officer
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