INDEPENDENT AUDITORS' CONSENT


We consent to the  incorporation by reference in the  Registration  Statement of
First Federal  Bankshares,  Inc. (the "Company") on Form S-8 of our report dated
July 30, 1998,  relating to the consolidated  balance sheets as of June 30, 1998
and 1997, and the related consolidated  statements of operations,  stockholder's
equity,  and cash  flows for each of the three  years in the  three-year  period
ended June 30, 1998, appearing in the Company's  Registration  Statement on Form
S-1 (Commission  File No.  333-69245)  filed by the Company under the Securities
Act of 1933 with the SEC on December  18,  1998,  as amended on January 6, 1999,
January 22, 1999, February 9, 1999 and February 12, 1999.


KPMG PEAT MARWICK, LLP

Des Moines, Iowa
June 28, 1999