EXHIBIT 99.1

FIRST                                                         FOR
FEDERAL                                                 IMMEDIATE
BANCSHARES                                                RELEASE
1401 Highway 62-65 North
P.O. Box 550
Harrison, AR  72601              FOR FURTHER INFORMATION CONTACT:
                                    Larry J. Brandt/President-CEO
                                         Tommy Richardson/EVP-COO
                                          Sherri Billings/EVP-CFO
                                                     870-741-7641

           FIRST FEDERAL BANCSHARES OF ARKANSAS, INC.
              ANNOUNCES THE ELECTION OF A DIRECTOR

  Harrison, Arkansas - September 26, 2003 - (NASDAQ NMS:FFBH)
  First Federal Bancshares of Arkansas, Inc. (the
  "Corporation"), a unitary savings and loan holding company
  for First Federal Bank  of  Arkansas, FA  (the "Bank")
  announced today the expansion of its board to six members
  and the election of Mr. Frank Conner to serve as a board
  member. Mr. Conner, who meets the current Nasdaq standard
  of having accounting or related financial expertise, will
  also serve on the Corporation's audit committee. Mr. Conner
  is currently employed  as Vice President - Finance and
  Accounting and Chief Financial Officer of FedEx Freight
  East, formerly American Freightways, Inc. located in
  Harrison, Arkansas. Mr. Conner currently serves on P.A.M.
  Transportation Services, Inc., (a trucking company
  headquartered in Tontitown, Arkansas) board of directors and
  audit committee. Mr. Conner was previously employed by
  American Freightways and previously served for thirteen
  years in various capacities with McKesson Service
  Merchandise. Mr. Conner is a certified public accountant
  and served seven years in public accounting with Peat,
  Marwick and Mitchell prior to joining McKesson.

  Larry J. Brandt, the Corporation's President and Chief
  Executive Officer, noted that "the expansion of the Board,
  through the appointment of Mr. Conner, will further
  diversify the Board and add another level of business,
  financial and accounting experience. We believe his past
  experience will be an asset to the Corporation, particularly
  with respect to his financial and accounting background and
  his qualification as a financial expert on our audit
  committee."

  First Federal Bank, in its 69th year, conducts business from
  16 offices in Northcentral and Northwest Arkansas.  At June
  30, 2003, the Corporation had total assets of $699.1
  million, total liabilities of $627.0 million and
  stockholders' equity of $72.1 million.