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 STOCK REPURCHASE PROGRAM ACTIVITY

Harrison, Arkansas - June 8, 2004 - (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
that the Corporation had completed its previously announced stock repurchase.
The action, which consisted of a repurchase of 262,476 shares on a split-
adjusted basis of the Corporation's issued and outstanding shares, commenced
on November 4, 2003 and was completed on June 7, 2004. Such shares will be
reflected as treasury shares and will be available for general corporate
purposes.

In addition, First Federal Bancshares of Arkansas, Inc., announced today that
its Board of Directors authorized the repurchase of up to 260,257 shares, or
approximately 5 percent, of the Corporation's outstanding common stock.

Repurchases are authorized to be made by the Corporation from time to time in
open-market transactions as, in the opinion of management, market conditions
warrant.  The repurchased shares will be held as treasury stock and will be
available for general corporate purposes.

Larry J. Brandt, President/CEO of the Corporation, stated that "the stock
repurchase reflects management's commitment to enhance shareholder value.  We
believe the repurchase of our stock is a wise and prudent use of excess
capital."

As of March 31, 2004, the Corporation had total assets of $697.3 million.  The
Bank, in its 70th year, is a community-oriented institution, which serves its
market area from 16 offices in Northcentral and Northwest Arkansas.









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