UNITED STATES
                     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


                             November 9, 2006
_____________________________________________________________________________
                              Date of Report
                    (Date of earliest event reported)


                First Federal Bancshares of Arkansas, Inc.
_____________________________________________________________________________
         (Exact name of registrant as specified in its charter)



Texas                                   0-28312                    71-0785261
_____________________________________________________________________________
(State or other jurisdiction    (Commission File Number)        (IRS Employer
of incorporation)                                         Identification No.)



1401 Highway 62-65 North, Harrison, Arkansas                            72601
_____________________________________________________________________________
(Address of principal executive offices)                           (Zip Code)



                              (870) 741-7641
_____________________________________________________________________________
             (Registrant's telephone number, including area code)



                              Not Applicable
_____________________________________________________________________________
(Former name, former address and former fiscal year, 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:

[ ]    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 8.01.   Other Events
             ____________

     On November 9, 2006, First Federal Bancshares of Arkansas, Inc. issued a
press release announcing stock repurchase program activity. A copy of the
press release is included as Exhibit 99.1 and is incorporated herein by
reference.

Item 9.01.   Financial Statements and Exhibits
             _________________________________

       (a)   Not applicable.

       (b)   Not applicable.

       (c)   The following exhibit is included with this Report:


       Exhibit No.         Description
       __________          ___________

       99.1                Press Release, dated November 9, 2006























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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 thereunto duly authorized.


                                     FIRST FEDERAL BANCSHARES OF
                                      ARKANSAS, INC.



                                     By:  /s/ Larry J. Brandt
                                         ____________________________________
                                         Name:  Larry J. Brandt
                                         Title: Chief Executive Officer



Date:  November 9, 2006

























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