Exhibit 99.1

[First Federal Bancshares of Arkansas, Inc. Logo]
                                                                           FOR
                                                                     IMMEDIATE
                                                                       RELEASE


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



                   FIRST FEDERAL BANCSHARES OF ARKANSAS, INC.
                      ANNOUNCES A QUARTERLY CASH DIVIDEND

Harrison, Arkansas - November 30, 2006 - (NASDAQ GM:FFBH) First Federal
Bancshares of Arkansas, Inc. (the "Corporation"), a unitary savings and loan
holding company for First Federal Bank (the "Bank") announced today that its
Board of Directors declared a $.15 (fifteen cents) cash dividend on the common
stock of the Corporation payable on December 20, 2006 to the stockholders of
record at the close of business on December 8, 2006.

Larry J. Brandt, CEO of the Corporation, stated, "This will be our 40th
consecutive cash dividend. Our strong capital base and continued profitability
afford us the opportunity to pay another consecutive quarterly cash dividend.
Such action demonstrates our commitment to and confidence in our future
prospects."

The Bank, in its 72nd year, conducts business from 18 full-service branch
locations, one stand-alone loan production office, and 29 ATMs located in
Northcentral and Northwest Arkansas.  At September 30, 2006, the Corporation
had total assets of $868.2 million, total liabilities of $789.5 million and
stockholders' equity of $78.7 million.
























                                    1