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
Date of Report (Date of earliest event reported): December 10, 1999
First Federal Bankshares, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-25509 42-1485449
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer)
of incorporation) Identification No.)
Address of principal executive offices: 329 Pierce Street, Sioux City, Iowa
51101
Registrant's telephone number, including area code: (712) 277-0200
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Not Applicable
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Former name or former address, if changed since last report)
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Item 5. Other Events
First Federal Bankshares, Inc. (the "Company") announced that it is
commencing a share repurchase program. The program calls for the repurchase of
up to 241,239 shares, or approximately 5% of the shares outstanding, in open
market purchases. The shares will be held as treasury stock, and will be
available for general corporate purposes. Please see Press Release dated
December 10, 1999, a copy of which is included as Exhibit 99.1.
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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, hereunto duly authorized.
FIRST FEDERAL BANKSHARES, INC.
DATE: January 4, 2000 /s/ Barry E. Backhaus
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Barry E. Backhaus
President and Chief Executive Officer
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EXHIBIT INDEX
The following Exhibits are filed as part of this report:
Exhibit 99.1 Press Release of First Federal Bankshares, Inc. dated December
10, 1999
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EXHIBIT 99.1
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December 10, 1999
FOR IMMEDIATE RELEASE
Contact: Barry E.Backhaus,President
and Chief Executive Officer
First Federal Bankshares, Inc.
329 Pierce Street,
P.O. Box 897 Sioux City, IA 51102
Tel (712) 277-0200
FIRST FEDERAL BANKSHARES, INC. ANNOUNCES
STOCK REPURCHASE PROGRAM
Sioux City, Iowa (Nasdaq National Market - "FFSX") First Federal
Bankshares, Inc. announced today that it is commencing a stock repurchase
program to acquire up to 241,239 shares of the Company's Common Stock, which
represents approximately 5% of the outstanding Common Stock.
Barry E. Backhaus, President and Chief Executive Officer of the Company,
stated that the Board of Directors has authorized the repurchase program, which
is expected to be completed within 12 months. Mr. Backhaus stated that the Board
of Directors considers the Common Stock to be an attractive investment,
particularly in view of the current price at which the Common Stock is trading
relative to the Company's earnings per share and book value per share and market
and economic factors generally, as well as other factors.
According to Mr. Backhaus, the repurchases generally would be effected
through open market purchases, although he did not rule out the possibility of
unsolicited negotiated transactions or other types of repurchases. No shares
will be repurchased from directors or officers of the Company. Mr. Backhaus
explained that the price to be paid for the shares purchased on the open market
will not exceed the greater of the highest independent bid or independent sales
price of the Company's stock on the Nasdaq National Market. The number of shares
to be purchased in the open market during any day generally is not to exceed 25%
of the average daily trading volume of the Common Stock, except for block
purchases.
At September 30, 1999, the Company reported total assets of $688.1 million
and stockholders' equity of $68.4 million.
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