EXHIBIT 99.1
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PRESS RELEASE
December 22, 2000
For Immediate Release
For Further Information Contact: Barry Backhaus
First Federal Bankshares, Inc.
329 Pierce Street, P.O. Box 897
Sioux City, IA 51102
712.277.0200
FIRST FEDERAL BANKSHARES, INC. ANNOUNCES NEW
STOCK REPURCHASE PROGRAM
Sioux City, Iowa. (Nasdaq National Market - "FFSX") First Federal Bankshares,
Inc., announced today that it is commencing a new stock repurchase program to
acquire up to 460,000 shares of the Company's common stock, which represents
approximately 10% of the outstanding common stock. The new repurchase program
follows the completion of the Company's current stock repurchase program, in
which the Company repurchased a total of 238, 500 shares of 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 a year. 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.
At September 30, 2000, the Company reported total assets of $734.1 million and
stockholders' equity of $69.9 million.