**EXHIBIT 31.2**

 

 

**PURSUANT TO RULES 13a-14 AND 15d-14 OF THE SECURITIES EXCHANGE ACT OF1934 AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

 

I, Sherri R. Billings, certify that:

 

1.               I have reviewed this annualreport on Form 10-K of First Federal Bancshares of Arkansas, Inc.(the “Registrant”);

 

2.               Based on my knowledge, thisannual report does not contain any untrue statement of a material fact or omitto state a material fact necessary to make the statements made, in light of thecircumstances under which  suchstatements were made, not misleading with respect to the period covered by thisannual report;

 

3.               Based on my knowledge, thefinancial statements, and other financial information included in this annualreport, fairly present in all material respects the financial condition,results of operations and cash flows of the Registrant as of, and for, theperiods presented in this annual report;

 

4.               The Registrant’s othercertifying officers and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) and internal control over financial reporting (as defined inExchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

 

a)              designed such disclosurecontrols and procedures, or caused such disclosure controls and procedures tobe designed under our supervision, to ensure that material information relatingto the Registrant, including its consolidated subsidiaries, is made known to usby others within those entities, particularly during the period in which thisannual report is being prepared;

 

b)             designed such internalcontrol over financial reporting, or caused such internal control overfinancial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generallyaccepted accounting principles;

 

c)              evaluated the effectivenessof the Registrant’s disclosure controls and procedures and presented in thisreport our conclusions about the effectiveness of the disclosure controls andprocedures, as of the end of the period covered by this annual report based onsuch evaluation; and

 

d)             disclosed in this report anychange in the Registrant’s internal control over financial reporting thatoccurred during the Registrant’s fourth fiscal quarter that has materiallyaffected, or is reasonably likely to materially affect, the Registrant’sinternal control over financial reporting; and

 

5.               The Registrant’s othercertifying officers and I have disclosed, based on our most recent evaluationof internal control over financial reporting, to the Registrant’s auditors andthe audit committee of Registrant’s board of directors (or persons performingthe equivalent functions):

 

a)              all significant deficienciesand material weaknesses in the design or operation of internal control  over financial reporting which are reasonablylikely to adversely affect the Registrant’s ability to record, process,summarize and report financial information; and

 

b)             any fraud, whether or notmaterial, that involves management or other employees who have  a significant role in the Registrant’sinternal control over financial reporting.

 
| Date:  | February 26,  2008 | /s/ Sherri R. Billings                      |
|-------------|-------------------------|---------------------------------------------|
|        |                    | Sherri R. Billings

Chief Financial Officer |

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