EXHIBIT 31.2


       PURSUANT TO RULES 13a-14 AND 15d-14 OF THE SECURITIES EXCHANGE
        ACT OF 1934 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 quarterly report on Form 10-Q of
      First Federal Bancshares of Arkansas, Inc. (the
      "Registrant");

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

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

4.    The Registrant's other certifying officers and I are
      responsible for establishing and maintaining disclosure
      controls and procedures (as defined in Exchange Act Rules
      13a-15(e) and 15d-15(e)) for the Registrant and have:

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

  b)       evaluated the effectiveness of the Registrant's
           disclosure controls and procedures and presented in this
           report our conclusions about the effectiveness of the
           disclosure controls and procedures, as of the end of the
           period covered by this report based on such evaluation; and

  c)       disclosed in this report any change in the Registrant's
           internal control over financial reporting that occurred
           during the Registrant's most recent fiscal quarter that has
           materially affected, or is reasonably likely to materially
           affect, the Registrant's internal control over financial
           reporting; and

5.    The Registrant's other certifying officers and I have
      disclosed, based on our most recent evaluation of
      internal control over financial reporting, to the
      Registrant's auditors and the audit committee of
      Registrant's board of directors (or persons performing
      the equivalent functions):

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

  b)       any fraud, whether or not material, that involves
           management or other employees who have  a significant role
           in the Registrant's internal control over financial reporting.



Date:  November 3, 2003                 /s/ Sherri R. Billings
                                        ___________________________________
                                        Sherri R. Billings
                                        Chief Financial Officer