FORM 10-QSB

                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                 (Mark One)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
      EXCHANGE ACT OF 1934

      For the quarterly period ended December 31, 1998


[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
      EXCHANGE ACT OF 1934

      For the transition period from                 to                

      Commission File No. 0-20380

                         FIRST FEDERAL BANCORP, INC.
           (Exact name of registrant as specified in its charter)

                Ohio                                    31-1341110
   (State or other jurisdiction of                  (I.R.S. Employer
    incorporation or organization)               Identification Number)

      505 Market Street
      Zanesville, Ohio                                    43701
    (Address of principal                               (Zip Code)
      executive office)

      Registrant's telephone number, including area code:  (740) 453-0606

      Check whether the issuer (1) filed all reports required to be filed by 
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for 
such shorter period that the registrant was required to file such reports), 
and (2) has been subject to such filing requirements for the past 90 days.

           Yes   [X]                                    No   [ ]

      As of January 31, 1999, the latest practicable date, 3,150,532 shares 
of the registrant's common stock, no par value, were issued and outstanding.

Page 1 of 13 Pages


                         FIRST FEDERAL BANCORP, INC.

                                    INDEX

PART I  FINANCIAL INFORMATION                                        PAGE

        Consolidated Statements of Financial Condition                 3
        Consolidated Statements of Income                              4
        Consolidated Statements of Cash Flows                          5
        Notes to Consolidated Financial Statements                     6
        Management's Discussion and Analysis of
         Financial Condition and Results of Operations                 8

PART II OTHER INFORMATION                                             12

        SIGNATURES                                                    13


                                   PART I

                            FINANCIAL INFORMATION

                         First Federal Bancorp, Inc.

               CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                             At Dec. 31      At September 30
                                                1998              1998
                                             ----------      ---------------

<S>                                         <C>               <C>
ASSETS
Cash and amounts due from depository
 institutions                               $  6,974,777      $  4,957,155
Overnight deposits                            18,150,000        13,375,000
                                            ------------------------------
      Cash and cash equivalents             $ 25,124,777      $ 18,332,155
Investment securities held to maturity
 (Fair value - $13,863,000 in 12/98 and
 $12,105,000 in 9/98)                         13,868,431        12,092,484
Mortgage-backed securities held to
 maturity (Fair value - $1,188,000 
 in 12/98 and $1,252,000 in 9/98)              1,185,935         1,256,327
Loans receivable, net                        167,188,849       169,622,791
Premises and equipment, net                    7,231,133         7,347,715
Accrued interest receivable and other
 assets                                        5,100,251         4,850,905
                                            ------------------------------
      Total Assets                          $219,699,376      $213,502,377
                                            ==============================

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
  Deposits                                  $153,199,854      $147,688,662
  Borrowed funds                              47,992,926        47,995,988
  Advances from borrowers for taxes and
   insurance                                     518,682           295,463
  Accrued expenses and other liabilities       1,233,161         1,022,450
                                            ------------------------------
      Total Liabilities                     $202,944,623      $197,002,563
                                            ------------------------------

Stockholders' Equity
  Preferred stock, $100 par value,
   1,000,000 shares authorized, no
   shares issued and outstanding
  Common stock, no par value, 4,000,000
   shares authorized, 3,303,400 shares
   issued                                   $  3,656,323      $  3,656,323
  Retained earnings                           13,589,528        13,334,589
  Treasury shares, 152,868 shares               (491,098)         (491,098)
                                            ------------------------------
      Total Stockholders' Equity            $ 16,754,753      $ 16,499,814
                                            ------------------------------

      Total Liabilities and
       Stockholders' Equity                 $219,699,376      $213,502,377
                                            ==============================
</TABLE>

See Notes to the Consolidated Financial Statements.


                         First Federal Bancorp, Inc.

                      CONSOLIDATED STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                    Three Months Ended
                                                        December 31
                                                --------------------------
                                                   1998            1997
                                                   ----            ----

<S>                                             <C>             <C>
INTEREST INCOME
  Interest and fees on loans                    $3,513,653      $3,795,570
  Interest on mortgage-backed securities            22,803          26,025
  Interest on investment securities                156,643          98,687
  Interest on other interest earning
   investments                                     205,801          33,090
                                                --------------------------
      Total Interest Income                      3,898,900       3,953,372
                                                --------------------------

INTEREST EXPENSE
  Interest on deposits                           1,577,408       1,335,241
  Interest on borrowed money                       753,266         945,337
                                                --------------------------
      Total Interest Expense                     2,330,674       2,280,578
                                                --------------------------

      Net Interest Income                        1,568,226       1,672,794

      Provision for Loan Losses                    (71,509)        228,956
                                                --------------------------

      Net Interest Income After Provision
       for Loan Losses                           1,639,735       1,443,838
                                                --------------------------

NONINTEREST INCOME
  Service charges on deposit accounts               79,576          81,791
  Gain on sale of loans                             26,922          24,462
  Dividends on FHLB stock                           62,353          56,390
  Other operating income                           137,027         115,535
                                                --------------------------
      Total Noninterest Income                     305,878         278,178
                                                --------------------------

NONINTEREST EXPENSE
  Salaries and employee benefits                   571,496         452,729
  Occupancy and equipment expense                  226,403         196,002
  Deposit insurance expense                         35,772          34,287
  Data processing expense                          130,188          83,269
  Advertising                                       52,256          63,985
  Ohio franchise taxes                              54,334          48,859
  Other operating expenses                         290,873         278,815
                                                --------------------------
      Total Noninterest Expenses                 1,361,322       1,157,946
                                                --------------------------

      Income Before Income Taxes                   584,291         564,070

      Provision for Income Taxes                   203,329         191,516
                                                --------------------------

      Net Income                                $  380,962      $  372,554
                                                ==========================

EARNINGS PER SHARE
  Basic                                         $      .12      $     .120
                                                --------------------------
  Diluted                                       $      .11      $     .105
                                                --------------------------

WEIGHTED AVERAGE COMMON AND
 COMMON EQUIVALENT SHARES
  Basic                                          3,150,532       3,150,232
                                                --------------------------
  Diluted                                        3,467,516       3,463,326
                                                --------------------------

DIVIDENDS DECLARED PER SHARE                    $      .04      $     .035
                                                --------------------------
</TABLE>


                         First Federal Bancorp, Inc.

                    CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                             Three Months Ended
                                                                 December 31
                                                        ----------------------------
                                                            1998             1997
                                                            ----             ----

<S>                                                     <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income                                            $   380,962      $   372,554
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Provision for loan losses                               (71,509)         228,956
    Depreciation                                            144,199          130,393
    Federal Home Loan Bank stock dividends                  (62,300)         (56,300)
    Amortization of net premiums (discounts)
     on investment securities                               (97,868)          (8,828)
    Mortgage loans originated for sale                   (3,019,849)      (2,052,456)
    Proceeds from sale of mortgage loans                  2,994,449        1,746,837
    Change in other assets and other
     liabilities                                             23,661          (41,961)
                                                        ----------------------------
      Net Cash Provided by Operating
       Activities                                           291,745          319,195
                                                        ----------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from maturities of investment securities       5,505,690        2,005,295
  Purchases of investment securities/FHLB stock          (7,183,769)      (2,176,614)
  Loans originated, net of principal repayments           2,485,703       (5,922,204)
  Principal collected on mortgage-backed securities          70,392           39,204
  Sale of real estate owned                                  45,150           18,990
  Purchases of premises and equipment                       (27,617)         (73,132)
                                                        ----------------------------
      Net Cash Provided (Used) for Investing
       Activities                                           895,549       (6,108,461)
                                                        ----------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net change in deposit accounts                          5,511,192           97,724
  Net change in advance payments by borrowers for
   taxes and insurance                                      223,219          207,229
  Net change in borrowed funds with original
   maturities of less than three months                      (3,062)       4,570,000
  Dividends paid                                           (126,021)         (94,507)
  Proceeds from exercise of options                               0                0
                                                        ----------------------------
      Net Cash Provided by Financing Activities           5,605,328        4,780,446
                                                        ----------------------------

NET CHANGE IN CASH AND CASH EQUIVALENTS                   6,792,622       (1,008,820)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD         18,332,155        8,837,127
                                                        ----------------------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD              $25,124,777      $ 7,828,307
                                                        ============================
</TABLE>


                         FIRST FEDERAL BANCORP, INC.
                 Notes to Consolidated Financial Statements

1.  Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been 
prepared in accordance with generally accepted accounting principles for 
interim financial information and the instructions to Form 10-QSB.  The Form 
10-QSB does not include all the information and footnotes required by 
generally accepted accounting principles for complete financial statements. 
Only material changes in financial condition and results of operations are 
discussed in Management's Discussion and Analysis of Financial Condition and 
Results of Operations.

In the opinion of management, the condensed Consolidated Financial 
Statements contain all adjustments necessary to present fairly the financial 
condition of First Federal Bancorp, Inc. ("Bancorp"), as of December 31, 
1998, and September 30, 1998, and the results of its operations for the 
three months ended December 31, 1998, and 1997, and its cash flow for the 
three months ended December, 1998 and 1997.  The results of operations for 
the interim periods reported herein are not necessarily indicative of 
results of operations to be expected for the entire year.

2.  Commitments

Outstanding commitments to originate mortgage loans and to sell mortgage 
loans were $1,436,400 and $79,100 respectively, at December 31, 1998, and 
$1,846,409 and $53,700 respectively at September 30, 1998.

3.  Earnings and Dividends Per Common Share

Basic earnings per share is based on net income divided by the weighted 
average number of shares outstanding during the period.  Diluted earnings 
per share shows the dilutive effect of additional common shares issuable 
under stock options.  On June 3, 1998, the Board of Directors declared a 
two-for-one stock split in the form of a 100% stock dividend.  All earnings 
and dividends per share disclosures have been restated to reflect this stock 
split.

4.  Allowance for Losses on Loans

Because some loans may not be repaid in full, an allowance for loan losses 
is recorded.  Increases to the allowance are recorded by a provision for 
loan losses charged to expense.  Estimating the risk of loss and the amount 
of loss on any loan is necessarily subjective.  Accordingly, the allowance 
is maintained by management at a level considered adequate to cover possible 
losses that are currently anticipated based on past loss experience, general 
economic conditions, information about specific borrower situations, 
including their financial position and collateral values, and other factors 
and estimates which are subject to change over time.  While management may 
periodically allocate portions of the allowance for specific problem loan 
situations, the whole allowance is available for any loan charge-offs that 
occur.  A loan is charged-off by management as a loss when deemed 
uncollectible, although collection efforts continue and future recoveries 
may occur.

Loans are considered impaired if full principal or interest payments are not 
anticipated.  Impaired loans are carried at the present value of expected 
cash flows discounted at the loan's effective interest rate or at the fair 
value of the collateral if the loan is collateral dependent.  A portion of 
the allowance for loan losses is allocated to impaired loans.

Smaller-balance, homogeneous loans are evaluated for impairment in total.  
Such loans include residential first mortgage loans secured by one- to four-
family residences, residential construction loans, and automobile, home 
equity and second mortgage loans.  Mortgage loans secured by other 
properties are evaluated individually for impairment.  When analysis of 
borrower operating results and financial condition indicates that underlying 
cash flows of the borrower's business are not adequate to meet its debt 
service requirements, the loan is evaluated for impairment. Loans are 
generally moved to nonaccrual status when 90 days or more past due.  These 
loans are often also considered impaired.  Impaired loans, or portions 
thereof, are charged-off when deemed uncollectible.  The nature of 
disclosures for impaired loans is considered generally comparable to prior 
nonaccrual and renegotiated loans and nonperforming and past-due asset 
disclosures.  The Savings Bank had no loans meeting the definition of 
impaired during the quarter ended December 31, 1998, and September 30, 1998.

5.  Interest Income on Loans

Interest on loans is accrued over the term of the loans based upon the 
principal outstanding.  Management reviews loans delinquent 90 days or more 
to determine if the interest accrual should be discontinued.  The carrying 
value of impaired loans reflects cash payments, revised estimates of future 
cash flows, and increases in the present value of expected cash flows due to 
the passage of time.  Cash payments representing interest income are 
reported as such and other cash payments are reported as reductions in 
carrying value.  Increases or decreases in carrying value due to changes in 
estimates of future payments or the passage of time are reported as 
reductions or increases in bad debt expense.


                   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General

First Federal Bancorp, Inc. ("Bancorp"), is a savings and loan holding 
company that wholly owns First Federal Savings Bank of Eastern Ohio (the 
"Savings Bank").  The Savings Bank is engaged in the savings and loan 
business primarily in Central and Eastern Ohio.  The Savings Bank is a 
member of the Federal Home Loan Bank ("FHLB") of Cincinnati, and the deposit 
accounts in the Savings Bank are insured up to the applicable limits by the 
Federal Deposit Insurance Corporation in the Savings Association Insurance 
Fund ("SAIF").

Note Regarding Forward-Looking Statements

In addition to historical information contained herein, the following 
discussion contains forward-looking statements that involve risks and 
uncertainties.  Economic circumstances, First Federal's operations and First 
Federal's actual results could differ significantly from those discussed in 
the forward-looking statements.  Some of the factors that could cause or 
contribute to such differences are discussed herein but also include changes 
in the economy and interest rates in the nation and First Federal's market 
area generally.  See Exhibit 99 hereto, which is incorporated herein by 
reference.

Some of the forward-looking statements included herein are the statements 
regarding the following:

1.  Management's determination of the amount of loan loss allowance;

2.  Management's belief that deposits will increase slightly during fiscal 
    year 1999;

3.  Management's anticipation that no additional advances from the FHLB will 
    be necessary to fund loan originations;

4.  Management's anticipation that some adjustable-rate loans will reprice 
    higher in fiscal year 1999 and the remainder will not reprice 
    substantially lower if interest rates remain relatively stable; and

5.  Legislative changes with respect to the federal thrift charter.

Changes in Financial Condition from
 September 30, 1998 to December 31, 1998

Total consolidated assets of Bancorp increased by $6.2 million, or 
2.90%, from $213.5 million at September 30, 1998, to $219.7 million at 
December 31, 1998.  The increase is due primarily to an increase of $6.8 
million in cash and cash equivalents and an increase of $1.8 million in 
investments held to maturity, offset by a decrease in loans receivable of 
$2.4 million.

Total liquidity (consisting of cash and amounts due from depository 
institutions, interest-bearing deposits in other banks, and investment 
securities) was $39.0 million at December 31, 1998, which is an increase of 
$8.6 million from September 30, 1998.  The regulatory liquidity of the 
Savings Bank was 16.39% at December 31, 1998 and 14.13% at September 30, 
1998, which was in excess of the minimum regulatory requirement of 4%.  
Funds are available through FHLB advances to meet the Savings Bank's 
liquidity requirement if necessary.

The loans receivable balance decreased $2.4 million for the three-month 
period as the current trend of refinancing of mortgage loans resulted in a 
decrease of outstanding loans.

As of December 31, 1998, the Savings Bank had borrowed funds from the FHLB 
in the amount of $48.0 million at a weighted average rate of 6.34%. FHLB 
advances remained stable from $48.0 million at September 30, 1998.  Deposits 
increased by $5.5 million, or 3.73%, from $147.7 million at September 30, 
1998, to $153.2 million at December 31, 1997. Management believes that the 
Savings Bank will experience a slight increase in deposits during the 
current fiscal year.  As the result of the decrease in the SAIF premium 
cost, the Savings Bank can afford to pay depositors a slightly higher rate 
while managing the cost of funds.  FHLB advances have increased in cost 
compared to deposits of a similar term.  The Savings Bank therefore plans to 
become more aggressive in promoting deposit products.  No assurance can be 
provided, however, that deposits will grow.  Deposit levels are affected by 
national, as well as local, interest rates and other national and local 
economic circumstances.

The Savings Bank is subject to regulatory capital requirements established 
by the Office of Thrift Supervision ("OTS").  The Savings Bank's capital 
ratios were as follows at December 31, 1998.

<TABLE>
<CAPTION>
                                                  Amount        Percent of
                                              (In Thousands)      Assets
                                              --------------    ----------

<S>                                              <C>               <C>
Actual Tangible Capital                          $14,947           6.83%
Required Tangible Capital                          3,284           1.50%
                                                 ----------------------
Excess Tangible Capital                          $11,663           5.33%

Actual Core Capital                              $14,947           6.83%
Required Core Capital                              6,568           3.00%
                                                 ----------------------
Excess Core Capital                              $ 8,379           3.83%

Actual Risk Based Capital                        $16,185          12.15%
Required Risk Based Capital                       10,772           8.00%
                                                 ----------------------
Excess Risk Based Capital                        $ 5,413           4.15%
</TABLE>

Management is not aware of any proposed regulations or recommendations by 
the OTS that, if implemented, would have a material effect upon the Savings 
Bank's capital.

In August 1996, Congress passed legislation repealing the reserve method of 
accounting used by many thrifts to calculate their bad debt reserve for 
federal income tax purposes and requiring any bad debt reserves taken after 
1987, using the percentage of taxable income method, be included in future 
taxable income of the association over a six-year period.  A two-year delay 
is permitted for institutions meeting a residential mortgage loan 
origination test.  At September 30, 1998, First Federal had approximately 
$1.6 million in bad debt reserves subject to recapture for federal income 
tax purposes.  The deferred tax liability related to the recapture was 
established in prior years, so First Federal's net income will not be 
negatively affected by this legislation.

Year 2000 Considerations

As with all financial institutions, First Federal's operations depend almost 
entirely on computer systems.  First Federal is addressing the potential 
problems associated with the possibility that the computers that control or 
operate First Federal's operating systems, facilities and infrastructure may 
not be programmed to read four-digit date codes and, upon arrival of the 
year 2000, may recognize the two-digit code "00" as the year 1900, causing 
systems to fail to function or to generate erroneous data.  The Board of 
Directors appointed a Year 2000 Committee, which reports to the Board of 
Directors monthly.

First Federal has been upgrading its technology as part of a planned 
performance quality commitment and for maintaining a competitive position.  
As a result, much of the Bank's internal systems now incorporates technology 
which has been year 2000 ("Y2K") tested and certified.  Beginning in fiscal 
year 1996, the Bank's capital budget included replacement of all personal 
computers ("PCs") throughout the Company over a 3-to-4-year period.  This 
will bring most PCs into compliance.  First Federal believes that any 
additional Y2K costs will be immaterial.

First Federal relies primarily on third-party vendors for its computer 
output and processing, as well as other significant functions and services, 
such as securities safekeeping services, securities pricing information and 
wire transfers.  The Year 2000 Committee is working with the vendors to 
assess their Y2K readiness.  Based upon an initial assessment, the Board of 
Directors believes that with planned modifications to existing software and 
hardware and planned conversions to new software and hardware, the third-
party vendors are taking the appropriate steps to ensure that critical 
systems will function properly.  The planned modifications and conversions 
should be completed and tested by June 30, 1999.

If the modifications and conversions by both third-party vendors and First 
Federal are not completed on a timely basis or if they fail to function 
properly, the operations and financial condition of First Federal could be 
materially adversely affected.  First Federal is developing contingency 
plans for continued operations in the event of system failure.

In addition to possible expense related to its own systems, First Federal 
may experience increases in problem loans and credit losses in the event 
that borrowers fail to prepare properly for Y2K, and higher funding costs 
could result if consumers react to publicity about the issue by withdrawing 
deposits.  First Federal is assessing such risks among its customers.  First 
Federal could also be materially adversely affected if other third parties, 
such as governmental agencies, clearinghouses, telephone companies, 
utilities and other service providers fail to prepare properly.  First 
Federal is therefore attempting to assess these risks and take action to 
minimize their effect.

Comparison of Operating Results for the Three-Month
 Periods Ended December 31, 1998, and 1997

Net interest income before provision for loan losses decreased $105,000 for 
the comparative three-month periods.  Total interest income decreased by 
$54,500 for the three-month period ended December 31, 1998, compared to the 
same period in 1997.  The decrease is primarily due to a decrease in the 
interest rate earned on mortgage loans and a decrease in loans receivable as 
the result of the refinancing trend in the market.  The majority of the 
loans in the Savings Bank's portfolio are adjustable-rate mortgage loans 
whose interest rates fluctuate with market interest rates.

If interest rates remain relatively stable during fiscal year 1999, the 
adjustable-rate mortgage loan portfolio will reprice at slightly higher 
rates, as most loans originated during fiscal year 1998 were not initially 
priced at the fully indexed interest rate.  These loans will be repricing 
upward at their first adjustment in fiscal year 1999 while the balance of 
the adjustable-rate mortgage loan portfolio will not reprice substantially 
lower during fiscal year 1999.  No assurance can be provided, however, that 
interest rates will remain stable.  Interest rates are affected by general, 
local and national economic conditions, the policies of various regulatory 
authorities and other factors beyond the control of First Federal.  Interest 
expense increased by $50,000 for the three-month period ended December 31, 
1998, as the result of increases in interest rates of savings deposits at 
First Federal.

Nonperforming and Delinquent Loans and Allowance for Loan Losses

Total nonaccrual loans and accruing loans that are 90 days past due were 
$672,000 at December 31, 1998, which represents .40% of total loans.  This 
was a decrease of $164,000 from December 31, 1997.

There were no loans that are not currently classified as nonaccrual, 90 days 
past due or restructured but which may be so classified in the near future 
because management has concerns as to the ability of the borrowers to comply 
with repayment terms.

The Savings Bank maintains an allowance for losses on loans.  The allowance 
for losses on loans was $1,904,000 at December 31, 1998, compared to 
$2,002,000 at December 31, 1997.  During the three-month periods ended 
December 31, 1998, and December 31, 1997, the Savings Bank recorded no 
recoveries and charge-offs of $66,000 and $33,000 respectively.  Charge-offs 
increased $33,000 due to the losses taken on the sale of repossessed cars.  
A percentage of the outstanding loan balances is added or deducted from the 
provision for loan losses as the loan portfolio increases and decreases.  
During the three-month period ended December 31, 1998, the loan portfolio 
decreased $2.4 million, which caused the provision for loan losses for the 
period to decrease.  The provisions for loan losses during the three-month 
periods ended December 31, 1998, and 1997, were $(71,500) and $229,000 
respectively.

Noninterest Income and Expense

The federal income tax provision increased $8,000 for the three-month period 
ended December 31, 1998, compared to the same period in 1997 due to an 
increase in pre-tax net income for the period.

Total noninterest income increased $28,000 for the three-month period ended 
December 31, 1998, compared to the same period in 1997.  Dividends on FHLB 
stock increased $6,000 due an increase in FHLB stock held.  Other income 
increased $21,000 due to a $15,000 increase in loan late charges and other 
loan fees and an increase of $5,000 on ATM fees due to surcharging 
noncustomer use of ATMs.

Total noninterest expenses increased $203,000 for the quarter ended December 
31, 1998, compared to the same period in 1997.  Salaries and benefits 
increased $119,000 as a result of an increase of $68,000 in retirement plan 
accrual costs for the three-month period ended December 31, 1998, and an 
increase in salaries of $51,000.  Salaries increased due to the increase in 
staff for the comparative three-month periods.  Occupancy expense increased 
$30,000; $15,000 of the increase was due to increased depreciation on 
furniture and fixtures, and $11,000 of the increase was due to increased 
costs for routine repairs and maintenance at branch offices.  Data 
processing costs increased $47,000 due to the costs associated with the 
utilization of a networking system and the new check-imaging product.

Impact of Inflation and Changing Prices

The financial statements and related data presented herein have been 
prepared in accordance with generally accepted accounting principles 
("GAAP"), which require the measurement of financial position and results of 
operations in terms of historical dollars without considering changes in 
relative purchasing power of money over time because of inflation.

Unlike most industrial companies, virtually all of the assets and 
liabilities of First Federal are monetary in nature.  As a result, interest 
rates have a more significant impact on First Federal's performance than the 
effects of general levels of inflation.  Interest rates do not necessarily 
move in the same direction or in the same magnitude as the prices of goods 
and services.

Effect of Accounting Changes

In June 1997, the FASB issued SFAS No. 131, "Disclosures about Segments of 
an Enterprise and Related Information."  This Statement significantly 
changes the way that public business enterprises report information about 
operating segments in annual financial statements and requires that those 
enterprises report selected information about reportable segments in interim 
financial reports issued to shareholders.  It also establishes standards for 
related disclosures about products and services, geographic areas and major 
customers.  SFAS 131 uses a "management approach" to disclose financial and 
descriptive information about an enterprise's reportable operating segments 
which is based on reporting information the way management organizes the 
segments within the enterprise for making operating decisions and assessing 
performance.  For many enterprises, the management approach will likely 
result in more segments being reported.  In addition, the Statement requires 
significantly more information to be disclosed for each reportable segment 
than is presently being reported in annual financial statements.  The 
Statement also requires that selected information be reported in interim 
financial statements.  SFAS 131 is effective for financial statements for 
periods beginning after December 15, 1997.  The Company does not anticipate 
that any further disclosures will be necessary.

In February 1998, the FASB issued SFAS No. 132, "Employers' Disclosures 
about Pensions and Other Postretirement Benefits."  SFAS No. 132 amends the 
disclosure requirements of SFAS No. 87, "Employers' Accounting for 
Pensions," SFAS No. 88, "Employers' Accounting for Settlements and 
Curtailments of Defined Benefit Pension Plans and for Termination of 
Benefits," and SFAS No. 106, "Employers' Accounting for Postretirement 
Benefits Other Than Pensions."  This Statement standardizes the disclosure 
requirements of SFAS No. 87 and No. 106 to the extent practicable and 
recommends a parallel format for presenting information about pensions and 
other postretirement benefits.  The Statement does not change any of the 
measurement or recognition provisions provided for in SFAS No. 87, No. 88 or 
No. 106.  This Statement is effective for fiscal years beginning after 
December 15, 1997.  First Federal adopted SFAS No. 132 on October 1, 1998, 
and required disclosures will be included beginning with the Company's 1999 
Annual Report.

In June 1998, the FASB issued SFAS No. 133, "Accounting for Derivative 
Instruments and Hedging Activities."  SFAS No. 133 standardizes the 
accounting for derivative instruments, including certain derivative 
instruments embedded in other contracts.  Under the standard, entities are 
required to carry all derivative instruments in the statement of financial 
position at fair value.  The accounting for changes in the fair value (i.e. 
gains or losses) of a derivative instrument depends on whether it has been 
designated and qualifies as part of a hedging relationship and, if so, on 
the reason for holding it.  If certain conditions are met, entities may 
elect to designate a derivative instrument as a hedge of exposures to 
changes in fair value, cash flows, or foreign currencies.  If the hedged 
exposure is a fair value exposure, the gain or loss on the derivative 
instrument is recognized in earnings in the period of change together with 
the offsetting loss or gain on the hedged item attributable to the risk 
being hedged.  If the hedged exposure is a cash flow exposure, the effective 
portion of the gain or loss on the derivative instrument is reported 
initially as a component of other comprehensive income (outside earnings) 
and subsequently reclassified into earnings when the forecasted transaction 
affects earnings.  Any amounts excluded from the assessment of hedge 
effectiveness as well as the ineffective portion of the gain or loss are 
reported in earnings immediately.  Accounting for foreign currency hedges is 
similar to accounting for fair value and cash flow hedges.  If the 
derivative instrument is not designated as a hedge, the gain or loss is 
recognized in earnings in the period of change.  This Statement will not 
have a material effect on the Company.

                                   PART II

                              OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         Not applicable

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         Not applicable

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not applicable

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         Not applicable

ITEM 5.  OTHER INFORMATION

         Not applicable

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         Exhibit 3.1  Articles of Incorporation of First Federal Bancorp, 
                      Inc. (The Articles of Incorporation of First Federal 
                      Bancorp, Inc. ("Bancorp"), filed as Exhibit 3.1 to 
                      Bancorp's Registration Statement on Form S-1 ("S-1") 
                      filed with the Securities and Exchange Commission 
                      ("SEC") on March 16, 1992, are incorporated herein by 
                      reference.)
         Exhibit 3.2  Amendment to the Articles of Incorporation of First 
                      Federal Bancorp, Inc. (The Amendment to the Articles 
                      of Incorporation of Bancorp filed as Exhibit 3.2 to 
                      Bancorp's 10-K for the fiscal year ended September 30, 
                      1992, filed with the SEC on December 29, 1992 (the 
                      "1992 10-K") is incorporated herein by reference.)
         Exhibit 3.3  Code of Regulations of First Federal Bancorp, Inc. 
                      (The Code of Regulations of Bancorp filed as Exhibit 
                      3.2 to Bancorp's S-1 filed with the SEC on March 16, 
                      1992, is incorporated herein by reference.)
         Exhibit 3.4  Amendment to the Code of Regulations of First Federal 
                      Bancorp, Inc. (The Amendment to the code of 
                      Regulations of Bancorp filed as Exhibit 3.4 to the 
                      1992 10-K is incorporated herein by reference.)
         Exhibit 27   Financial Data Schedule
         Exhibit 99.2 Safe Harbor Under the Private Securities Litigation 
                      Reform Act of 1995

No reports on Form 8-K were filed during the quarter for which this report 
is filed.


                                 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 thereunto duly authorized.


Date:  2February 12, 1999              By: /s/ J. William Plummer
                                           J. William Plummer
                                           President

Date:  February 12, 1999               By: /s/ Connie Ayres LaPlante
                                           Connie Ayres LaPlante
                                           Chief Financial Officer