SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* BILLINGS SHERRI (Last) (First) (Middle) FIRST FEDERAL BANCSHARES OF ARKANSAS INC PO BOX 550 (Street) HARRISON AR 72602 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol FIRST FEDERAL BANCSHARES OF ARKANSAS INC [ FFBH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) EVP Chief Financial Officer
	3. Date of Earliest Transaction (Month/Day/Year) 06/21/2011
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/21/2011		X(1)		390(2)	A	$3	1,070(3)	I	Spouse's IRA
Common Stock	06/21/2011		X(1)		11,235(2)	A	$3	14,980(3)	D
Common Stock	06/21/2011		X(1)		18,900(2)	A	$3	27,181(3)(4)	I	ESOP/401K
Common Stock	06/21/2011		X(1)		600(2)	A	$3	800(3)	I	By Child(5)
Common Stock								3,000(3)	I	Spouse Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Subscription Rights (right to buy)	$3	06/21/2011		X			130	05/11/2011	06/21/2011	Common Stock	390	$0	0	I	Spouse's IRA
Subscription Rights (right to buy)	$3	06/21/2011		X			3,745	05/11/2011	06/21/2011	Common Stock	11,235	$0	0	D
Subscription Rights (right to buy)	$3	06/14/2011	06/21/2011	X			6,300	05/11/2011	06/21/2011	Common Stock	18,900	$0	0	I	ESOP/401K
Subscription Rights (Right to buy)	$3	06/21/2011		X			200	05/11/2011	06/21/2011	Common Stock	600	$0	0	I	By Child

Explanation of Responses:

1. Shares were purchased by exercising non-transferable subscription rights (Rights) of First Federal Bancshares of Arkansas, Inc. (Company) pursuant to the rights offering (Rights Offering) commenced on 5/11/11. Shareholders (S/H) who held shares of the Company's common stock as of 3/23/11 (Record Date) received 1 Right for each share of common stock, as adjusted to take into account the 1-for-5 reverse stock split effected on 5/3/11 (Reverse Split), owned on the Record Date. Each Right entitled S/H to purchase 3 shares of common stock at a subscription price of $3 per share. In addition, if a S/H timely & fully exercised its Rights with respect to all of the Rights it held & other Rights holders did not exercise their Rights in full, such S/H had an oversubscription privilege to subscribe for a portion of shares of common stock offered in the Rights Offering, subject to availability & allocation, that were not purchased by other Rights holders (Oversubscription Privilege).

2. Acquisition does not reflect any shares subscribed for pursuant to the Oversubscription Privilege. If additional shares not purchased by other Rights holders are purchased by, or attributable to, the reporting person pursuant to the Oversubscription Privilege, such additional shares will be promptly reported in an amendment to this beneficial ownership report.

3. All shares have been adjusted to reflect the Reverse Split.

4. Includes 824 shares acquired under the Companys 401(k) plan since the date of the reporting persons last beneficial ownership report.

5. The reporting person no longer has a reportable beneficial interest in 200 shares of the Common Stock owned by one of her children that were previously reported in the reporting persons beneficial ownership reports.

	/s/ Sherri Billings	06/23/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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