Exhibit 99.1

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                                   MEMORANDUM
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To:      Board of Directors and Executive Officers

From:    Ronald J. Walters

Date:    February 20, 2004

Re:      Blackout Period and Your Rights to Trade
         Company Stock During the Blackout Period


The purpose of this notice is to inform you that the First Federal  Savings Bank
of the  Midwest  Profit  Sharing  401(k)  Plan (the  "Plan")  will be entering a
blackout  period on March 22, 2004 due to a trustee  and  records  administrator
conversion  to The  Security  National  Bank of Sioux  City,  Iowa.  During  the
blackout  period,  plan  participants  will not be able to direct  or  diversify
investments in their individual accounts or obtain a distribution. This includes
participants'  investments in the common stock of First Midwest Financial,  Inc.
(the "Company").

The Securities and Exchange  Commission  ("SEC") has implemented rules under the
Sarbanes-Oxley Act of 2002 which apply to 401(k) plan blackout periods.  Because
you are a director or executive  officer of the  Company.,  please be aware that
the  blackout  period for the Plan has a direct  impact on your ability to trade
the  Company's  common  stock.  A copy of the  blackout  notice  provided to the
affected Plan participants is attached to this notice.

     The SEC rules provide prohibitions on:

          1.   an  acquisition  of issuer  equity  securities  by a director  or
               executive  officer during a blackout period if the acquisition is
               in connection with his or her service or employment as a director
               or executive officer; and
          2.   a  disposition  of issuer  equity  securities  by a  director  or
               executive  officer during a blackout period if the disposition is
               in connection with his or her service or employment as a director
               or executive officer.

Equity  securities  acquired in connection  with the  individual's  service as a
director  or  officer  are  subject  to the  restriction,  including  securities
acquired before the Sarbanes-Oxley Act was passed. You should note that there is
a presumption  that any securities  sold during a blackout period are not exempt
from the rule (that is, the  individual  corporate  insider  bears the burden of
proving that the  securities  were not "acquired in  connection  with service or
employment").






The SEC rules exempt certain transaction from the trading  restriction.  Some of
these are:

               1.   regularly   scheduled   purchases   or  sales  of   employer
                    securities pursuant to an automatic election,  which satisfy
                    SEC Rule 10b5-1;
               2.   purchases  or  sales  of  Company  stock,  other  than  in a
                    discretionary transaction,  under an employee stock purchase
                    plan or a  qualified  401(k)  retirement  plan in the normal
                    course of on-going employee deferral;
               3.   increases or decreases in equity  holdings  resulting from a
                    stock split, stock dividend or pro-rata rights distribution;
               4.   grant  of an  option  or  other  equity  compensation  under
                    certain plans; and
               5.   acquisition or disposition of equity securities  involving a
                    bona fide gift.

Key Dates:

401(k) Blackout Begins: March 22, 2004

401(k) Blackout Expected to End: Approximately May 9, 2004

During  the  week  following  May 9,  2004,  please  contact  Sandy  Hegland  at
515-309-9800  or Ron Walters at 712-732-4117 to determine if the blackout period
has ended.

Violations of the insider trading prohibition will allow an issuer or a security
holder  acting on behalf of an issuer to bring an action to recover  the profits
realized by the director or executive officer. In addition, the SEC may bring an
action, including civil injunction proceedings,  cease-and-desist actions, civil
penalties  and all other  remedies  available to the SEC under the Exchange Act,
including, in some cases, criminal penalties.

Please be aware that on February  17, 2004, a notice was sent to all current and
former Plan  participants to inform them of the blackout period.  This meets the
30-day Sarbanes-Oxley advance notice requirement for all plan participants.

While we  anticipate a smooth  transition,  you will be notified in the unlikely
event  that an  extension  of the  blackout  period is  needed.  If you have any
questions concerning this notice, you should contact me at 712-732-4117.