Washington, D.C.  20549
                                   FORM 8-K
                                CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):     August 27, 1996  

                       FIRST MIDWEST FINANCIAL, INC.                 
         (Exact name of registrant as specified in its charter)

  Delaware                       0-22140               42-1406262        
(State or other jurisdiction (Commission File No.)    (IRS Employer     
     of incorporation)                                 Identification No.)
Fifth at Erie, Storm Lake, Iowa                                   50588  
(Address of principal executive offices)                       (Zip Code)

Registrant's telephone number, including area code:  (712) 732-4117  

(Former name or former address, if changed since last report)

Item 5.    Other Events

     On August 27, 1996, the Registrant issued the attached press release.

Item 7.    Financial Statements and Exhibits

     (a)  Exhibits

          99   Additional Exhibits
               Press release, dated August 27, 1996.


     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.

                                   FIRST MIDWEST FINANCIAL, INC.

Date: August 28, 1996              By:  /s/ Donald J. Winchell            
                                   Donald J. Winchell, Vice President,
                                   Treasurer, Chief Financial Officer and
                                   Principal Accounting Officer

                              FOR IMMEDIATE RELEASE
                              Contact:  Kristi L. Frey
                              Telephone:  712-732-4117


(Storm Lake, Iowa - August 27, 1996)  First Midwest Financial, Inc., parent
corporation of First Federal Savings Bank of the Midwest, has announced
that the Corporation will pay a cash dividend of $.11 per share for the
fourth fiscal quarter of 1996.  The dividend will be payable on October 1,
1996 to stockholders of record on September 16, 1996.  

First Midwest Financial, Inc. was formed in 1993 and acquired all of the
shares of First Federal Savings Bank of the Midwest upon its conversion
from a mutual to a stock savings association effective September 20, 1993. 
The Company paid its first cash dividend on January 5, 1995 and has paid
regular quarterly dividends since that date.  

At June 30, 1996 First Midwest Financial, Inc. exceeded all applicable
regulatory capital requirements on a fully phased-in basis.  The
corporation's stock is traded on the Nasdaq system under the symbol "CASH".