SECURITIES AND EXCHANGE COMMISSION
                           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):     October 1, 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  


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


Item 5.    Other Events

     On October 1, 1996, the Registrant issued the attached press release.

Item 7.    Financial Statements and Exhibits

     (a)  Exhibits

          99   Additional Exhibits
               
               Press release, dated October 1, 1996.

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.

                                   FIRST MIDWEST FINANCIAL, INC.




Date: October 1, 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



                     FIRST MIDWEST FINANCIAL, INC.       
               ACQUIRES SECURITY STATE BANK OF STUART, IOWA

                     
(Storm Lake, Iowa - October 1, 1996)  James S. Haahr, President
and Chief Executive Officer of First Midwest Financial, Inc.,
(Nasdaq:  CASH) the holding company of First Federal Savings Bank
of the Midwest, Storm Lake, Iowa, announced that effective
September 30, 1996, First Midwest acquired Security State Bank,
Stuart, Iowa.  Security State Bank was the subsidiary of Central
West Bancorporation.

At June 30, 1996, First Midwest Financial, Inc. had assets of
$342.1 million and Security State Bank had assets of $29.9
million.  First Midwest acquired all of the 72,750 outstanding
shares of Central West common stock for an aggregate
consideration valued at approximately $5.3 million, payable in
cash and shares of First Midwest common stock.  For each of the
shares of Central West common stock, First Midwest paid $18.04
and issued 2.3528 shares of its common stock.  First Midwest
issued a total of 171,158 shares of its common stock to the
Central West shareholders.

Security State Bank will continue to operate as a commercial bank
chartered by the state of Iowa, with offices in Stuart, Casey and
Menlo, Iowa.  It will be a separate subsidiary of First Midwest.
Claude F. Havick will continue to serve as President of Security
State Bank.

First Midwest, First Federal, and Security State Bank each exceed
their regulatory capital requirements.

Mr. Haahr stated, "We are pleased to announce the completion of
this acquisition and we are delighted that Claude Havick will
continue to serve as President of Security State Bank.  As a part
of our company, Security State Bank will have the opportunity
over time to expand the range of financial services available to
our customers."

Mr. Havick added, "Security State Bank customers will benefit
from the added financial strength and expanded bank product line
resulting from this acquisition."

CORPORATE PROFILE:

First Midwest Financial, Inc. was formed in 1993 as a unitary
savings and loan holding company in conjunction with the
conversion of  First Federal Savings Bank of the Midwest from
mutual to stock form on September 20, 1993.  The Bank's primary
business is marketing financial deposit and loan products to meet
the needs of its customers.  First Federal currently has seven
offices in a four-county area in Iowa, the two offices of
Brookings Federal Bank Division of First Federal in Brookings,
South Dakota, and the one office of Iowa Savings Bank Division of
First Federal in Des Moines, Iowa.  In conjunction with the
acquisition of Security State Bank on September 30, 1996, First
Midwest became a bank holding company.