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                                  UNITED STATES
                       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): May 6, 2004


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                          First Midwest Financial, Inc.
             (Exact name of registrant as specified in its charter)


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          Delaware                      0-22140                   42-1406262
(State or other jurisdiction of     (Commission File        (IRS Employer
incorporation or organization)       Number)                 Identification No.)

                       Fifth at Erie, Storm Lake, IA 50588
               (Address of principal executive offices)(Zip Code)


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

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                                TABLE OF CONTENTS

Item 5. Other Events.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

Signatures

Exhibit Index

Exhibit 99.1








Item 5. Other Events.

        On May 6, 2004, the Registrant issued the attached press release
        announcing its entrance into the prepaid debit card business,
        operating within its wholly-owned subsidiary, First Federal Savings
        Bank of the Midwest.

Item 7. Financial Statements, Pro Forma Financial Information and

        Exhibits.

        (c) Exhibits.
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        The following Exhibits are being furnished herewith:

        99.1  Registrant's Press Release dated May 6, 2004.










                                    SIGNATURE

     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 hereunto duly authorized.



                                     FIRST MIDWEST FINANCIAL, INC.

                             By:     /s/ Ronald J. Walters
                                     -------------------------------------------
                                     Ronald J. Walters
                                     Senior Vice President, Secretary, Treasurer
                                     and Chief Financial Officer

Dated:  May 6, 2004






                                  Exhibit Index
                                  -------------

Exhibit
Number                     Description of Exhibit
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99.1              Registrant's Press Release dated May 6, 2004.