First Federal Bank of Siouxland, Sioux City, Iowa, plans to convert to a stock company and purchase a thrift for $29 million in cash.

First Federal, a $552 million-asset thrift, would use the proceeds of the conversion-it did not say how much it intends to raise-to pay $15 for each outstanding share of Mid-Iowa Financial Corp., Newton. The deal is expected to close during the first quarter of 1999.

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