<PAGE>

                       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



                               September 7, 2001
--------------------------------------------------------------------------------
                Date of Report (Date of earliest event reported)


                         StateFed Financial Corporation
--------------------------------------------------------------------------------
            (Exact name of Registrant as specified oin its charter)

         Delaware                   000-22790                  42-1410788
------------------------     ------------------------   ------------------------
(State of incorporation)     (Commission file number)   (I.R.S. Employer
                                                        Identification No.)


                             13523 University Avenue
                                Clive, Iowa 50325
--------------------------------------------------------------------------------
          (Address of principal executive offices, including zip code)


                                 (515) 223-8484
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

<PAGE>

ITEM 5. OTHER EVENTS

        On September 7, 2001, the Registrant issued the press release attached
hereto as Exhibit 99.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

               (c) Exhibits:

                           Exhibit 99 - Press Release dated September 7, 2001


<PAGE>

                                   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


                                                  STATEFED FINANCIAL CORPORATION


                                                  By: /s/ Andra K. Black
                                                     ---------------------------
                                                          Andra K. Black
                                                          Co-President and CFO


Date: September 7, 2001



<PAGE>


                                                                    Exhibit 99.1

FOR IMMEDIATE RELEASE
---------------------
Attention:        Financial Reporters & Editors,
                  Business Editors, News Services

                                                  FOR MORE INFORMATION, CONTACT:
                                              RANDALL C. BRAY, Chairman of Board
                                                                    515-252-0813


EMBARKING ON A NEW STRATEGY FOR GROWTH
--------------------------------------
STATEFED REPORTS EARNINGS FOR FISCAL
YEAR 2001; ANNOUNCES INTENTION TO SELL
APARTMENT COMPLEXES

DES MOINES, IOWA (SEPT. 7, 2001) -- STATEFED FINANCIAL CORPORATION (NASDAQ
SMALLCAP: "SFCC") the parent of State Federal Savings and Loan Association today
announced fiscal-year 2001 operating earnings of $1.02 million or $0.68 per
share compared with $1.68 million or $1.12 per share in 2000. Operating earnings
declined as a result of the one-time, non-interest expenses associated with the
retirement of the long-time chief executive officer, John Golden, and defending
a proxy fight launched a year ago. Also contributing to higher expenses were
costs associated with the opening of a new branch office in Clive, a growing
western suburb of Des Moines, and an increase in provisions for potential loan
losses to strengthen the company's reserves. Net income for the fiscal year,
ended June 30, 2001, totaled $663,322, or $.45 basic earnings per share,
compared with $1.14 million or $.78 basic earnings per share a year earlier.

         "Our 2001 earnings represent a turning point for State Federal as we
laid the ground work to refocus and revitalize our operations and create a
smart, customer-responsive culture," said RANDALL C. BRAY, chairman of the
board. "Going forward, we have a strategic plan that clearly articulates our
goals for growth, expanded customer relationships, product development and asset
management. This process will continue through the next fiscal year, but we
already see many positive results."

<PAGE>

                                                                               2
                                     -more-

         Net interest income for the year increased by 8 percent, from $3.04 to
$3.27 million, reflecting continued improvement in the bank's net interest
margin. Management quadrupled the provision for loan losses to $151,000 compared
with $36,000 in fiscal-year 2000, further improving its reserve ratios. Even
after provisions were taken, net interest income still reflected improvement,
rising from $3 million in fiscal 2000 to $3.12 million in fiscal 2001.
Non-interest income declined 18 percent during fiscal year 2001 primarily as a
result of $95,312 loss on the sale of securities. This action reduces the
Company's exposure to additional market risk and volatility.

         Assets increased seven percent to $107.6 million from $100.7 million in
fiscal 2000. Deposit levels also improved, growing by 17 percent to nearly $63
million from $53.7 million a year ago.

         "Our business plan for fiscal 2002 identifies certain strategic actions
aimed at increasing shareholder value. Among them is the sale of two apartment
complexes," Bray said. "Property management isn't part of our core financial
services business. We believe that the market is right for selling these
properties and reinvesting the resources into loans and other investments that
will deliver a higher return for our shareholders."

         The sale of the 60-unit apartment complex in Pleasant Hill is expected
to close by the end of the year. Negotiations are underway to sell the 22-unit
complex in the Drake neighborhood. Management anticipates that the sale of these
assets will have a substantially positive impact on earnings.

         "As part of our new business strategy, we also took action to increase
core deposits and reduce our reliance on Federal Home Loan Bank advances as a
major source of funding," Bray added. "The expected effect, considering the
recent drop in interest rates, is a lower cost of funds and an improved net
interest margin in future quarters."

         State Federal is a full-service savings and loan association serving
the Greater Des Moines Metropolitan area with three offices.

                                     -more-
<PAGE>

                                                                               3

         When used in this press release or other public shareholder
communications, or in oral statements made with the approval of an authorized
executive officer, the words or phrases "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project," "significantly," or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. The company
wishes to caution readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made, and to advise readers that
various factors including regional and national economic conditions, changes in
levels of market interest rates, credit risks of lending activities and
competitive and regulatory factors could affect the Bank's financial performance
and could cause the Company's actual results for future periods to differ
materially from those anticipated or projected.

         The Company does not undertake, and specifically disclaims, any
obligations to publicly release the result of any revisions that may be made to
any forward-looking statements to reflect the occurrence of events or
circumstances after the date of such statements.



         Selected Consolidated Financial Statements Follow This Release







<PAGE>

                        STATEFED FINANCIAL CORPORATION
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                         JUNE 30, 2001 AND JUNE 30, 2000



<TABLE>
<CAPTION>

                           ASSETS                                         (UNAUDITED)
                                                                          JUNE 30, 2001            JUNE 30, 2000
<S>                                                                <C>                             <C>
Cash and amounts due from depository institutions                  $             7,278,551         $   2,477,494
Investments in certificates of deposit                             $               297,272         $     495,692
Investment securities available-for-sale                           $             1,924,855         $   2,231,274
Loans receivable, net                                              $            87,898,936         $  86,572,585
Real estate held for investment, net                               $             2,106,442         $   2,175,785
Property acquired in settlement of loans                           $             1,320,458         $   1,337,847
Office property and equipment, net                                 $             3,947,620         $   2,965,659
Federal Home Loan Bank stock, at cost                              $             1,762,200         $   1,464,600
Accrued interest receivable                                        $               630,166         $     573,293
Other assets                                                       $               382,936         $     390,550
                                                                   -----------------------         -------------
        TOTAL ASSETS                                               $           107,549,436          $100,684,779
                                                                   ========================       ==============


       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Deposits                                                           $            62,987,496         $  53,648,118
Advances from Federal Home Loan Bank                               $            29,185,149         $  29,283,906
Advances from borrowers for taxes and insurance                    $               395,032         $     353,743
Accrued interest payable                                           $               170,864         $     140,243
Dividends payable                                                  $               127,633         $     113,220
Income taxes:current and deferred                                  $               203,541         $     296,992
Other liabilities                                                  $               392,053         $     198,689
                                                                   -----------------------         -------------

        TOTAL LIABILITIES                                          $            93,461,768         $  84,034,911
                                                                   -----------------------         -------------

Stockholders' equity:
Common stock                                                       $                17,810          $     17,810
Additional paid-in capital                                         $             8,522,356          $  8,546,501
Unearned compensation - restricted stock awards                    $              (143,866)         $   (205,761)
Unrealized gain (loss) on investments                              $                25,349          $   (124,579)
Treasury stock                                                     $            (5,195,834)         $ (2,362,921)
Retained earnings - substantially restricted                       $            10,861,853          $ 10,778,818
                                                                   -----------------------          -------------

   TOTAL STOCKHOLDERS' EQUITY                                      $            14,087,668          $ 16,649,868
                                                                   -----------------------          ------------

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $           107,549,436          $100,684,779
                                                                  =========================        =============
</TABLE>

<PAGE>

                         STATEFED FINANCIAL CORPORATION
                      SELECTED CONSOLIDATED FINANCIAL DATA
                                   UNAUDITED





<TABLE>
<CAPTION>

                                                        THREE MONTHS ENDED                         TWELVE MONTHS ENDED
                                                              JUNE                                       JUNE 30
                                                  ------------------------------             -------------------------------
                                                     2001                2000                    2001               2000
                                                  =============     =============            =============      ============


OPERATIONS DATA

<S>                                               <C>                <C>                     <C>                <C>
Total interest income                             $ 2,005,253        $ 1,876,886             $ 8,231,059        $ 7,021,576

Total interest expense                            $ 1,262,338        $ 1,092,484             $ 4,961,255        $ 3,985,770
                                                  -------------     -------------            -------------      ------------

Net interest income                               $   742,915        $   784,402             $ 3,269,804        $ 3,035,806

Provision for loan losses                         $   118,000        $     9,000             $   151,000        $    36,000
                                                  -------------     -------------            -------------      -------------

Net interest income after
provision for loan losses                         $   624,915        $   775,402             $ 3,118,804        $ 2,999,806

Non-interest income:
Real estate operations                            $   127,550        $   132,685             $   518,719        $   524,514

Gain (loss) on sale of investments                $    (5,207)       $      -                $   (95,312)       $     1,941

Gain on sale of real estate                       $    18,381        $     9,118             $    26,228        $    50,094

Other non-interest income                         $    26,854        $    28,526             $   113,228        $   107,538
                                                  -------------     -------------            --------------     --------------

Total non-interest income                         $   167,578        $   170,329             $   562,863        $   684,087

Total non-interest expense                        $   666,119        $   482,211             $ 2,661,885        $ 2,006,282
                                                  -------------     -------------            --------------     --------------

Operating earnings                                $   126,374        $   463,520             $ 1,019,782        $ 1,677,611

Income tax expense                                $    59,240        $   131,240             $   356,460        $   536,860
                                                  -------------     -------------            --------------     --------------

Net Income                                        $    67,134        $   332,280             $   663,322        $ 1,140,751
                                                  =============     =============            ==============     ==============

Basic earnings per share                                $0.05              $0.23                   $0.45              $0.78

Diluted earnings per share                              $0.05              $0.22                   $0.44              $0.76

Diluted operating earnings per share                    $0.09              $0.31                   $0.68              $1.12
</TABLE>
[{"type": "8-K", "sequence": "1", "filename": "g8k-25682.txt", "description": "8-K", "secsgml_size_bytes": 16565}]
{"company-data": {"conformed-name": "STATEFED FINANCIAL CORP", "cik": "0000912567", "assigned-sic": "6035", "irs-number": "421410788", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22790", "film-number": "1737176"}, "business-address": {"street1": "13523 UNIVERSITY AVENUE", "city": "CLIVE", "state": "IA", "zip": "50325", "phone": "5152820236"}, "mail-address": {"street1": "13523 UNIVERSITY AVENUE", "city": "CLIVE", "state": "IA", "zip": "50325"}}
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

                               September 7, 2001
--------------------------------------------------------------------------------
                Date of Report (Date of earliest event reported)

                         StateFed Financial Corporation
--------------------------------------------------------------------------------
            (Exact name of Registrant as specified oin its charter)

         Delaware                   000-22790                  42-1410788
------------------------     ------------------------   ------------------------
(State of incorporation)     (Commission file number)   (I.R.S. Employer
                                                        Identification No.)

                             13523 University Avenue
                                Clive, Iowa 50325
--------------------------------------------------------------------------------
          (Address of principal executive offices, including zip code)

                                 (515) 223-8484
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS

        On September 7, 2001, the Registrant issued the press release attached
hereto as Exhibit 99.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

               (c) Exhibits:

                           Exhibit 99 - Press Release dated September 7, 2001
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

                                                  STATEFED FINANCIAL CORPORATION

                                                  By: /s/ Andra K. Black
                                                     ---------------------------
                                                          Andra K. Black
                                                          Co-President and CFO

Date: September 7, 2001
Exhibit 99.1

FOR IMMEDIATE RELEASE
---------------------
Attention:        Financial Reporters & Editors,
                  Business Editors, News Services

                                                  FOR MORE INFORMATION, CONTACT:
                                              RANDALL C. BRAY, Chairman of Board
                                                                    515-252-0813

EMBARKING ON A NEW STRATEGY FOR GROWTH
--------------------------------------
STATEFED REPORTS EARNINGS FOR FISCAL
YEAR 2001; ANNOUNCES INTENTION TO SELL
APARTMENT COMPLEXES

DES MOINES, IOWA (SEPT. 7, 2001) -- STATEFED FINANCIAL CORPORATION (NASDAQ
SMALLCAP: "SFCC") the parent of State Federal Savings and Loan Association today
announced fiscal-year 2001 operating earnings of $1.02 million or $0.68 per
share compared with $1.68 million or $1.12 per share in 2000. Operating earnings
declined as a result of the one-time, non-interest expenses associated with the
retirement of the long-time chief executive officer, John Golden, and defending
a proxy fight launched a year ago. Also contributing to higher expenses were
costs associated with the opening of a new branch office in Clive, a growing
western suburb of Des Moines, and an increase in provisions for potential loan
losses to strengthen the company's reserves. Net income for the fiscal year,
ended June 30, 2001, totaled $663,322, or $.45 basic earnings per share,
compared with $1.14 million or $.78 basic earnings per share a year earlier.

         "Our 2001 earnings represent a turning point for State Federal as we
laid the ground work to refocus and revitalize our operations and create a
smart, customer-responsive culture," said RANDALL C. BRAY, chairman of the
board. "Going forward, we have a strategic plan that clearly articulates our
goals for growth, expanded customer relationships, product development and asset
management. This process will continue through the next fiscal year, but we
already see many positive results."
2
                                     -more-

         Net interest income for the year increased by 8 percent, from $3.04 to
$3.27 million, reflecting continued improvement in the bank's net interest
margin. Management quadrupled the provision for loan losses to $151,000 compared
with $36,000 in fiscal-year 2000, further improving its reserve ratios. Even
after provisions were taken, net interest income still reflected improvement,
rising from $3 million in fiscal 2000 to $3.12 million in fiscal 2001.
Non-interest income declined 18 percent during fiscal year 2001 primarily as a
result of $95,312 loss on the sale of securities. This action reduces the
Company's exposure to additional market risk and volatility.

         Assets increased seven percent to $107.6 million from $100.7 million in
fiscal 2000. Deposit levels also improved, growing by 17 percent to nearly $63
million from $53.7 million a year ago.

         "Our business plan for fiscal 2002 identifies certain strategic actions
aimed at increasing shareholder value. Among them is the sale of two apartment
complexes," Bray said. "Property management isn't part of our core financial
services business. We believe that the market is right for selling these
properties and reinvesting the resources into loans and other investments that
will deliver a higher return for our shareholders."

         The sale of the 60-unit apartment complex in Pleasant Hill is expected
to close by the end of the year. Negotiations are underway to sell the 22-unit
complex in the Drake neighborhood. Management anticipates that the sale of these
assets will have a substantially positive impact on earnings.

         "As part of our new business strategy, we also took action to increase
core deposits and reduce our reliance on Federal Home Loan Bank advances as a
major source of funding," Bray added. "The expected effect, considering the
recent drop in interest rates, is a lower cost of funds and an improved net
interest margin in future quarters."

         State Federal is a full-service savings and loan association serving
the Greater Des Moines Metropolitan area with three offices.

                                     -more-
3

         When used in this press release or other public shareholder
communications, or in oral statements made with the approval of an authorized
executive officer, the words or phrases "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project," "significantly," or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. The company
wishes to caution readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made, and to advise readers that
various factors including regional and national economic conditions, changes in
levels of market interest rates, credit risks of lending activities and
competitive and regulatory factors could affect the Bank's financial performance
and could cause the Company's actual results for future periods to differ
materially from those anticipated or projected.

         The Company does not undertake, and specifically disclaims, any
obligations to publicly release the result of any revisions that may be made to
any forward-looking statements to reflect the occurrence of events or
circumstances after the date of such statements.

         Selected Consolidated Financial Statements Follow This Release
STATEFED FINANCIAL CORPORATION
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                         JUNE 30, 2001 AND JUNE 30, 2000
ASSETS                                         (UNAUDITED)
                                                                          JUNE 30, 2001            JUNE 30, 2000
Cash and amounts due from depository institutions                  $             7,278,551         $   2,477,494
Investments in certificates of deposit                             $               297,272         $     495,692
Investment securities available-for-sale                           $             1,924,855         $   2,231,274
Loans receivable, net                                              $            87,898,936         $  86,572,585
Real estate held for investment, net                               $             2,106,442         $   2,175,785
Property acquired in settlement of loans                           $             1,320,458         $   1,337,847
Office property and equipment, net                                 $             3,947,620         $   2,965,659
Federal Home Loan Bank stock, at cost                              $             1,762,200         $   1,464,600
Accrued interest receivable                                        $               630,166         $     573,293
Other assets                                                       $               382,936         $     390,550
                                                                   -----------------------         -------------
        TOTAL ASSETS                                               $           107,549,436          $100,684,779
                                                                   ========================       ==============

       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
Deposits                                                           $            62,987,496         $  53,648,118
Advances from Federal Home Loan Bank                               $            29,185,149         $  29,283,906
Advances from borrowers for taxes and insurance                    $               395,032         $     353,743
Accrued interest payable                                           $               170,864         $     140,243
Dividends payable                                                  $               127,633         $     113,220
Income taxes:current and deferred                                  $               203,541         $     296,992
Other liabilities                                                  $               392,053         $     198,689
                                                                   -----------------------         -------------

        TOTAL LIABILITIES                                          $            93,461,768         $  84,034,911
                                                                   -----------------------         -------------

Stockholders' equity:
Common stock                                                       $                17,810          $     17,810
Additional paid-in capital                                         $             8,522,356          $  8,546,501
Unearned compensation - restricted stock awards                    $              (143,866)         $   (205,761)
Unrealized gain (loss) on investments                              $                25,349          $   (124,579)
Treasury stock                                                     $            (5,195,834)         $ (2,362,921)
Retained earnings - substantially restricted                       $            10,861,853          $ 10,778,818
                                                                   -----------------------          -------------

   TOTAL STOCKHOLDERS' EQUITY                                      $            14,087,668          $ 16,649,868
                                                                   -----------------------          ------------

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                      $           107,549,436          $100,684,779
                                                                  =========================        =============
STATEFED FINANCIAL CORPORATION
                      SELECTED CONSOLIDATED FINANCIAL DATA
                                   UNAUDITED
THREE MONTHS ENDED                         TWELVE MONTHS ENDED
                                                              JUNE                                       JUNE 30
                                                  ------------------------------             -------------------------------
                                                     2001                2000                    2001               2000
                                                  =============     =============            =============      ============

OPERATIONS DATA
Total interest income                             $ 2,005,253        $ 1,876,886             $ 8,231,059        $ 7,021,576

Total interest expense                            $ 1,262,338        $ 1,092,484             $ 4,961,255        $ 3,985,770
                                                  -------------     -------------            -------------      ------------

Net interest income                               $   742,915        $   784,402             $ 3,269,804        $ 3,035,806

Provision for loan losses                         $   118,000        $     9,000             $   151,000        $    36,000
                                                  -------------     -------------            -------------      -------------

Net interest income after
provision for loan losses                         $   624,915        $   775,402             $ 3,118,804        $ 2,999,806

Non-interest income:
Real estate operations                            $   127,550        $   132,685             $   518,719        $   524,514

Gain (loss) on sale of investments                $    (5,207)       $      -                $   (95,312)       $     1,941

Gain on sale of real estate                       $    18,381        $     9,118             $    26,228        $    50,094

Other non-interest income                         $    26,854        $    28,526             $   113,228        $   107,538
                                                  -------------     -------------            --------------     --------------

Total non-interest income                         $   167,578        $   170,329             $   562,863        $   684,087

Total non-interest expense                        $   666,119        $   482,211             $ 2,661,885        $ 2,006,282
                                                  -------------     -------------            --------------     --------------

Operating earnings                                $   126,374        $   463,520             $ 1,019,782        $ 1,677,611

Income tax expense                                $    59,240        $   131,240             $   356,460        $   536,860
                                                  -------------     -------------            --------------     --------------

Net Income                                        $    67,134        $   332,280             $   663,322        $ 1,140,751
                                                  =============     =============            ==============     ==============

Basic earnings per share                                $0.05              $0.23                   $0.45              $0.78

Diluted earnings per share                              $0.05              $0.22                   $0.44              $0.76

Diluted operating earnings per share                    $0.09              $0.31                   $0.68              $1.12