UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 11-K

(Mark One)

(X)     ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
        OF 1934 (FEE REQUIRED)

For the fiscal year ended June 30, 2001

( )     TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE
        ACT OF 1934 (NO FEE REQUIRED)

For the transition period from                        to
                               ----------------------    ----------------------

                         Commission file number 0-13232

                         JUNIATA VALLEY FINANCIAL CORP.
                          EMPLOYEE STOCK PURCHASE PLAN
                            (full title of the plan)

                         JUNIATA VALLEY FINANCIAL CORP.
                                   P O BOX 66
                         Mifflintown, Pennsylvania 17059
         (Name of the issuer of the securities held pursuant to the plan
               and the address of its principal executive offices)

        Registrant's telephone number including area code (717) 436-8211

     Notice and communications from the Securities and Exchange Commission
relative to this report should be forwarded to:

                 Linda L. Engle, Executive Vice President & CFO
                               Juniata Valley Bank
                                   P O Box 66
                         Mifflintown, Pennsylvania 17059
                                 (717) 436-8211

This is the first of 9 pages. The index to Exhibit is on page 8.




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                          INDEPENDENT AUDITOR'S REPORT




To the Plan Administrator
Juniata Valley Financial Corp.
Employee Stock Purchase Plan
Mifflintown, Pennsylvania


     We have audited the accompanying statements of net assets available for
benefits of the Juniata Valley Financial Corp. Employee Stock Purchase Plan as
of June 30, 2001 and 2000, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.


     We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.


     In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Juniata
Valley Financial Corp. Employee Stock Purchase Plan as of June 30, 2001 and
2000, and the changes in net assets available for benefits for the years then
ended in conformity with accounting principles generally accepted in the United
States of America.



                                         /s/BEARD MILLER COMPANY LLP


Harrisburg, Pennsylvania
July 11, 2001


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JUNIATA VALLEY FINANCIAL CORP.
EMPLOYEE STOCK PURCHASE PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS





                                                              June 30,  June 30,
                                                                2001      2000



                           ASSETS


Cash and cash equivalents                                    $   -        $   -
Investment in Juniata Valley Financial Corp. common stock        -            -
                                                             ------------------





          Net assets available for benefits                  $   -        $   -
                                                             ==================


See Notes to Financial Statements.





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<TABLE>
<CAPTION>

JUNIATA VALLEY FINANCIAL CORP.
EMPLOYEE STOCK PURCHASE PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS




                                                                   Year Ended  Year Ended
                                                                    June 30,    June 30,
                                                                      2001        2000


<S>                                                                  <C>       <C>
Interest income                                                      $   384   $   441

Employee contributions                                                40,202    42,172
                                                                     -----------------


               Total additions                                        40,586    42,613
                                                                     -----------------


Distributions to participants                                          8,606    41,366


Distribution of shares of common stock of Juniata Valley Financial
  Corp. to participants (2001 1,500 shares at $ 21.32 per share;
  2000 39 shares at $ 31.97 per share)                                31,980     1,247
                                                                     -----------------

               Total deductions                                       40,586    42,613


               Net increase                                               --        --

Net assets available for benefits:
     Beginning of year                                                    --        --
                                                                     -----------------


     End of year                                                     $    --   $    --
                                                                     =================


See Notes to Financial Statements.

</TABLE>



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JUNIATA VALLEY FINANCIAL CORP.
EMPLOYEE STOCK PURCHASE PLAN
NOTES TO FINANCIAL STATEMENTS


SIGNIFICANT ACCOUNTING POLICIES

     Basis of accounting:

          The accompanying financial statements have been prepared on the
          accrual basis of accounting.

     Estimates:

          The preparation of financial statements in conformity with generally
          accepted accounting principles requires the Plan Administrator to make
          estimates and assumptions that affect certain reported amounts and
          disclosures. Accordingly, actual results may differ from those
          estimates.


PLAN DESCRIPTION

     The Corporation established the Employee Stock Purchase Plan (Plan)
effective as of July 1, 1996. The purpose of the Plan is to provide employees of
the Juniata Valley Bank (Bank) the opportunity to purchase stock of Juniata
Valley Financial Corp. (Corporation) and to acquire a proprietary interest in
the Corporation. Under the Plan, each eligible employee is granted options to
purchase stock during successive yearly offerings. The Plan is administered by a
Committee appointed by the Board of Directors.

     Employees of the Bank are eligible to participate in the Plan after ninety
days of service and must be employed at the Bank as of the stock issuance date
in order to purchase the stock. Enrollment occurs on July 1 of each plan year.

     Eligible employees, upon enrollment, choose to have payroll deductions at
rates from 2% to 10% of their compensation. The payroll deductions are deposited
into restricted individual savings accounts, which earn interest computed at the
regular statement savings account rate of the Bank. Voluntary cash contributions
are also permitted by the Plan, provided that the total amount available to
purchase stock per participant does not exceed $ 25,000. Contributions cease as
of the termination date of each plan year (May 15).

     When a participant terminates employment at the Bank, their participation
in the Plan will automatically terminate. The participant will not be entitled
to purchase any shares through the Plan and the amount of contributions made to
the Plan will be returned to the participant. Should the termination of the
employee occur because of the employee's death, the beneficiary may elect to
withdraw the contributions or to exercise the participant's option for the
purchase of the stock on the next termination date (May 15 of each year).
Voluntary withdrawals of the participant's entire balance are permitted, as
approved by the Chief Financial Officer of the Corporation.


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JUNIATA VALLEY FINANCIAL CORP.
EMPLOYEE STOCK PURCHASE PLAN
NOTES TO FINANCIAL STATEMENTS


PLAN DESCRIPTION (CONTINUED)

     The Plan permits participants to acquire stock of the Corporation at an
option price of between 85% and 100% of the fair market value of the stock. The
discount approved by the Board of Directors was 8% for the plan years ended June
30, 2001 and 2000. This resulted in a purchase price of $ 21.32 and $ 31.97 per
share for the years ended June 30, 2001 and 2000, respectively, based upon the
fair market value as of the commencement date of the offering (July 1).

     The stock may be purchased directly from the Corporation, either through
authorized but unissued stock or stock held in the treasury of the Corporation,
or on the open market, or by a combination. The Plan purchased 1,500 shares and
39 shares of stock for the years ended June 30, 2001 and 2000, respectively,
which were issued to the participants of the Plan. Fractional shares are not
distributed, therefore, excess cash in each participant's account is returned to
the participant.

     The Corporation may terminate or amend the Plan at any time.

     Additional information about the Plan agreement can be obtained from the
Chief Financial Officer of the Corporation.


ADMINISTRATIVE EXPENSES

     Fees for legal, accounting and other services are paid by the Corporation
and are based upon customary and reasonable rates for such services.


INCOME TAX STATUS

     The Plan Administrator believes that the Plan is currently designed and
being operated in compliance with the applicable requirements under Section 423
of the Internal Revenue Code of 1986, as amended. Therefore, the Plan
Administrator believes that the Plan was qualified and was tax-exempt as of the
financial statement date.



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                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) undersigned hereunto duly
authorized.


                                         JUNIATA VALLEY FINANCIAL CORP.
                                         EMPLOYEE STOCK PURCHASE PLAN





Date:                                    By:
      ---------------------------           ---------------------------------
                                            /S/Francis J. Evanitsky
                                            President and CEO


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                                INDEX TO EXHIBIT



Exhibit No. 23




Consent of Beard Miller Company LLP, independent auditors





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