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)         October 31, 2006
                                                  ------------------------------


                   Harleysville Savings Financial Corporation
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             (Exact name of registrant as specified in its charter)


Pennsylvania                          0-29709                        23-3028464
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(State or other jurisdiction     (Commission File Number)        (IRS Employer
of incorporation)                                            Identification No.)


271 Main Street,  Harleysville, Pennsylvania                          19438
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(Address of principal executive offices)                              (Zip Code)


(Registrant's telephone number, including area code)     (215) 256-8828
                                                    ----------------------------


                                 Not Applicable
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          (Former name or former address, if changed since last report)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):

[_]   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)
[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[_]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
[_]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


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Item 1.01       Entry into a Material Definitive Agreement
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         On October 31, 2006,  Harleysville  Savings Financial  Corporation (the
"Company"), its wholly owned subsidiary, Harleysville Savings Bank (the "Bank"),
and Ronald B. Geib entered into an Amended and Restated Employment  Agreement in
order to update Mr. Geib's existing employment  agreement to comply with Section
409A of the Internal  Revenue Code of 1986,  as amended  (the  "Code"),  and the
proposed regulations  thereunder relating to deferred compensation  arrangements
and to reflect Mr. Geib's new position as President and Chief Executive  Officer
of the Company and the Bank.

         The agreement provides for Mr. Geib to serve in his current position as
President  and Chief  Operating  Officer  of the  Company  and the Bank  through
January 23, 2007 and to serve as President and Chief Executive Officer effective
January 24, 2007,  at a minimum  base salary of $167,500  per year.  The initial
term of the  agreement  is five years from May 1, 2006,  which term will  extend
automatically  on May 1st of each year to  continue  for a five year term unless
the board of directors of the Company, the Bank or Mr. Geib gives advance notice
not to extend the term.

         The  agreement is  terminable  with or without cause by the Company and
the  Bank.  Mr.  Geib  shall  have no right to  compensation  or other  benefits
pursuant  to the  agreement  for  any  period  after  voluntary  termination  or
termination by the Company and the Bank for cause,  retirement or death.  If Mr.
Geib's  employment is  terminated  due to  disability,  he will be entitled to a
declining percentage of his base salary for the remaining term of the agreement.

         If prior to a change in control of the  Company or the Bank  either (i)
Mr. Geib  terminates  his  employment  because of failure of the Company and the
Bank to  comply  with  any  material  provision  of the  agreement  or (ii)  the
agreement  is  terminated  by the  Company  and the Bank  other  than for cause,
disability,  retirement  or death,  then Mr. Geib will be entitled to a lump sum
cash  severance  amount equal to his base salary for the  remaining  term of the
agreement or, if greater, for 2.99 years, with such base salary to be discounted
to present value. If Mr. Geib's  employment is terminated  concurrently  with or
subsequent  to a change in control of the Company or the Bank,  as  defined,  by
either (a) the Company or the Bank for other than cause, disability,  retirement
or death or (b) Mr. Geib as a result of certain  adverse  actions by the Company
or the Bank, then Mr. Geib will be entitled to a cash severance  amount equal to
three  times his  annual  compensation.  Annual  compensation  is defined as the
average  aggregate  annual  compensation  paid to Mr. Geib and includible in his
gross income for federal  income tax  purposes  during the five  calendar  years
preceding  the  year  in  which  the  date  of  termination   occurs,  and  such
compensation  includes among other things salary,  bonuses and income related to
the exercise of stock options. In addition, in any of the termination events set
forth in this paragraph,  Mr. Geib will also be entitled to the  continuation of
benefits  similar to those he is receiving at the time of such  termination  for
periods specified in the agreement or until he obtains full-time employment with
another employer providing similar benefits, whichever occurs first.

         The agreement  also provides that in the event that any of the payments
to be made thereunder or otherwise upon  termination of employment are deemed to
constitute  "parachute payments" within the meaning of Section 280G of the Code,
the Company shall reimburse Mr. Geib for the 20% excise

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<PAGE>

tax owed by Mr. Geib and shall also pay Mr. Geib an additional  amount such that
after  payment of all  federal,  state and local income and  employment  related
taxes and additional  excise tax on the  reimbursement,  Mr. Geib will be in the
same  after-tax  position  he would  have been in if the excise tax had not been
imposed.  Parachute payments generally are payments in excess of three times the
recipient's  average  annual  compensation  from the employer  includible in the
recipient's gross income during the most recent five taxable years ending before
the year in which the change in control of the employer occurs ("base  amount").
Recipients  of parachute  payments are subject to a 20% excise tax on the amount
by which such  payments  exceed the base amount,  in addition to regular  income
taxes,  and  payments  in excess of the base  amount are not  deductible  by the
employer as compensation expense for federal income tax purposes.

         As part of the  revisions to comply with Section 409A of the Code,  the
Company and the Bank provided for cash  severance  payments to be paid in a lump
sum in order to utilize an exemption  from Section  409A.  In addition,  various
defined terms,  including the  definitions of change in control and  disability,
were revised to be consistent with Section 409A of the Code.

         A copy of the Amended and Restated Employment  Agreement is included as
Exhibit 10 and is incorporated herein by reference.

Item 9.01       Financial Statements and Exhibits

       (a)      Not applicable.

       (b)      Not applicable.

       (c)      Not applicable.

       (d)      The following exhibits are included with this Report:

       Exhibit No.         Description
       ----------          ----------------------------------

       10                  Amended and Restated Employment Agreement,  effective
                           as of October 31, 2006,  among  Harleysville  Savings
                           Financial Corporation,  Harleysville Savings Bank and
                           Ronald B. Geib


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<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 hereunto duly authorized.

                                     Harleysville Savings Financial Corporation


Date:  November 1, 2006              By:   /s/ Brendan J. McGill
                                          --------------------------------------
                                          Name:  Brendan J. McGill
                                          Title: Senior Vice President and Chief
                                                      Financial Officer


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