Exhibit 14.1

                              WVS FINANCIAL CORP.,
                                       And
                             WEST VIEW SAVINGS BANK

                                  ETHICS POLICY
                                  -------------

STATEMENT OF INTENT:
--------------------

WVS Financial  Corp. has adopted this Ethics Policy to assure uniform  standards
of ethical  conduct and to protect the  reputation and integrity of our Company,
our employees and our directors.  WVS Financial Corp. (the  "Company"),  and its
affiliate, West View Savings Bank, accept the challenge of fostering the highest
possible  ethical  standards in dealings  with  clients,  employees,  suppliers,
regulators,  and the  community at large.  Committed to honesty,  integrity  and
impartiality,  we strive  continually to assure the highest standards of ethical
conduct  and to  maintain  the trust and  confidence  of all those  with whom we
interact.

It is imperative that our employees and directors fully understand and subscribe
to this Policy. It is equally  imperative that whenever  uncertainty exists with
regard to the  interpretation  of this Policy,  employees  seek counsel from the
Vice President - Operations.  Should the Vice President - Operations,  employees
or directors  involved  need  further  counsel or  discussion,  the issue may be
presented  to the  Chief  Executive  Officer  or the  Chairman  of the  Board of
Directors.  At the CEO or Chairman's  discretion,  the issue may be presented to
the Board of Directors.

RESPONSIBILITY FOR COMPLIANCE:
------------------------------

All business  activities  of the company are designed to comply with  applicable
laws. An equal responsibility for compliance with federal,  state and local laws
rests with each employee and director of the Company. The Company relies on your
good judgment to avoid all activities which you believe involve improper subject
matter or improper conduct, or even the appearance of improper conduct.

This  Ethics  Policy is not a summary  of the laws  applicable  to each  Company
activity.  It is  intended  only  to  highlight  and  emphasize  the  underlying
standards  of conduct to which the  employees  and  directors of the Company are
expected to  subscribe.  You should seek the guidance of your  supervisor or the
Company's Vice President - Operations if any concerns arise.

ETHICAL STANDARDS:
------------------

1.    Fraud by Employees
      ------------------

      The Company intends to prevent any instances of fraud or misappropriation,
      or any fiscal irregularities by its employees.  These include, but are not
      limited to, the following:

      A.    Any dishonest or fraudulent act;

      B.    Forgery or  alteration  of any document or account  belonging to the
            Company;

      C.    Forgery or alteration of a check,  bank draft,  account statement or
            any other financial document;

      D.    Misappropriation of funds, securities, supplies, or other assets;

      E.    Profiteering   as  a  result  of  insider   knowledge  of  corporate
            activities;

      F.    Disclosing  confidential and proprietary information to unauthorized
            parties; and

      G.    Disclosing to other persons  securities,  acquisition,  or strategic
            activities engaged in or contemplated by the Company.


<PAGE>

2.    Gifts and Entertainment
      -----------------------

      Gifts,  favors,  entertainment and payments without a legitimate  business
      purpose may have the effect of improperly  influencing decision making and
      may create the appearance of impropriety.  Company employees and directors
      should  not seek or  accept  for  themselves  or others  any gift,  favor,
      entertainment,  or payment of services from any individual or entity which
      conducts or seeks to conduct  business with the Company or is  competitive
      with the  Company,  unless:  (i) to do so would be  consistent  with  good
      business  practices;  (ii) all  such  benefits,  taken as a whole,  are of
      nominal value;  and (iii) public  disclosure of the transaction  would not
      embarrass  the Company.  Gifts of money  should  never be accepted.  Gifts
      offered  or  received  with a fair  market  value  greater  than  $100  or
      Entertainment  received with a fair market value in excess of $500 must be
      pre-approved by the President. Bribes or attempted bribes must be reported
      immediately to the Company's Vice President - Operations.  If you have any
      questions as to whether a gift or entertainment is permissible  under this
      policy, you should consult with the Company's Vice President - Operations.

3.    Conflict of Interest
      --------------------

      Company  employees  and  directors  should  avoid  situations  where their
      personal interests could conflict, or reasonably appear to conflict,  with
      the interests of the Company. An example of conflict of interest includes,
      but is not limited to, any  opportunity  for personal  gain apart from the
      normal   compensation   provided  by  the   Company   through  its  normal
      remuneration policies. In that regard, the following are some guidelines:

      A.    Personal Financial Gain and Outside Activities
            ----------------------------------------------

            Employees and directors should avoid any outside financial  interest
            that may  influence  their  corporate  decisions  or  actions.  Such
            interests  might include,  among other things,  a personal or family
            interest  in an  enterprise  that has  business  relations  with the
            Company.  This would  include  any  instance  where an  employee  or
            director has an investment in or participates in the management of a
            business that provides  services or products to or receives services
            or referrals from the Company.  However,  this  restriction does not
            apply to  minimal  (less  than 1%)  holdings  of stock of a business
            entity   whose   shares  are   publicly   traded,   and  which  may,
            incidentally, do business with the Company.

            In addition,  employees and directors  should avoid an investment or
            participation  in another  business that competes  directly with the
            Company or has interests  which are adverse to those of the Company.
            However,  this restriction does not apply to (less than 1%) holdings
            of stock of a business entity whose shares are publicly traded,  and
            may compete directly with the Company.

            Finally,  employees  should avoid  outside  employment or activities
            that would have a negative  impact on the  performance of their job,
            conflict  with  their  obligation  to the  Company,  or in  any  way
            negatively impact the Company's reputation in the community.

            If you  feel  you  may  have a  conflict  of  interest  due to  your
            investments  or  outside  activities,  you should  consult  with the
            Company's Vice President - Operations.

            If you have a business  opportunity  which may  conflict  with these
            provisions, you should disclose in writing all material facts of the
            opportunity, including your personal interest, to the Company's Vice
            President - Operations.

      B.    Use of Company Funds and Assets
            -------------------------------

            Company assets are to be used solely for the benefit of the Company.
            Employees and directors  are  responsible  for assuring that Company
            assets are used only for valid Company purposes.  Company assets are
            much more than our equipment,  inventory, corporate funds, or office
            supplies.  They include  concepts,  business  strategies  and plans,
            business opportunities, financial data, intellectual property rights
            and other  information  about our business.  These assets may not be
            improperly used to provide personal gain for employees or directors.
            Employees and directors may not transfer any Company assets to other
            persons or entities, except in the ordinary course of business.


<PAGE>

      C.    Trade Secrets and Confidential Information
            ------------------------------------------

            It is important for all  employees  and  directors to  appropriately
            safeguard the Company's trade secrets,  proprietary and confidential
            information  including  non-public  customer and account information
            ("Confidential Information").  Confidential Information includes any
            information which is not in the public domain and which is useful or
            helpful to the Company,  and/or information which would be useful or
            helpful to competitors.  Common examples of Confidential Information
            include:  financial  data,  projected  earnings  and  business  unit
            performance,   business  expansion   information,   strategic  data,
            business  processes,   regulatory  examination  information,  client
            information,  lists of  clients,  wage and salary  data,  changes in
            management  or  policies  of the  Company,  or plans we may have for
            improving any of our products.

            The Company's guidelines regarding  Confidential  Information are as
            follows:

            1)    Confidential  Information to which employees and directors may
                  have  access  should  be  discussed  with  others  only  on  a
                  need-to-know basis.

            2)    Disclosure of proprietary  information to any outside  persons
                  should  be done only in  conjunction  with  appropriate  trade
                  secret or confidential  information  disclosure  agreements in
                  conjunction  with  instructions  from a senior  officer of the
                  Company.

            3)    Employees   and  directors   must  be  alert  to   inadvertent
                  disclosures which may arise in either social  conversations or
                  in normal business relations with our customers and vendors.

            4)    Client  account  information  and data  must be  handled  in a
                  manner consistent with the Company's Privacy Policy.

            5)    Confidential  Information obtained in the course of employment
                  with the Company shall not be used, or given to a third party,
                  for the purposes of trading in the  securities  of the Company
                  or its clients.

            6)    Employees  shall  not  access  information  about  clients  or
                  employees  except in the normal course of the  employee's  job
                  responsibilities.

4.    Books and Records
      -----------------

      The  Company  maintains a system of  internal  controls  which it believes
      provides reasonable assurance that transactions are executed in accordance
      with  management's  authorization  and  properly  recorded.  The system is
      characterized  by a  control-oriented  environment  which includes written
      policies and procedures.  All employees are expected to adhere strictly to
      these policies.

      No secret or unrecorded  funds or assets may be created or maintained  for
      any purpose. In addition, the making of false or fictitious entries in the
      books with respect to Company  transactions  or the disposition of Company
      assets is prohibited,  and no employees may engage in any transaction that
      requires or contemplates the making of false or fictitious entries.

5.    Political Contributions
      -----------------------

      Employees shall not use Company funds for contributions of any kind to any
      political  party or committee in the United States or to any candidate for
      or holder of any  office of any  government  -  national,  state or local.
      Employees are free to make  voluntary  person  contributions  to political
      action  committees and to candidates and parties of their choice,  but may
      not make such contributions on behalf of the Company.


<PAGE>

6.    Personal Conduct
      ----------------

      The Company's  reputation  depends, in large measure, on the reputation of
      its  employees  for  honesty,   integrity  and  financial  responsibility.
      Employees  shall not engage in any behavior  during  employment  which may
      reasonably be deemed  inappropriate and reflect negatively on the Company.
      Employees   shall  pay  in  a  proper  and  timely  manner  all  financial
      obligations.  Employees who have been convicted, pleaded guilty or pleaded
      no contest to a felony or other criminal offense  involving  dishonesty or
      breach  of trust  which  has not been  annulled  or  expunged  during  the
      employee's term of employment  shall notify the Company's Vice President -
      Operations.

COMPLIANCE:
-----------

Any violation of this Policy may subject the Employee to disciplinary  action up
to and including termination of employment. Any Employee having knowledge of any
violation  of  this  Policy  shall  promptly  report  such  violation  to  their
supervisor.  The Company's Vice President - Operations  shall be responsible for
all  interpretive  guidance and shall be authorized  to issue  written  opinions
and/or   waivers  as  to  the   application  of  this  Policy  to  any  specific
circumstance.

ACKNOWLEDGEMENT:
----------------

On an annual  basis,  each Employee and Director of the Company will be required
to acknowledge in writing their awareness and  understanding  of this Policy and
their agreement to comply with its terms.

REPORTING ILLEGAL OR UNETHICAL BEHAVIOR
---------------------------------------

Individuals who suspect or know of violations of this Code have an obligation to
contact  the  Company's  Vice  President -  Operations  in writing at 9001 Perry
Highway, Pittsburgh PA 15237.

REPORTING QUESTIONABLE ACCOUNTING OR AUDITING CONCERNS
------------------------------------------------------

Individuals who suspect or know of questionable accounting or auditing practices
have an obligation to contact the Company's  Chairman of the Board in writing at
9001 Perry Highway, Pittsburgh PA 15237.

RELATED POLICIES:
-----------------

      o     Employee Personnel Manual

      o     Information Systems Policy

      o     Privacy Policy

      o     Regulation O Policy