EXHIBIT 10.1

                    AMENDED AND RESTATED EMPLOYMENT AGREEMENT


         THIS AMENDED AND RESTATED  EMPLOYMENT  AGREEMENT (the  "Agreement")  is
effective  this 24th day of  November  2008,  among  WVS  Financial  Corp.  (the
"Corporation"),  a  Pennsylvania-chartered  corporation,  West View Savings Bank
(the "Savings Bank"), a  Pennsylvania-chartered  savings bank and a wholly-owned
subsidiary of the Corporation, and David J. Bursic (the "Executive").

                                   WITNESSETH

         WHEREAS,  the Executive is presently an officer of the  Corporation and
the Savings Bank (together the "Employers");

         WHEREAS,  the  Employers  desire  to  be  ensured  of  the  Executive's
continued active participation in the
business of the Employers;

         WHEREAS,  in order to induce the  Executive  to remain in the employ of
the Employers and in consideration of the Executive's  agreeing to remain in the
employ of the Employers,  the parties  desire to specify the severance  benefits
which  shall be due the  Executive  in the event  that his  employment  with the
Employers is terminated under specified circumstances;

         WHEREAS,  the Employers  entered into a written agreement on October 1,
1998 with respect to the employment of the Executive (the "Prior Agreement");

         WHEREAS,  the Employers and the Executive  believe certain revisions to
the Prior Agreement are appropriate,  including amending and restating the Prior
Agreement in its entirety as  hereinafter  set forth in order to comply with the
requirements  of Section 409A of the Internal  Revenue Code of 1986,  as amended
(the "Code"); and

         WHEREAS, this Agreement supersedes in its entirety the Prior Agreement;

         NOW  THEREFORE,  in  consideration  of  the  premises  and  the  mutual
agreements herein contained, the parties hereby agree as follows:

         1.  Definitions.  The following words and terms shall have the meanings
set forth below for the purposes of this Agreement:

         (a) Base  Salary.  "Base  Salary"  shall have the  meaning set forth in
Section 3(a) hereof.

         (b) Cause.  Termination of the Executive's employment for "Cause" shall
mean  termination  because  of  personal   dishonesty,   incompetence,   willful
misconduct,  breach of fiduciary duty  involving  personal  profit,  intentional
failure  to  perform  stated  duties,  willful  violation  of any  law,  rule or
regulation  (other  than  traffic  violations  or  similar  offenses)  or  final
cease-and-desist order or material breach of any provision of the Agreement. For
purposes of this  paragraph,  no act or failure to act on the  Executive's  part
shall be  considered  "willful"  unless

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done,  or omitted to be done,  by the  Executive  not in good faith and  without
reasonable  belief  that the  Executive's  action  or  omission  was in the best
interest of the Employers.

         (c) Change in Control.  "Change in Control"  shall mean a change in the
ownership of the  Corporation  or the Savings  Bank,  a change in the  effective
control of the Corporation or the Savings Bank or a change in the ownership of a
substantial  portion of the assets of the  Corporation  or the Savings  Bank, in
each  case as  provided  under  Section  409A of the  Code  and the  regulations
thereunder.

         (d) Code.  "Code"  shall mean the  Internal  Revenue  Code of 1986,  as
amended.

         (e) Date of Termination.  "Date of  Termination"  shall mean (i) if the
Executive's  employment is terminated for Cause, the date on which the Notice of
Termination is given,  and (ii) if the Executive's  employment is terminated for
any other reason, the date specified in the Notice of Termination.

         (f) Disability.  "Disability" shall mean the Executive (i) is unable to
engage  in  any  substantial   gainful  activity  by  reason  of  any  medically
determinable  physical or mental  impairment  which can be expected to result in
death or can be expected to last for a continuous period of not less than twelve
(12) months,  or (ii) is, by reason of any  medically  determinable  physical or
mental impairment which can be expected to result in death or can be expected to
last for a  continuous  period of not less than  twelve (12)  months,  receiving
income replacement  benefits for a period of not less than three months under an
accident and health plan covering employees of the Employers.

         (g) Effective Date. The Effective Date of this Agreement shall mean the
date first written above.

         (h) Good  Reason.  "Good  Reason"  means the  occurrence  of any of the
following events:

                  (i) any material  breach of this  Agreement by the  Employers,
         including  without  limitation  any of the  following:  (A) a  material
         diminution  in  the  Executive's  base  compensation,  (B)  a  material
         diminution in the Executive's authority,  duties or responsibilities as
         prescribed  in Section  2, or (C) any  requirement  that the  Executive
         report to a corporate  officer or employee of the Employers  instead of
         reporting directly to the Boards of Directors of the Employers, or

                  (ii) any material  change in the geographic  location at which
         the Executive must perform his services under this Agreement;

         provided, however, that prior to any termination of employment for Good
         Reason,  the  Executive  must  first  provide  written  notice  to  the
         Employers  within  ninety  (90) days of the  initial  existence  of the
         condition,   describing  the  existence  of  such  condition,  and  the
         Employers  shall  thereafter  have the  right to remedy  the  condition
         within thirty (30) days of the date the Employers  received the written
         notice from the Executive. If the Employers remedy the condition within
         such thirty (30) day cure  period,  then no Good Reason shall be deemed
         to exist with respect to such condition. If the Employers do not


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<PAGE>

         remedy the condition within such thirty (30) day cure period,  then the
         Executive  may deliver a Notice of  Termination  for Good Reason at any
         time  within  sixty (60) days  following  the  expiration  of such cure
         period.

         (i) IRS. IRS shall mean the Internal Revenue Service.

         (j) Notice of Termination. Any purported termination of the Executive's
employment by the Employers for any reason,  including  without  limitation  for
Cause,  Disability,  or Retirement or by the Executive for any reason, including
without  limitation for Good Reason,  shall be communicated by a written "Notice
of  Termination" to the other party hereto.  For purposes of this  Agreement,  a
"Notice  of  Termination"  shall mean a dated  notice  which (i)  indicates  the
specific termination  provision in the Agreement relied upon, (ii) sets forth in
reasonable  detail  the facts and  circumstances  claimed to provide a basis for
termination  of the  Executive's  employment  under the  provision so indicated,
(iii) specifies a Date of Termination,  which shall be not less than thirty (30)
nor more than ninety (90) days after such Notice of Termination is given, except
that any termination of the Executive's  employment for Cause shall be effective
immediately, and (iv) is given in the manner specified in Section 10 hereof.

         (k)  Retirement.  Termination of the  Executive's  employment  based on
"Retirement"  shall mean  voluntary  termination  by the Executive in accordance
with the Employers' retirement policies,  including early retirement,  generally
applicable to their salaried employees.

         2. Term of Employment.

         (a) The  Employers  hereby  employ the Executive as President and Chief
Executive Officer and the Executive hereby accepts said employment and agrees to
render such services to the Employers on the terms and  conditions  set forth in
this Agreement.  The term of employment  under this Agreement shall be for three
years from the Effective Date and, subject to the requirements of the succeeding
sentence,  shall be deemed automatically,  without further action,  beginning on
the  day  following  the  Effective  Date  of this  Agreement  and on  each  day
thereafter,  to extend for a period of one day in addition to the then-remaining
term,  such that at any time the remaining term of this Agreement shall be three
years,  absent notice to the contrary.  Prior to the first annual anniversary of
the Effective Date of this Agreement and each annual anniversary thereafter, the
Board of Directors of the Employers shall consider and review (with  appropriate
corporate  documentation  thereof,  and after  taking into  account all relevant
factors,  including the Executive's performance hereunder) extension of the term
under this  Agreement,  and the term shall  continue to extend in the manner set
forth above  unless  either the Board of  Directors  of the  Corporation  or the
Savings Bank does not approve such extension and provides  written notice to the
Executive of such event or the Executive  gives written  notice to the Employers
of the  Executive's  election  not to extend  the  term,  in each case with such
written  notice  to be given not less than  thirty  (30) days  prior to any such
anniversary  date.  References  herein to the term of this Agreement shall refer
both to the initial term and successive terms.

         (b) During the term of this  Agreement,  the Executive shall manage the
operations  of the  Employers  and oversee the officers  that report to him. The
Executive shall also oversee the  implementation  of the policies adopted by the
Boards of Directors of the Employers and shall report  directly to the Boards of
Directors.  In addition, the Executive shall perform such

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<PAGE>

executive  services for the Employers as may be  consistent  with his titles and
from time to time assigned to him by the Employers' Board of Directors.

         3. Compensation and Benefits.

         (a) The  Employers  shall  compensate  and pay  the  Executive  for his
services  during the term of this Agreement at a minimum base salary of $255,750
per year  ("Base  Salary"),  which  may be  increased  from time to time in such
amounts as may be determined by the Boards of Directors of the Employers and may
not be decreased without the Executive's express written consent. In addition to
his Base Salary,  the Executive  shall be entitled to receive during the term of
this  Agreement  such  bonus  payments  as may be  determined  by the  Boards of
Directors of the Employers.

         (b) As President and Chief  Executive  Officer,  the Executive shall be
entitled to  participate  in and  receive  the  benefits of any pension or other
retirement benefit plan, profit sharing, stock option, employee stock ownership,
or other plans, benefits and privileges given to employees and executives of the
Employers, to the extent commensurate with his then duties and responsibilities,
as fixed by the Boards of Directors of the  Employers.  The Employers  shall not
make any changes in such plans,  benefits or  privileges  which would  adversely
affect the Executive's rights or benefits thereunder,  unless such change occurs
pursuant to a program  applicable to all executive officers of the Employers and
does not result in a proportionately  greater adverse change in the rights of or
benefits to the  Executive as compared with any other  executive  officer of the
Employers. Nothing paid to the Executive under any plan or arrangement presently
in effect or made  available  in the future shall be deemed to be in lieu of the
salary payable to the Executive pursuant to Section 3(a) hereof.

         (c) During the term of this Agreement,  the Executive shall be entitled
to paid annual vacation in accordance with the policies as established from time
to time by the Boards of Directors of the Employers,  which shall in no event be
less than four weeks per annum.  The Executive  shall not be entitled to receive
any additional  compensation  from the Employers for failure to take a vacation,
nor shall the Executive be able to accumulate unused vacation time from one year
to the next,  except to the extent  authorized by the Boards of Directors of the
Employers.

         (d) The  Executive's  compensation,  benefits,  severance  and expenses
shall be paid by the Corporation and the Bank in the same proportion as the time
and services  actually  expended by the  Executive on behalf of each  respective
Employer.

         4. Expenses.  The Employers  shall reimburse the Executive or otherwise
provide for or pay for all  reasonable  expenses  incurred by the  Executive  in
furtherance of, or in connection with the business of the Employers,  including,
but  not by way of  limitation,  automobile  and  traveling  expenses,  and  all
reasonable   entertainment   expenses   (whether  incurred  at  the  Executive's
residence,   while   traveling  or  otherwise),   subject  to  such   reasonable
documentation  and other  limitations  as may be  established  by the  Boards of
Directors of the  Employers.  If such expenses are paid in the first instance by
the  Executive,  the Employers  shall  reimburse the  Executive  therefor.  Such
reimbursement  shall be paid promptly by the Employers and in any event no later
than March 15 of the year immediately  following the year in which such expenses
were incurred.

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<PAGE>

         5. Termination.

         (a) The Employers  shall have the right,  at any time upon prior Notice
of  Termination,  to terminate  the  Executive's  employment  hereunder  for any
reason,  including  without  limitation  termination  for Cause,  Disability  or
Retirement,  and the  Executive  shall  have the  right,  upon  prior  Notice of
Termination, to terminate his employment hereunder for any reason.

         (b) In the event that (i) the  Executive's  employment is terminated by
the  Employers  for Cause,  Retirement  or the  Executive's  death,  or (ii) the
Executive  terminates  his  employment  hereunder  for  any  reason  other  than
Disability  or Good Reason,  the Executive  shall have no right  pursuant to the
terms of this Agreement to  compensation  or other benefits for any period after
the applicable Date of Termination.

         (c) In the event the Executive's employment hereunder is terminated due
to  Disability,  the  Executive  shall be  entitled  to receive  any  disability
benefits  provided under any disability plan maintained by the Employers.  Other
than as set forth  above,  the  Executive  shall have no right  pursuant to this
Agreement to compensation or other benefits for any period after the termination
for Disability.

         (d) If the Executive's  employment by the Employers shall be terminated
concurrently  with or  subsequent  to a Change in Control and during the term of
this Agreement by (i) the Employers for other than Cause, Disability, Retirement
or the  Executive's  death  or (ii) the  Executive  for  Good  Reason,  then the
Employers shall:

                  (A) pay to the  Executive,  within thirty (30) days  following
         the Date of  Termination,  a lump sum cash  severance  amount  equal to
         three (3) times the Executive's Base Salary,

                  (B) maintain and provide for a period ending at the earlier of
         (i) the  expiration of the remaining  term of employment as of the Date
         of  Termination  before giving effect to the Notice of  Termination  or
         (ii)  the  date of the  Executive's  full-time  employment  by  another
         employer  (provided  that the Executive is entitled  under the terms of
         such employment to benefits substantially similar to those described in
         this  subparagraph  (B)), at no cost to the Executive,  the Executive's
         continued participation in all group insurance, life insurance,  health
         and  accident  insurance  and  disability   insurance  offered  by  the
         Employers in which the Executive was participating immediately prior to
         the Date of Termination;  provided that any insurance  premiums payable
         by the  Employers or any  successors  pursuant to this Section  5(d)(B)
         shall be  payable at such times and in such  amounts  (except  that the
         Employers  shall also pay any employee  portion of the  premiums) as if
         the  Executive was still an employee of the  Employers,  subject to any
         increases in such amounts  imposed by the  insurance  company or COBRA,
         and  the  amount  of  insurance  premiums  required  to be  paid by the
         Employers  in any taxable year shall not affect the amount of insurance
         premiums  required  to be paid by the  Employers  in any other  taxable
         year; and provided further that if the Executive's participation in any
         group  insurance plan is barred,  the Employers shall either arrange to
         provide the Executive with insurance benefits  substantially similar to
         those which the  Executive  was  entitled  to receive  under such group
         insurance plan or, if such coverage cannot be

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<PAGE>

         obtained,  pay a lump sum cash  equivalency  amount  within thirty (30)
         days following the Date of Termination  based on the annualized rate of
         premiums being paid by the Employers as of the Date of Termination; and

                  (C) pay to the  Executive,  in a lump sum within  thirty  (30)
         days  following  the Date of  Termination,  a cash amount  equal to the
         projected cost to the Employers of providing  benefits to the Executive
         until the expiration of the remaining term of employment as of the Date
         of  Termination  before  giving  effect to the  Notice  of  Termination
         pursuant to any other employee benefit plans,  programs or arrangements
         offered  by the  Employers  in which  the  Executive  was  entitled  to
         participate  immediately  prior to the Date of Termination  (other than
         stock option plans and restricted  stock plans of the Employers),  with
         the projected  cost to the Employers to be based on the costs  incurred
         for the calendar year immediately  preceding the year in which the Date
         of Termination occurs and with any automobile-related  costs to exclude
         any depreciation on Employer-owned automobiles.

         (e) If the Executive's employment shall be terminated prior to a Change
in Control by (i) the Employers for other than Cause, Disability,  Retirement or
the Executive's death or (ii) the Executive for Good Reason,  then the Employers
shall:

                  (A) pay to the  Executive,  within thirty (30) days  following
         the Date of Termination,  a lump sum cash severance amount equal to two
         (2) times the Executive's Base Salary,

                  (B) maintain and provide for a period ending at the earlier of
         (i) the expiration of eighteen (18) months from the Executive's Date of
         Termination or (ii) the date of the Executive's full-time employment by
         another  employer  (provided  that the Executive is entitled  under the
         terms of such  employment  to benefits  substantially  similar to those
         described in this subparagraph  (B)), at no cost to the Executive,  the
         Executive's continued participation in all group health insurance plans
         offered  by the  Employers  in which the  Executive  was  participating
         immediately  prior  to the  Date  of  Termination;  provided  that  any
         insurance premiums payable by the Employers or any successors  pursuant
         to this  Section  5(e)(B)  shall be  payable  at such times and in such
         amounts (except that the Employers shall also pay any employee  portion
         of the  premiums)  as if the  Executive  was still an  employee  of the
         Employers,  subject to any  increases  in such  amounts  imposed by the
         insurance  company  or  COBRA,  and the  amount of  insurance  premiums
         required  to be paid by the  Employers  in any  taxable  year shall not
         affect  the amount of  insurance  premiums  required  to be paid by the
         Employers in any other taxable year;  and provided  further that if the
         Executive's  participation  in any group insurance plan is barred,  the
         Employers  shall either arrange to provide the Executive with insurance
         benefits  substantially  similar  to  those  which  the  Executive  was
         entitled  to  receive  under  such  group  insurance  plan or,  if such
         coverage  cannot be obtained,  pay a lump sum cash  equivalency  amount
         within thirty (30) days following the Date of Termination  based on the
         annualized  rate of premiums being paid by the Employers as of the Date
         of  Termination.  The Executive shall not be entitled to participate in
         any  other  employee  benefit  plan,  program  or  arrangement  of  the
         Employers subsequent to his Date of Termination.

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         6.       Payment of Additional Benefits under Certain Circumstances.

         (a) If the payments and benefits  pursuant to Section 5 hereof,  either
alone or together with other  payments and benefits  which the Executive has the
right to receive from the Employers,  would constitute a "parachute  payment" as
defined in Section  280G(b)(2)  of the Code (the "Initial  Parachute  Payment"),
then the  Corporation  shall pay to the  Executive,  in a lump sum within thirty
(30) days following the Date of  Termination,  a cash amount equal to the sum of
the following:

         (i) twenty (20) percent (or such other percentage equal to the tax rate
imposed  by  Section  4999 of the  Code)  of the  amount  by which  the  Initial
Parachute Payment exceeds the Executive's  "base amount" from the Employers,  as
defined in Section  280G(b)(3)  of the Code,  with the  difference  between  the
Initial  Parachute  Payment and the  Executive's  base amount being  hereinafter
referred to as the "Initial Excess Parachute Payment"; and

         (ii) such  additional  amount (tax  allowance)  as may be  necessary to
compensate the Executive for the payment by the Executive of federal,  state and
local income and excise taxes on the payment provided under clause (i) above and
on any payments  under this clause (ii). In computing  such tax  allowance,  the
payment to be made under clause (i) above shall be  multiplied  by the "gross up
percentage" ("GUP"). The GUP shall be determined as follows:

                  GUP =   Tax Rate
                         ----------
                         1-Tax Rate

The Tax Rate for  purposes of  computing  the GUP shall be the highest  marginal
federal,  state and local  income  and  employment-related  tax rate  (including
Social Security and Medicare taxes),  including any applicable  excise tax rate,
applicable  to the  Executive in the year in which the payment  under clause (i)
above is made,  and shall also  reflect  the  phase-out  of  deductions  and the
ability to deduct certain of such taxes.

         (b)  Notwithstanding  the  foregoing,   if  it  shall  subsequently  be
determined  in  a  final  judicial   determination  or  a  final  administrative
settlement to which the  Executive is a party that the actual  excess  parachute
payment  as  defined in Section  280G(b)(1)  of the Code is  different  from the
Initial Excess Parachute Payment (such different amount being hereafter referred
to as the  "Determinative  Excess Parachute  Payment"),  then the  Corporation's
independent  tax counsel shall  determine the amount (the  "Adjustment  Amount")
which either the Executive must pay to the Corporation or the  Corporation  must
pay to the Executive in order to put the Executive (or the  Corporation,  as the
case may be) in the same position the Executive (or the Corporation, as the case
may be) would have been if the Initial Excess  Parachute  Payment had been equal
to the  Determinative  Excess Parachute  Payment.  In determining the Adjustment
Amount,  the  independent  tax counsel shall take into account any and all taxes
(including  any penalties and interest) paid by or for the Executive or refunded
to the Executive or for the Executive's  benefit.  As soon as practicable  after
the Adjustment  Amount has been so determined,  and in no event more than thirty
(30) days after the Adjustment Amount has been determined, the Corporation shall
pay the  Adjustment  Amount to the  Executive or the  Executive  shall repay the
Adjustment Amount to the Corporation, as the case may be.

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<PAGE>

         (c) In each  calendar  year that the  Executive  receives  payments  of
benefits that constitute a parachute  amount,  the Executive shall report on his
federal,  state and local income tax returns such  information  as is consistent
with the determination made by the independent tax counsel of the Corporation as
described above. The Corporation shall indemnify and hold the Executive harmless
from any and all  losses,  costs and  expenses  (including  without  limitation,
reasonable  attorneys' fees, interest,  fines and penalties) which the Executive
incurs as a result of so reporting such information,  with such  indemnification
to be paid by the Corporation to the Executive as soon as practicable and in any
event no later than March 15 of the year immediately following the year in which
the amount  subject to  indemnification  was  determined.  The  Executive  shall
promptly  notify the  Corporation  in writing  whenever the  Executive  receives
notice of the institution of a judicial or administrative proceeding,  formal or
informal,  in which the federal tax treatment  under Section 4999 of the Code of
any amount  paid or  payable  under this  Section 6 is being  reviewed  or is in
dispute.  The Corporation shall assume control at its expense over all legal and
accounting  matters  pertaining  to such  federal tax  treatment  (except to the
extent necessary or appropriate for the Executive to resolve any such proceeding
with respect to any matter unrelated to amounts paid or payable pursuant to this
Section 6), and the Executive  shall cooperate fully with the Corporation in any
such proceeding. The Executive shall not enter into any compromise or settlement
or  otherwise  prejudice  any  rights  the  Corporation  may have in  connection
therewith without the prior consent of the Corporation.

         7. Mitigation; Exclusivity of Benefits.

         (a) The  Executive  shall not be required to mitigate the amount of any
benefits  hereunder by seeking  other  employment  or  otherwise,  nor shall the
amount  of any such  benefits  be  reduced  by any  compensation  earned  by the
Executive  as a result  of  employment  by  another  employer  after the Date of
Termination  or otherwise,  except as set forth in Sections  5(d)(B) and 5(e)(B)
above.

         (b) The  specific  arrangements  referred to herein are not intended to
exclude  any other  benefits  which may be  available  to the  Executive  upon a
termination of employment with the Employers  pursuant to employee benefit plans
of the Employers or otherwise.

         8.  Withholding.  All  payments  required  to be made by the  Employers
hereunder to the Executive  shall be subject to the withholding of such amounts,
if any,  relating  to tax and other  payroll  deductions  as the  Employers  may
reasonably  determine  should be  withheld  pursuant  to any  applicable  law or
regulation.

         9.  Assignability.  The Employers  may assign this  Agreement and their
rights and obligations  hereunder in whole, but not in part, to any corporation,
bank or other entity with or into which the  Employers  may  hereafter  merge or
consolidate or to which the Employers may transfer all or  substantially  all of
their assets, if in any such case said  corporation,  bank or other entity shall
by  operation  of law or  expressly  in writing  assume all  obligations  of the
Employers  hereunder as fully as if it had been  originally made a party hereto,
but may not  otherwise  assign this  Agreement or their  rights and  obligations
hereunder. The Executive may not assign or transfer this Agreement or any rights
or obligations hereunder.

         10. Notice.  For the purposes of this Agreement,  notices and all other
communications  provided for in this Agreement  shall be in writing and shall be
deemed  to have

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<PAGE>

been duly given when delivered or mailed by certified or registered mail, return
receipt requested,  postage prepaid,  addressed to the respective  addresses set
forth below:

To the Employers:          Chairman of the Board
                           WVS Financial Corp.
                           West View Savings Bank
                           9001 Perry Highway
                           Pittsburgh, Pennsylvania 15237

To the Executive:          David J. Bursic
                           At the address last appearing on the
                           personnel records of the Employers

          11.  Amendment;  Waiver.  No  provisions  of  this  Agreement  may  be
modified, waived or discharged unless such waiver,  modification or discharge is
agreed to in writing signed by the Executive and such officer or officers as may
be  specifically  designated by the Boards of Directors of the Employers to sign
on their behalf.  No waiver by any party hereto at any time of any breach by any
other party hereto of, or  compliance  with,  any condition or provision of this
Agreement  to be  performed  by such  other  party  shall be  deemed a waiver of
similar or  dissimilar  provisions  or conditions at the same or at any prior or
subsequent time. In addition,  notwithstanding anything in this Agreement to the
contrary,  the  Employers  may amend in good faith any terms of this  Agreement,
including retroactively, in order to comply with Section 409A of the Code.

         12.  Governing  Law. The  validity,  interpretation,  construction  and
performance of this Agreement shall be governed by the laws of the United States
where  applicable and otherwise by the substantive  laws of the  Commonwealth of
Pennsylvania.

         13. Nature of  Obligations.  Nothing  contained  herein shall create or
require the  Employers to create a trust of any kind to fund any benefits  which
may be payable hereunder,  and to the extent that the Executive acquires a right
to receive benefits from the Employers hereunder, such right shall be no greater
than the right of any unsecured general creditor of the Employers.

         14. Headings.  The section headings contained in this Agreement are for
reference  purposes  only  and  shall  not  affect  in any  way the  meaning  or
interpretation of this Agreement.

         15. Validity.  The invalidity or  unenforceability  of any provision of
this  Agreement  shall not affect the  validity or  enforceability  of any other
provisions of this Agreement, which shall remain in full force and effect.

         16. Changes in Statutes or Regulations.  If any statutory or regulatory
provision  referenced  herein is  subsequently  changed  or  re-numbered,  or is
replaced by a separate provision,  then the references in this Agreement to such
statutory  or  regulatory  provision  shall be deemed to be a reference  to such
section as amended, re-numbered or replaced.

                                       9
<PAGE>

         17.  Counterparts.  This  Agreement  may be  executed  in  one or  more
counterparts,  each of which shall be deemed to be an original  but all of which
together will constitute one and the same instrument.

         18. Regulatory Prohibition. Notwithstanding any other provision of this
Agreement to the contrary,  any payments made to the Executive  pursuant to this
Agreement,  or otherwise,  are subject to and conditioned  upon their compliance
with Section 18(k) of the Federal Deposit Insurance Act (12 U. S. C. ss.1828(k))
and the regulations promulgated thereunder, including 12 C.F.R. Part 359.

         19. Entire  Agreement.  This  Agreement  embodies the entire  agreement
between the Employers and the  Executive  with respect to the matters  agreed to
herein.  All prior  agreements  between the  Employers  and the  Executive  with
respect to the matters agreed to herein are hereby  superseded and shall have no
force or effect, including but not limited to the Prior Agreement.



                                       10
<PAGE>

         IN WITNESS  WHEREOF,  this  Agreement  has been executed as of the date
first written above.


ATTEST:                                      WVS FINANCIAL CORP.



By:      /s/ Pamela M. Gregio                By:     /s/ David L. Aeberli
         ---------------------------------           ---------------------------
Name:    Pamela M. Gregio                            David L. Aeberli
Title:   Corporate Secretary                         Chairman of the Board



ATTEST:                                      WEST VIEW SAVINGS BANK



By:      /s/ Pamela M. Gregio                By:     /s/ David L. Aeberli
         ---------------------------------           ---------------------------
Name:    Pamela M. Gregio                            David L. Aeberli
Title:   Corporate Secretary                         Chairman of the Board



                                             EXECUTIVE



                                             By:     /s/ David J. Bursic
                                                     ---------------------------
                                                     David J. Bursic





                                       11