EXHIBIT 10.3


                               AMENDMENT NO. 1 TO
                 WEST VIEW SAVINGS BANK AND WVS FINANCIAL CORP.
                      DEFERRED COMPENSATION TRUST AGREEMENT

         This  Amendment  No. 1 to the West View Savings Bank and WVS  Financial
Corp.  Deferred  Compensation  Trust  Agreement  (the "Trust  Agreement") by and
between  West  View  Savings  Bank  (the  "Bank"),   WVS  Financial  Corp.  (the
"Corporation") and David J. Bursic,  David L. Aeberli and Margaret VonDerau (the
"Trustees")  is dated  and is  effective  as of  November  24,  2008.  The Trust
Agreement  was  originally  effective as of August 31, 1993.  Capitalized  terms
which are not  defined  herein  shall have the same  meaning as set forth in the
Trust Agreement.


                                   WITNESSETH:

         WHEREAS,  the  Corporation  and the Bank have  adopted  the Amended and
Restated Directors' Deferred  Compensation Plan (the "Plan") to provide deferred
compensation  for certain members of the Board of Directors of the  Corporation,
the   Bank   or  any   other   participating   subsidiary   (collectively,   the
"Participants");

         WHEREAS,  the  parties  hereto  previously  established  a  trust  (the
"Trust") to fund the obligations under the Plan, with the assets  contributed to
the Trust subject to the claims of the Corporation's and the Bank's creditors in
the  event  of the  Corporation's  or the  Bank's  insolvency,  until  paid to a
Participant or their beneficiaries in such manner and at such times as specified
in the Plan;

         WHEREAS,  subsequent  to the  adoption  of  the  Trust  Agreement,  the
Internal  Revenue  Service  issued final  regulations  under Section 409A of the
Internal Revenue Code of 1986, as amended (the "Code");

         WHEREAS,  Section 409A of the Code  provides that if the assets held in
the Trust are ever  transferred  outside of the United States,  then such assets
would be deemed transferred to the Participants and taxable to the Participants;

         WHEREAS,  all assets of the Trust have been held in the United  States,
and it is the intent of the parties that all Trust Assets continue to be held in
the United States;

         WHEREAS,  the parties desire to amend the Trust  Agreement to expressly
prohibit any transfer of any Trust Assets outside of the United States; and

         WHEREAS,  Section 12 of the Trust Agreement  permits the parties hereto
to amend the Trust Agreement;

         NOW, THEREFORE, in consideration of the premises, the mutual agreements
herein set forth and such other consideration the sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

<PAGE>

         1. Change in  References  to the Program.  All  references in the Trust
            -------------------------------------
Agreement to the WVS Financial Corp.  Directors Deferred Corporation Program are
hereby changed to the WVS Financial Corp. and West View Savings Bank Amended and
Restated Directors' Deferred  Compensation Plan, and all references in the Trust
Agreement to the Program are hereby changed to the Plan.

         2.  Amendment  to  Section 5 of the Trust  Agreement.  Section 5 of the
             ------------------------------------------------
Trust  Agreement is hereby  amended to add the following  sentence at the end of
such section:

          "Notwithstanding  any other  provision  of this Trust  Agreement,  all
          Trust Assets shall be held in the United States of America,  and at no
          time shall the Trustee or any other  person or entity cause any of the
          Trust Assets to be transferred outside of the United States."

         3.  Effectiveness.  This Amendment shall be deemed  effective as of the
             -------------
date first written above,  as if executed on such date.  Except as expressly set
forth  herein,  this  Amendment  shall not by  implication  or otherwise  alter,
modify,  amend or in any way affect any of the terms,  conditions,  obligations,
covenants  or  agreements  contained  in the Trust  Agreement,  all of which are
ratified  and  affirmed  in all  respects  and shall  continue in full force and
effect and shall be otherwise unaffected.

         4. Governing Law. This Amendment  shall be governed by and construed in
            -------------
accordance with the laws of the Commonwealth of Pennsylvania.

         5.  Counterparts.  This  Amendment  may be  executed  in any  number of
             ------------
counterparts,  each of which shall for all purposes be deemed an  original,  and
all of which together shall constitute one and the same instrument.


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<PAGE>


         IN WITNESS  WHEREOF,  the  Corporation,  the Bank and the Trustees have
caused this Amendment to be signed,  and their respective  corporate seals to be
hereto affixed, as of the day and year first written above.

                                    WVS FINANCIAL CORPORATION
Attest:


/s/ Pamela M. Gregio                By:    /s/ David J. Bursic
--------------------------------           -------------------------------------
Name:    Pamela M. Gregio                  David J. Bursic
Title:   Corporate Secretary               President and Chief Executive Officer


                                    WEST VIEW SAVINGS BANK
Attest:


/s/ Pamela M. Gregio                By:    /s/ David J. Bursic
--------------------------------           -------------------------------------
Name:    Pamela M. Gregio                  David J. Bursic
Title:   Corporate Secretary               President and Chief Executive Officer


                                    TRUSTEES

                                    /s/ David J. Bursic
                                    --------------------------------------------
                                    David J. Bursic

                                    /s/ David L. Aeberli
                                    --------------------------------------------
                                    David L. Aeberli

                                    /s/ Margaret VonDerau
                                    --------------------------------------------
                                    Margaret VonDerau


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