EXHIBIT 10.3

                                    AGREEMENT

         AGREEMENT,  dated this 1st day of October  1998,  between 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  Edward  M.  Wielgus  (the
"Executive").

                                   WITNESSETH

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

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

         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;

         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  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  of the  Corporation.  "Change in Control of the
Corporation"  shall mean a change in control of a nature  that would be required
to be  reported  in response  to Item 6(e) of  Schedule  14A of  Regulation  14A
promulgated  under the  Securities  Exchange Act of 1934, as amended  ("Exchange
Act") or any successor  thereto,  whether or not the  Corporation  is registered
under Exchange Act; provided that, without limitation,  such a change in control
shall be deemed to have  occurred if (i) any  "person"  (as such term is used in
Sections  13(d) and 14(d) of the  Exchange  Act) is or becomes  the  "beneficial
owner"  (as  defined  in  Rule  13d-3  under  the  Exchange  Act),  directly  or
indirectly,  of securities of the  Corporation  representing  25% or more of the
combined voting power of the Corporation's then outstanding securities;  or (ii)
during any period of two consecutive years,  individuals who at the beginning of
such period  constitute the Board of Directors of the Corporation  cease for any
reason to constitute  at least a majority  thereof  unless the election,  or the
nomination for election by stockholders,  of each new director was approved by a
vote of at least  two-thirds  of the  directors  then  still in office  who were
directors at the beginning of the period.
<PAGE>
         (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 or for  Disability,  the date
specified in the Notice of Termination,  and (ii) if the Executive's  employment
is terminated for any other reason, the date on which a Notice of Termination is
given or as specified in such Notice.

         (f)  Disability.  Termination  by  the  Employers  of  the  Executive's
employment based on "Disability" shall mean termination  because of any physical
or mental impairment which qualifies the Executive for disability benefits under
the  applicable  long-term  disability  plan  maintained by the Employers or any
subsidiary  or, if no such plan  applies,  which would qualify the Executive for
disability benefits under the Federal Social Security System.

         (g)  Good  Reason.  Termination  by the  Executive  of the  Executive's
employment for "Good Reason" shall mean termination by the Executive following a
Change in Control of the Corporation based on:

                  (i)      Without the Executive's express written consent,  the
                           failure to elect or to  re-elect  or to appoint or to
                           re-appoint  the  Executive  to the  offices of Senior
                           Vice  President  and  Chief  Lending  Officer  of the
                           Employers  or a material  adverse  change made by the
                           Employers  in the  Executive's  functions,  duties or
                           responsibilities  as Senior Vice  President and Chief
                           Lending Officer of the Employers immediately prior to
                           a Change in Control of the Corporation;

                  (ii)     Without the Executive's  express written  consent,  a
                           reduction by the  Employers in the  Executive's  Base
                           Salary as the same may be increased from time to time
                           or,  except to the extent  permitted  by Section 3(b)
                           hereof, a reduction in the package of fringe benefits
                           provided to the Executive, taken as a whole;

                  (iii)    The  principal  executive  office of the Employers is
                           relocated  outside  of the  Pittsburgh,  Pennsylvania
                           area or,  without  the  Executive's  express  written
                           consent,  the  Employers  require the Executive to be
                           based  anywhere  other  than  an area  in  which  the
                           Employers'  principal  executive  office is  located,
                           except  for  required   travel  on  business  of  the
                           Employers to an extent substantially  consistent with
                           the Executive's present business travel obligations;

                  (iv)     Any   purported   termination   of  the   Executive's
                           employment for Cause,  Disability or Retirement which
                           is not effected  pursuant to a Notice of  Termination
                           satisfying the  requirements  of paragraph (j) below;
                           or

                  (v)      The failure by the Employers to obtain the assumption
                           of and  agreement  to perform  this  Agreement by any
                           successor as contemplated in Section 9 hereof.

         (h) IRS. IRS shall mean the Internal Revenue Service.
<PAGE>
         (i) 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 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 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 in
the case of the Employers  termination of Executive's  employment for Cause; and
(iv) is given in the manner specified in Section 10 hereof.

         (j) Parachute Payment.  The term "Parachute Payment" has the meaning as
set  forth  in  Section  280G of the Code and  applicable  Treasury  regulations
(without  regard  to  Section  280(b)(2)(A)(ii)  of the  Code  and the  Treasury
regulations thereunder).

         (k)  Retirement.  Termination  by  the  Employers  of  the  Executive's
employment  based  on  "Retirement"  shall  mean  voluntary  termination  by the
Employee 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 Senior Vice President
and Chief  Lending  Officer and 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,  commencing on the date of this Agreement  and,  subject to the
requirements of the succeeding sentence, shall be deemed automatically,  without
further action, beginning on the day following the 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.  Prior to the first annual anniversary of the 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  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 perform such
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 Executive for his services
during the term of this  Agreement  at a minimum base salary of $86,400 per year
("Base Salary"), which may be increased from time to time in such amounts as may
be  determined  by the  Board  of  Directors  of the  Employers  and  may not be
<PAGE>
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 Board of Directors of
the Employers.

         (b) As Senior Vice President and Chief Lending Officer, 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 Board of Directors of the  Employers.  The  Employers  shall not
make any changes in such plans,  benefits or  privileges  which would  adversely
affect  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  Executive  as  compared  with any other  executive  officer of the
Employers.  Nothing paid to 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 Executive pursuant to Section 3(a) hereof.

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

         4.  Expenses.  The  Employers  shall  reimburse  Executive or otherwise
provide  for or pay  for  all  reasonable  expenses  incurred  by  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  Board of
Directors of the  Employers.  If such expenses are paid in the first instance by
Executive, the Employers shall reimburse the Executive therefor.

         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  Executive  shall  have  the  right,   upon  prior  Notice  of
Termination, to terminate his employment hereunder for any reason.

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

         (c)      (i) In the event that (i) Executive's employment is terminated
                  by the Employers for other than Cause, Disability,  Retirement
                  or the Executive's death or (ii) such employment is terminated
                  by  the  Executive  (a)  due  to a  material  breach  of  this
                  Agreement  by the  Employers,  which breach has not been cured
                  within   fifteen   (15)  days   after  a  written   notice  of
<PAGE>
                  non-compliance   has  been  given  by  the  Executive  to  the
                  Employers,   or  (b)  for  Good  Reason,   and  prior  to  the
                  Executive's  Date of  Termination  there  has been a Change in
                  Control  of  the  Corporation  or a  written  agreement  which
                  contemplates a Change in Control of the  Corporation and which
                  still is in effect has been entered  into by the  Corporation,
                  then the Employers shall, subject to the provisions of Section
                  6 hereof, if applicable

                  (A)      pay  to  the  Executive,  in  thirty-six  (36)  equal
                           monthly   installments   beginning   with  the  first
                           business  day of the  month  following  the  Date  of
                           Termination,  a cash severance  amount equal to three
                           (3) times the Executive's Base Salary, and

                  (B)      maintain  and  provide  for a  period  ending  at the
                           earlier of (i) the  expiration of the remaining  term
                           of employment  pursuant hereto prior 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,  disability  and other  employee
                           benefit plans, programs and arrangements in which the
                           Executive  was  entitled to  participate  immediately
                           prior to the Date of  Termination  (other  than stock
                           option and restricted  stock plans of the Employers),
                           provided  that  in the  event  that  the  Executive's
                           participation in any plan,  program or arrangement as
                           provided  in  this  subparagraph  (B) is  barred,  or
                           during  such   period  any  such  plan,   program  or
                           arrangement   is   discontinued   or   the   benefits
                           thereunder  are  materially  reduced,  the  Employers
                           shall arrange to provide the Executive  with benefits
                           substantially  similar to those  which the  Executive
                           was  entitled to receive  under such plans,  programs
                           and  arrangements  immediately  prior  to the Date of
                           Termination.

         (ii)     In the event that (i) Executive's  employment is terminated by
                  the Corporation for other than Cause,  Disability,  Retirement
                  or the Executive's death or (ii) such employment is terminated
                  by the Executive due to a material breach of this Agreement by
                  the  Employer,  which has not been cured  within  fifteen (15)
                  days after a written notice of  non-compliance  has been given
                  by the Executive to the Employers,  and as of the  Executive's
                  Date of  Termination  no Change of Control of the  Corporation
                  has occurred and no written  agreement  which  contemplates  a
                  Change in Control  of the  Corporation  and which  still is in
                  effect  has been  entered  into by the  Corporation,  then the
                  Corporation shall,  subject to provisions of Section 6 hereof,
                  if applicable:
<PAGE>
                  (A) pay to the  Executive,  in  eighteen  (18)  equal  monthly
                      installments  beginning with the first business day of the
                      month following the Date of Termination,  a cash severance
                      amount equal to two (2) times the Executive's Base Salary,
                      and

                  (B) 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
                      maintain and provide for a period ending at the earlier of
                      (i)   to  the   Executive,   the   Executive's   continued
                      participation  in all group health insurance plans offered
                      by the  Corporation in which the Executive was entitled to
                      participate  immediately prior to 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.

         (d) If the  Executive  becomes  liable,  in any taxable  year,  for the
payment  of an  excise  tax under  Section  4999 of the Code on  account  of any
payments to the Executive  pursuant to this Section 5, and the  Employers  chose
not to contest the liability or have exhausted all  administrative  and judicial
appeals  contesting the liability,  the Employers shall pay the Executive (i) an
amount equal to the excise tax for which the  Executive is liable under  Section
4999 of the Code, (ii) the federal,  state, and local income taxes, and interest
if any, for which the Executive is liable on account of the payments pursuant to
item (i), and (ii) any additional  excise tax under Section 4999 of the Code and
any federal,  state and local income taxes, for which the Executive is liable on
account of payments made pursuant to items (i) and (ii).

         (e) This  subsection  5(e)  applies  if the amount of  payments  to the
Executive  under  subsection  5(d) has not been  determined with finality by the
exhaustion of administrative and judicial appeals.  In such  circumstances,  the
Employers and the Executive  shall,  as soon as  practicable  after the event or
series of events has occurred  giving rise to the  imposition of the excise tax,
cooperate in determining the amount of the Executive's  excise tax liability for
purposes of paying the estimated tax. The Executive shall thereafter  furnish to
the  Employers or their  successors  a copy of each tax return which  reflects a
liability  for an  excise  tax under  Section  4999 of the Code at least 20 days
before the date on which such return is  required to be filed with the IRS.  The
liability  reflected on such return shall be dispositive for the purposes hereof
unless,  within 15 days after such notice is given,  the  Employers  furnish the
Executive with a letter of the auditors or tax advisor selected by the Employers
indicating a different liability or that the matter is not free from doubt under
the applicable  laws and regulations and the Executive may, in such auditor's or
advisor's opinion,  cogently take a different position, which shall be set forth
in the letter with  respect to the  payments in  question.  Such letter shall be
addressed to the Executive and state that he is entitled to rely thereon. If the
Employers furnish such a letter to the Executive, the position reflected in such
letter shall be dispositive for purposes of this  Agreement,  except as provided
in subsection 5(f) below.
<PAGE>
         (f) Notwithstanding  anything in this Agreement to the contrary, if the
Executive's  liability  for the excise tax under  Section 4999 of the Code for a
taxable year is  subsequently  determined to be less than the amount paid by the
Employers  pursuant to subsection  5(e), the Executive shall repay the Employers
at the time that the amount of such excise tax liability is finally  determined,
the portion of such income and excise tax payments attributable to the reduction
(plus  interest on the amount of such  repayment at the rate provided on Section
1274(b)(2)(B)  of the Code and if the  Executive's  liability for the excise tax
under Section 4999 of the Code for a taxable year is subsequently  determined to
exceed the amount paid by the  Employers  pursuant  to Section 5, the  Employers
shall make an  additional  payment  of income and excise  taxes in the amount of
such  excess,  as well as the amount of any penalty and interest  assessed  with
respect  thereto at the time that the amount of such  excess and any penalty and
interest is finally determined.

         6.       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.

         (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.

         7.  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.

         8.  Assignability.  The  Employers  may assign this  Agreement  and its
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
its 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 its rights and  obligations  hereunder.  The
Executive may not assign or transfer this Agreement or any rights or obligations
hereunder.

         9. 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 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: WVS Financial Corp.
                           West View Savings Bank
                           9001 Perry Highway
                           Pittsburgh,  Pennsylvania  15237


         To the Executive: Edward M. Wielgus
                           150 Richmond Circle
                           Pittsburgh, Pennsylvania   15237
<PAGE>
         10. 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 Board of Directors of the  Employers to sign on
its 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.

         11.  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.

         12. 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.

         13. 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.

         14. 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.

         15.  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.

         16. 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  FDIA  (12  U.S.C.ss.1828(k))  and any  regulations
promulgated thereunder.



<PAGE>


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




Attest:                                  WVS FINANCIAL CORP. INC.

/s/William J. Hoegel                     By:     /s/David J. Bursic
--------------------                             ------------------ 
                                                 David J. Bursic
                                                 President
                                                 and Chief Executive Officer


Attest:                                  West View Savings Bank

/s/William J. Hoegel                     By:     /s/David J. Bursic
--------------------                             ------------------ 
                                                 David J. Bursic
                                                 President
                                                 and Chief Executive Officer


                                         By:     /s/Edward M. Wielgus
                                                 -------------------- 
                                                 Edward M. Wielgus