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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)*
WVS FINANCIAL CORP.
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(Name of Issuer)
COMMON STOCK, $.01 PAR VALUE PER SHARE
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(Title of Class of Securities)
929358 10 9
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(CUSIP Number)
Robert C. Sinewe
WVS Financial Corp.
9001 Perry Highway
Pittsburgh, Pennsylvania 15237
(412) 364-1911
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(Name, Address, Telephone Number of Persons Authorized to Receive
Notices and Communications)
February 18, 1997
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Page 1 of 6 Pages
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CUSIP No. 929358 10 9 13D Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Robert C. Sinewe
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO [ ]
ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 88,308
PERSON WITH _____________________________________________________________
8 SHARED VOTING POWER
0
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9 SOLE DISPOSITIVE POWER
88,308
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
88,308
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.02%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 929358 10 9 13D Page 3 of 6 Pages
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Item 1. Security and Issuer
The securities as to which this Schedule 13D ("Schedule") relates are the
shares of common stock, $.01 par value per share ("Common Stock"), of WVS
Financial Corp. (the "Issuer"). The address of the Issuer's principal executive
office is 9001 Perry Highway, Pittsburgh, Pennsylvania 15237.
Item 2. Identity and Background
(a) Robert C. Sinewe ("Reporting Person").
(b) The Reporting Person's business address is the Issuer's principal
executive office, 9001 Perry Highway, Pittsburgh, Pennsylvania 15237.
(c) The Reporting Person is a director and the President and Chief
Executive Officer of the Issuer.
(d) The Reporting Person has not, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) The Reporting Person has not, during the last five years, been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which he was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or a finding of any
violation with respect to such laws.
(f) The Reporting Person is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration
The Reporting Person was allocated 731 shares of Common Stock pursuant
to the Company's Employee Stock Ownership Plan ("ESOP") on February 18, 1997 in
connection with the 1996 plan year allocation to employees under the ESOP. The
shares were previously held in the ESOP and unallocated to employees. The
Reporting Person did not invest any funds in connection with the allocation.
The Reporting Person had no other transactions in the Issuer's securities during
the last 60 days.
Item 4. Purpose of Transaction
The Reporting Person is presently a director and the President and
Chief Executive Officer of the Issuer. The Reporting Person intends to continue
to participate in the management and operations of the Issuer. The Reporting
Person believes that the
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CUSIP No. 929358 10 9 13D Page 4 of 6 Pages
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shares of Common Stock are an attractive investment and acquired the shares
of Common Stock for investment purposes and not for the purpose of
influencing the management of the Issuer or exercising control. The
Reporting Person does not intend to obtain control of the Issuer.
The Reporting Person has been informed that in order to acquire 10% or
more of the Issuer's shares of Common Stock certain governmental approvals may
be required. The Reporting Person does not currently intend to acquire or offer
to acquire 10% or more of the Issuer's shares of Common Stock which would
require him to apply for such approvals. However, any determination to purchase
additional shares of Common Stock will depend upon a number of factors,
including market prices, the Issuer's prospects and alternative investments.
Similarly, the Reporting Person may determine to sell all or a portion of his
shares of Common Stock at any time.
The Reporting Person currently has no plans or proposals (excluding
action which may be taken or proposed to be taken by the Board of Directors of
which the Reporting Person is a member) which relate to or would result in (a)
the acquisition by any person of additional securities of the Issuer or the
disposition of securities of the Issuer; (b) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving the
Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount
of assets of the Issuer or any of its subsidiaries; (d) any change in the
present Board of Directors or management of the issuer, including any plans or
proposals to change the number or term of directors or to fill any existing
vacancies on the Board; (e) any material change in the present capitalization or
dividend policy of the Issuer; (f) any other material change in the Issuer's
business or corporate structure; (g) changes in the Issuer's charter, bylaws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person; (h) causing a class of
securities of the Issuer to be delisted from a national securities exchange or
to cease to be authorized to be quoted in an inter-dealer quotation system of a
registered national securities association; (i) a class of equity securities of
the Issuer becoming eligible for termination of registration pursuant to Section
12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any action
similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) Robert C. Sinewe (the "Reporting Person") beneficially owns
88,308 shares of common stock, par value $.01 per share ("Common Stock"), of WVS
Financial Corp. (the "Issuer"), which represents approximately 5.02% of the
outstanding shares of Common Stock. As of February 10, 1997, 1,737,250 shares
of Common Stock were outstanding, not including outstanding options to purchase
Common Stock. The exercisable stock options are deemed to be outstanding for
the purpose of computing the percentage of shares of Common Stock owned by the
Reporting Person.
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CUSIP No. 929358 10 9 13D Page 5 of 6 Pages
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(b) The Reporting Person has sole voting and dispositive power with
respect to 88,308 shares of Common Stock as follows: 21,440 shares which may be
acquired upon the exercise of stock options which are currently exercisable;
2,068 shares allocated to Mr. Sinewe's account in the ESOP; 24,000 shares held
in Mr. Sinewe's account in the Company's Profit Sharing Plan; 5,000 shares of
restricted stock held for Mr. Sinewe's account in the Company's Recognition and
Retention Plan; 4,000 shares held in Mr. Sinewe's Individual Retirement Account
("IRA"); and 31,800 shares held directly by Mr. Sinewe. Mr. Sinewe may direct
the trustee of each of the ESOP, the Profit Sharing Plan and the Recognition
Plan as to the voting and disposition of the shares held in such plans.
(c) The Reporting Person was allocated 731 shares of Common Stock
pursuant to the Company's Employee Stock Ownership Plan ("ESOP") on February 18,
1997 in connection with the 1996 plan year allocation to employees under the
ESOP. The shares were previously held in the ESOP and unallocated to
employees. The Reporting Person did not invest any funds in connection with the
allocation. The Reporting Person had no other transactions in the Issuer's
securities during the last 60 days.
(d) Not Applicable.
(e) Not Applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
The Reporting Person is not a party to any contract, arrangement,
understanding or relationship (legal or otherwise) with respect to any
securities of the Issuer, other than agreements evidencing outstanding stock
options and restricted stock grants. The Reporting Person is a director of the
Issuer and has in the past and intends in the future to exercise his vote and to
serve the Issuer as a director in an independent manner, and to vote his shares
of Common Stock individually and not pursuant to any understanding, arrangement
or agreement with any other persons.
Item 7. Material to be Filed as Exhibits
Not applicable.
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CUSIP No. 929358 10 9 13D Page 6 of 6 Pages
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Signatures
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
Statement on Schedule 13D is true, complete and correct.
/s/Robert C. Sinewe
____________________________
Robert C. Sinewe
Date: February 24, 1997
