SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
February 24, 1999
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(Date of earliest event reported)
WVS Financial Corp.
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-22444 25-1710500
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(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) Identification No.)
9001 Perry Highway, Pittsburgh, Pennsylvania 15237
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(Address of principal executive offices) (Zip Code)
(412) 364-1911
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year, if changed since last
report)
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Item 5. Other Items
On February 24, 1999, WVS Financial Corp. (the "Company"), the holding
company for West View Savings Bank (the "Savings Bank"), announced that the
Company's Board of Directors authorized the repurchase of up to 167,000 shares,
or approximately five percent, of the Company's outstanding common stock. For
additional information, reference is made to the Press Release, dated February
24, 1999, which is attached hereto as Exhibit 99 and is incorporated herein by
reference.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WVS FINANCIAL CORP.
Dated: February 24, 1999 By: /s/ David J. Bursic
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David J. Bursic
President and
Chief Executive Officer
EXHIBIT 99
Release Date: Further Information:
IMMEDIATE RELEASE David J. Bursic
February 24, 1999 President and
Chief Executive Officer
Phone: (412) 364-1911
WVS FINANCIAL CORP. TO REPURCHASE
UP TO 167,000 SHARES OF COMMON STOCK
PITTSBURGH, PENNSYLVANIA--WVS Financial Corp. (NASDAQ:WVFC), the
holding company for West View Savings Bank, announced today that the Company's
Board of Directors authorized the repurchase of up to 167,000 shares, or
approximately five percent, of the Company's outstanding common stock.
Repurchases are authorized to be made by the Company from time to time
in open-market transactions during the next twelve months as, in the opinion of
management, market conditions warrant. The repurchased shares will be held as
treasury stock and may be reserved for issuance pursuant to the Company's stock
benefit plans.
David J. Bursic, President and Chief Executive Officer of the Company,
stated: "The repurchase program reflects management's belief that the current
price of the Company's common stock does not adequately reflect the Company's
long-term business and earnings prospects. The use of our cash must continue to
be balanced with other internal and external investment opportunities while
maximizing the use of existing assets and resources to generate stockholder
value. The Company is fortunate to have the financial flexibility that allows it
to demonstrate its commitment to and confidence in its future prospects."
WVS Financial Corp. owns 100% of the outstanding common stock of West
View Savings Bank. The Savings Bank is a Pennsylvania-chartered, FDIC-insured
savings bank which conducts business in the North Hills suburbs of Pittsburgh,
Pennsylvania.
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