Exhibit 14.2

                               WVS FINANCIAL CORP.

                  CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS
                  --------------------------------------------

      The WVS  Financial  Corp  Code of Ethics  for  Senior  Financial  Officers
applies to the Company's senior financial officers, which includes its principal
executive officer,  principal financial officer, principal accounting officer or
controller or other persons performing similar functions. This Code of Ethics is
intended to supplement WVS Financial Corp.'s Ethics Policy.

Standard of Conduct
-------------------

To the best of their  knowledge  and ability,  the  Company's  senior  financial
officers shall:

      o     Engage in and promote  honest and  ethical  conduct,  including  the
            ethical handling of actual or apparent conflicts of interest between
            personal and professional relationships;

      o     Provide full, fair, accurate,  timely and understandable  disclosure
            in reports and documents that the Company or its subsidiaries  files
            with, or submits to, the Securities  and Exchange  Commission and in
            other public communications made by the Company;

      o     Comply with applicable governmental laws, rules and regulations,  as
            well as the rules and regulations of  self-regulatory  organizations
            of which the Company is a member;

      o     Promptly  report  any  violation  of  this  Code  of  Ethics  to the
            Company's  Chairman of the Board of Directors and to the appropriate
            person(s) identified in the Company's Ethics Policy.

Accountability to the Code of Ethics
------------------------------------

Each senior  financial  officer will be held  accountable  for adherence to this
Code of Ethics and the Ethics  Policy.  Any violation of this Code of Ethics may
result in disciplinary action, up to and including termination of employment and
prosecution  under  the law.  The  Board of  Directors  shall  have the sole and
discretionary  authority  to approve any  deviation  or waiver from this Code of
Ethics  for senior  financial  officers.  Any  change in or waiver  from and the
grounds  for such  change or waiver  of this  Code of Ethics  shall be  promptly
disclosed  through a filing with the Securities and Exchange  Commission on Form
8-K.