As filed with the Securities and Exchange Commission on July 16, 2008.
Registration No.333-129969

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

POST-EFFECTIVE AMENDMENT NO. 1
TO
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933

EQUITABLE FINANCIAL CORP.
(exact name of registrant as specified in its charter)

UNITED STATES 14-1941649
------------- ----------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)

113-115 NORTH LOCUST STREET
GRAND ISLAND, NEBRASKA 68801
----------------------- -----
(Address of Principal Executive Offices) (Zip Code)

EQUITABLE FEDERAL SAVINGS BANK OF GRAND ISLAND
EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
--------------------------------------------------
(Full Title of the Plan)

RICHARD L. HARBAUGH
CHAIRMAN OF THE BOARD, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
EQUITABLE FINANCIAL CORP.
113-115 NORTH LOCUST STREET
GRAND ISLAND, NEBRASKA 68801
----------------------------
(Name, address, including zip code of agent of service)
(308) 382-3136
--------------
(Telephone number, including area code, of agent for service)

COPIES TO:
PAUL M. AGUGGIA
AARON M. KASLOW
SEAN P. KEHOE
KILPATRICK STOCKTON LLP
607 14TH STREET, NW
WASHINGTON, D.C. 20005
(202) 508-5800

DEREGISTRATION OF SECURITIES

This Post-Effective Amendment No. 1, filed by Equitable Financial
Corp., (the "Company"), relates to Registration Statement on Form S-8
(Registration Number 333-129969) filed by the Company on November 28, 2005 (the
"Registration Statement") with the SEC pertaining to the securities and plan
interests that may be offered or sold under the Equitable Federal Savings Bank
of Grand Island Employees' Savings & Profit Sharing Plan and Trust.

On June 3, 2008, the Company filed a Form 15 with the SEC to effect the
deregistration of its common stock. In accordance with an undertaking made by
the Company in the Registration Statement to remove from registration, by means
of a post-effective amendment, any of the securities registered under the
Registration Statement that remain unsold at the termination of the offering,
the Company hereby removes from registration all securities registered under the
Registration Statement that remain unsold as of the date of this Post-Effective
Amendment and an indeterminate amount of plan interest previously registered
under the Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this
Post-Effective Amendment No. 1 to the Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the city of Grand
Island, Nebraska on July 15, 2008.

EQUITABLE FINANCIAL CORP.

By: /s/ Richard L. Harbaugh
------------------------------------------
Richard L. Harbaugh
Chairman of the Board, President and Chief
Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the date indicated.

Name Title Date
---- ----- ----

/s/ Richard L. Harbaugh President, Chief Executive Officer, July 15, 2008
- ------------------------------------ and Chairman of the Board
Richard L. Harbaugh (principal executive officer)

/s/ Kim E. Marco Executive President and Chief Financial July 15, 2008
- ------------------------------------ Officer
Kim E. Marco (principal accounting and financial officer)

Director July ___, 2008
- ------------------------------------
Vincent J. Dugan

Director July ___, 2008
- ------------------------------------
Thomas E. Gdowski

* Director
- ------------------------------------
Gary L. Hedman

* Director
- ------------------------------------
Pamela L. Price

* Director
- ------------------------------------
Jonas A. Proffitt, M.D.

* Director
- ------------------------------------
Jack E. Rasmussen

* Director
- ------------------------------------
Douglas J. Redman

* Director
- ------------------------------------
Benedict P. Wassinger, Jr.

* By: Richard L. Harbaugh July 15, 2008
--------------------------------------------
Richard L. Harbaugh
Pursuant to power of attorney

Pursuant to the requirements of the Securities Act of 1933, the
trustees (or other persons who administer the employee benefit plans) have duly
caused this Post-Effective Amendment No. 1 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Grand Island, Nebraska,
on July 15, 2008.

EQUITABLE FEDERAL SAVINGS BANK OF GRAND
ISLAND EMPLOYEES' SAVINGS & PROFIT
SHARING PLAN AND TRUST

By: /s/ Cindy Pope
-----------------------------------
Cindy Pope
Plan Administrator