EXHIBIT 5.1


                      MALIZIA, SPIDI, SLOANE & FISCH, P.C.
                                ATTORNEYS AT LAW
                               1301 K STREET, N.W.
                                 SUITE 700 EAST
                             WASHINGTON, D.C. 20005
                                 (202) 434-4660
                            FACSIMILE: (202) 434-4661


                                                     WRITER'S DIRECT DIAL NUMBER

July 24, 1998

Board of Directors
Emclaire Financial Corp.
612 Main Street
Emlenton, Pennsylvania  16373

Ladies and Gentlemen:

     Reference  is  made  to  the  registration   statement  on  Form  S-4  (the
"Registration   Statement")   being  filed  by  Emclaire   Financial   Corp.,  a
Pennsylvania  corporation  (the  "Company")  with the  Securities  and  Exchange
Commission for the purpose of  registering  under the Securities Act of 1933, as
amended (the  "Securities  Act"),  338,000 shares of the Company's common stock,
$1.25 par value per share,  to be issued or reserved for issuance in  connection
with the merger (the "Merger") by and between the Company,  The Farmers National
Bank of Emlenton,  Peoples  Savings  Financial  Corporation  and Peoples Savings
Bank, as described in the Registration Statement.

     In this regard,  we have examined the Articles of Incorporation  and Bylaws
of the Company, resolutions of the Board of Directors, the Agreement and Plan of
Reorganization and such other documents and matters of law as we deemed relevant
for the purpose of rendering  this opinion.  Based solely upon the foregoing and
relying upon the Company as to the accuracy of the facts and documents  (without
independent  verification),  we are of the opinion that the Common  Stock,  when
issued in  accordance  with the  terms of the  Registration  Statement,  will be
legally issued, fully paid and non-assessable.

     We  consent  to the  filing  of  this  opinion  only as an  exhibit  to the
Registration Statement and to the reference to our firm under the caption "Legal
Matters"  in  the  Prospectus/Joint  Proxy  Statement  forming  a  part  of  the
Registration  Statement.  This  opinion  may not be used for any other  purposes
without our written permission.  In giving this consent, we do not thereby admit
that we are in the category of persons whose consent is required under Section 7
of the Securities Act.

                                            Very truly yours,


                                         /s/Malizia, Spidi, Sloane & Fisch, P.C.
                                         ---------------------------------------
                                            Malizia, Spidi, Sloane & Fisch, P.C.