Exhibit 99.1


                               PRESS RELEASE
                               -------------

FOR IMMEDIATE RELEASE                   CONTACT:
- ---------------------                   -------

December 23, 2004                       Charlotte A. Zuschlag
                                        President and Chief
                                        Executive Officer
                                        ESB Financial Corporation
                                        (724) 758-5584

                                        James  P. Wetzel, Jr.
                                        President and Chief
                                          Executive Officer
                                        PHSB Financial Corporation
                                        (724) 846-7300


          STOCKHOLDERS OF ESB FINANCIAL CORPORATION AND
            PHSB FINANCIAL CORPORATION APPROVE MERGER
          ---------------------------------------------


Ellwood City and Beaver Falls, Pennsylvania. The merger of PHSB
Financial Corporation (Nasdaq: PHSB) with and into ESB Financial
Corporation (Nasdaq: ESBF) was approved by stockholders of both
companies at special meetings held earlier today.  Pending the
receipt of regulatory approval, the merger is expected to close
during the first quarter of 2005.

Under the terms of the merger agreement, each outstanding share
of PHSB common stock will be converted into the right to receive
either $27.00 in cash or ESB common stock, at the election of the
holder, subject to an overall requirement that 50% of the total
outstanding PHSB common stock be exchanged for stock.

Charlotte A. Zuschlag, President and Chief Executive Officer of
ESB Financial Corporation, stated "We are pleased that
stockholders of both companies have overwhelmingly approved the
merger and we look forward to serving our communities with the
combined resources of ESB Bank and Peoples Home Savings Bank."

James P. Wetzel, Jr., President and Chief Executive Officer of
PHSB Financial Corporation, stated that "This combination
provides significant benefits for our customers and stockholders
and I am looking forward to working with ESB and its management."
Following the merger, Mr. Wetzel will join the board of directors
of ESB.

ESB Financial Corporation, the holding company for ESB Bank, is
headquartered in Ellwood City, Pennsylvania and had $1.4 billion
in assets at September 30, 2004.  The common stock of ESB is
traded on the Nasdaq Stock Market, National Market System under
the symbol "ESBF."  ESB makes available on its website, which is
located at www.esbbank.com, its annual reports on Form 10-K,

quarterly reports on Form 10-Q and current reports on Form 8-K on
the date such reports are electronically filed with the
Securities and Exchange Commission.

PHSB Financial Corporation, the holding company for Peoples Home
Saving Bank, is headquartered in Beaver Falls, Pennsylvania and
had $337.5 million in assets at September 30, 2004. The common
stock of PHSB is traded on the Nasdaq Stock Market, National
Market System under the symbol "PHSB."  PHSB makes available on
its website, which is located at www.peopleshomesavings.com, its
annual reports on Form 10-K, quarterly reports on Form 10-Q and
current reports on Form 8-K on the date such reports are
electronically filed with the Securities and Exchange Commission.

Statements contained in this news release that are not historical
facts are forward-looking statements as that term is defined in
the Private Securities Litigation Reform Act of 1995.  Such
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from those
currently anticipated due to a number of factors.