Current Report on Form 8-K

                       SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                  -------------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934



         Date of Report (Date of earliest event reported): May 1, 2000

                            WEBFINANCIAL CORPORATION
                                ----------------
             (Exact name of registrant as specified in its charter)



         DELAWARE                        0-631                    56-2043000
         --------                        -----                    ----------
(State or other jurisdiction    (Commission file Number)     (IRS Employer
 of incorporation)                                           Identification No.)

                        150 East 52nd Street, 21st Floor
                            New York, New York 10022
                                ----------------
                    (Address of principal executive offices)



       (Registrant's telephone number, including area code): 877/431-2942




                   -----------------------------------------
         (Former name or former address, if changed since last report)


Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

(a)  Previous independent accountants

     (i)  On May 1, 2000, WebFinancial Corporation (the "Company") dismissed
          KPMG LLP ("KPMG"), as its independent accountants.

    (ii)  The audit reports of KPMG on the consolidated financial statements of
          WebFinancial Corporation as of December 31, 1999 and 1998, and for the
          year ended December 31, 1999, the eleven-month period ended December
          31, 1998 and the year ended January 31, 1998 did not contain any
          adverse opinion or disclaimer of opinion, nor were they qualified or
          modified as to uncertainty, audit scope, or accounting principles.

   (iii)  The Registrant's Board of Directors participated in and approved the
          decision to change independent accountants.

    (iv)  In connection with the audits of the Company's consolidated financial
          statements for each of the two fiscal years ended December 31, 1999
          and 1998, and in the subsequent interim period through May 1, 2000,
          there were no "disagreements," as that term is defined in the
          instructions to Form 8-K and the regulations applicable to Item 4 of
          Form 8-K, with KPMG on any matter of accounting principles or
          practices, financial statement disclosure, or auditing scope or
          procedures, which "disagreements," if not resolved to their
          satisfaction would have caused them to make reference in connection
          with their opinion on the subject matter of the "disagreement" in
          their report.

     (v)  The Registrant has requested that KPMG furnish it with a letter
          addressed to the SEC stating whether or not it agrees with the above
          statements.  A letter from KPMG concerning its agreement or
          disagreement with the disclosures made in this Report on Form 8-K will
          be filed as required by Item 304(a)(3) of Regulation S-K promptly upon
          receipt by the Company.

(b)  New independent accountants

     The Registrant engaged Grant Thornton LLP as the Company's auditors on May
4, 2000.  The Registrant has not consulted with Grant Thornton LLP during the
past two fiscal years concerning the application of accounting principles or any
issues relating to accounting, auditing or financial reporting.


                                   SIGNATURE

     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 hereto duly authorized.

                                               WEBFINANCIAL CORPORATION

Dated: May 4, 2000                             By:/s/Warren G. Lichtenstein
                                               Name: Warren G. Lichtenstein
                                               Title: Chairman of the Board and
                                               Chief Executive Officer