SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                 --------------

                                  SCHEDULE 13D
                                 (Rule 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
                                  RULE 13d-2(a)

                              (Amendment No. 16)1

                            WEBFINANCIAL CORPORATION
                            ------------------------
                                (Name of Issuer)

                          COMMON STOCK, $.001 PAR VALUE
                          -----------------------------
                         (Title of Class of Securities)

                                    94767P209
                                    ---------
                                 (CUSIP Number)

                              STEVEN WOLOSKY, ESQ.
                 OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
                                Park Avenue Tower
                               65 East 55th Street
                            New York, New York 10022
                                 (212) 451-2300
                                 --------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  June 2, 2005
                                  -------------
             (Date of Event Which Requires Filing of This Statement)

            If the filing  person has  previously  filed a statement on Schedule
13G to report the  acquisition  that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e),  13d-1(f) or 13d-1(g),  check the
following box / /.

            Note.  Schedules  filed  in  paper  format  shall  include  a signed
original and five copies of the schedule, including all exhibits. See Rule 13d-7
for other parties to whom copies are to be sent.

                         (Continued on following pages)

                               (Page 1 of 7 Pages)

- ------------------------
1           The remainder of this cover page shall be filled out for a reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.

            The  information  required on the remainder of this cover page shall
not be deemed to be "filed"  for the  purpose  of  Section 18 of the  Securities
Exchange Act of 1934 or otherwise  subject to the liabilities of that section of
the Act but shall be subject to all other  provisions of the Act  (however,  see
the Notes).




- ---------------------------                           --------------------------
CUSIP No. 94767P209                   13D                     Page 2 of 7 Pages
- ---------------------------                           --------------------------


================================================================================
     1        NAME OF REPORTING PERSONS
              I.R.S.  IDENTIFICATION  NOS.  OF  ABOVE  PERSONS (ENTITIES ONLY)

                     STEEL PARTNERS II, L.P.
- --------------------------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) / /
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3        SEC USE ONLY

- --------------------------------------------------------------------------------
     4        SOURCE OF FUNDS*
                    WC
- --------------------------------------------------------------------------------
     5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
              PURSUANT TO ITEM 2(d) OR 2(e)                                  / /
- --------------------------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

                    DELAWARE
- --------------------------------------------------------------------------------
  NUMBER OF        7      SOLE VOTING POWER
   SHARES
BENEFICIALLY                    1,516,154
 OWNED BY
   EACH
 REPORTING
PERSON WITH   ------------------------------------------------------------------
                   8      SHARED VOTING POWER

                                - 0 -
              ------------------------------------------------------------------
                   9      SOLE DISPOSITIVE POWER

                                1,516,154
              ------------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

                                - 0 -
- --------------------------------------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
              PERSON

                    1,516,154
- --------------------------------------------------------------------------------
     12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES*                                                        / /
- --------------------------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    69.4%
- --------------------------------------------------------------------------------
     14       TYPE OF REPORTING PERSON*

                    PN
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!





- ---------------------------                           --------------------------
CUSIP No. 94767P209                   13D                     Page 3 of 7 Pages
- ---------------------------                           --------------------------


================================================================================
     1        NAME OF REPORTING PERSONS
              I.R.S.  IDENTIFICATION  NOS.  OF  ABOVE  PERSONS (ENTITIES ONLY)

                     STEEL PARTNERS, L.L.C.
- --------------------------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) / /
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3        SEC USE ONLY

- --------------------------------------------------------------------------------
     4        SOURCE OF FUNDS*
                    OO
- --------------------------------------------------------------------------------
     5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
              PURSUANT TO ITEM 2(d) OR 2(e)                                  / /
- --------------------------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

                    DELAWARE
- --------------------------------------------------------------------------------
  NUMBER OF        7      SOLE VOTING POWER
   SHARES
BENEFICIALLY                    1,516,154
 OWNED BY
   EACH
 REPORTING
PERSON WITH   ------------------------------------------------------------------
                   8      SHARED VOTING POWER

                                - 0 -
              ------------------------------------------------------------------
                   9      SOLE DISPOSITIVE POWER

                                1,516,154
              ------------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

                                - 0 -
- --------------------------------------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
              PERSON

                    1,516,154
- --------------------------------------------------------------------------------
     12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES*                                                        / /
- --------------------------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    69.4%
- --------------------------------------------------------------------------------
     14       TYPE OF REPORTING PERSON*

                    OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!





- ---------------------------                           --------------------------
CUSIP No. 94767P209                   13D                     Page 4 of 7 Pages
- ---------------------------                           --------------------------


================================================================================
     1        NAME OF REPORTING PERSONS
              I.R.S.  IDENTIFICATION  NOS.  OF  ABOVE  PERSONS (ENTITIES ONLY)

                     WARREN G. LICHTENSTEIN
- --------------------------------------------------------------------------------
     2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*          (a) / /
                                                                         (b) / /
- --------------------------------------------------------------------------------
     3        SEC USE ONLY

- --------------------------------------------------------------------------------
     4        SOURCE OF FUNDS*
                    OO
- --------------------------------------------------------------------------------
     5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
              PURSUANT TO ITEM 2(d) OR 2(e)                                  / /
- --------------------------------------------------------------------------------
     6        CITIZENSHIP OR PLACE OF ORGANIZATION

                    USA
- --------------------------------------------------------------------------------
  NUMBER OF        7      SOLE VOTING POWER
   SHARES
BENEFICIALLY                    1,518,654**
 OWNED BY
   EACH
 REPORTING
PERSON WITH   ------------------------------------------------------------------
                   8      SHARED VOTING POWER

                                - 0 -
              ------------------------------------------------------------------
                   9      SOLE DISPOSITIVE POWER

                                1,518,654**
              ------------------------------------------------------------------
                  10      SHARED DISPOSITIVE POWER

                                - 0 -
- --------------------------------------------------------------------------------
     11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
              PERSON

                    1,518,654**
- --------------------------------------------------------------------------------
     12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
              SHARES*                                                        / /
- --------------------------------------------------------------------------------
     13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                    69.6%
- --------------------------------------------------------------------------------
     14       TYPE OF REPORTING PERSON*

                    OO
================================================================================

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!

**       Consists of the 1,516,154 Shares of Common Stock held by Steel Partners
         II, L.P. and 2,500 Shares of Common Stock held by Mr. Lichtenstein.







- ---------------------------                           --------------------------
CUSIP No. 94767P209                   13D                     Page 5 of 7 Pages
- ---------------------------                           --------------------------



            The following  constitutes  Amendment No. 16 ("Amendment No. 16") to
the  Schedule 13D filed by the  undersigned.  This  Amendment  No. 16 amends the
Schedule 13D as specifically set forth.

     Item 3 is hereby amended and restated to read as follows:

Item 3.     Source and Amount of Funds or Other Consideration.
            -------------------------------------------------

            The aggregate  purchase price of the 1,516,154 Shares owned by Steel
Partners II is $14,510,725.  The Shares owned by Steel Partners II were acquired
with partnership  funds. The aggregate  purchase price of the 2,500 Shares owned
by Mr. Lichtenstein is $8,281 and came from his personal funds.

     Item 5(a) is hereby amended and restated to read as follows:

            (a) The aggregate percentage of Shares reported owned by each person
named  herein is based upon  2,183,433  Shares  outstanding  as  reported in the
Issuer's  Quarterly  Report on Form 10-QSB for the quarter ended March 31, 2005,
as filed with the Securities and Exchange Commission on May 16, 2005. The number
of Shares outstanding reflects a one-for-four reverse stock split,  effective as
of April 5, 2005.

            As of the close of  business  on June 6,  2005,  Steel  Partners  II
beneficially  owned 1,516,154 Shares,  constituting  approximately  69.4% of the
Shares  outstanding.  As the general  partner of Steel Partners II, Partners LLC
may be deemed to beneficially  own the 1,516,154  Shares owned by Steel Partners
II, constituting approximately 69.4% of the Shares outstanding. Mr. Lichtenstein
beneficially  owned 1,518,654 Shares,  constituting  approximately  69.6% of the
Shares outstanding.  Mr. Lichtenstein has sole voting and dispositive power with
respect to the 2,500 Shares owned by him and the 1,516,154 Shares owned by Steel
Partners II by virtue of his authority to vote and dispose of such Shares.

     Item 5(c) is hereby amended to add the following:

            (c) Schedule A annexed hereto lists all transactions in the Issuer's
Common Stock by the  Reporting  Persons  since the filing of Amendment No. 15 to
Schedule 13D. All of such transactions were effected in the open market.







- ---------------------------                           --------------------------
CUSIP No. 94767P209                   13D                     Page 6 of 7 Pages
- ---------------------------                           --------------------------


                                   SIGNATURES

            After  reasonable  inquiry  and to the  best  of his  knowledge  and
belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.


Dated: June 7, 2005                     STEEL PARTNERS II, L.P.

                                        By:  Steel Partners, L.L.C.
                                             General Partner


                                        By:  /s/ Warren G. Lichtenstein
                                             --------------------------
                                             Warren G. Lichtenstein
                                             Managing Member


                                        STEEL PARTNERS, L.L.C.


                                        By:  /s/ Warren G. Lichtenstein
                                             --------------------------
                                             Warren G. Lichtenstein
                                             Managing Member


                                        /s/ Warren G. Lichtenstein
                                        -------------------------------
                                        WARREN G. LICHTENSTEIN







- ---------------------------                           --------------------------
CUSIP No. 94767P209                   13D                     Page 7 of 7 Pages
- ---------------------------                           --------------------------

                                   SCHEDULE A
                                   ----------

 Transactions in the Shares Since the Filing of Amendment No. 15 to Schedule 13D
 -------------------------------------------------------------------------------

Shares of Common Stock             Price Per                   Date of
      Purchased                    Share($)                   Purchase
      ---------                    --------                   --------

                             STEEL PARTNERS II, L.P.
                             -----------------------

          9,187                      9.2500                   4/08/05

          7,900                      9.6300                   4/20/05

          2,572                     10.3500                   5/27/05

          7,500                     10.7000                   6/02/05

          1,725                     10.3000                   6/03/05

                             STEEL PARTNERS, L.L.C.
                             ----------------------
                                      None

                             WARREN G. LICHTENSTEIN
                             ----------------------
                                      None