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                                                                    EXHIBIT 99.1


                            ESB FINANCIAL CORPORATION

                               600 Lawrence Avenue
                        Ellwood City, Pennsylvania 16117
                                  724.758.5584

                                  PRESS RELEASE

FOR IMMEDIATE RELEASE                                CONTACT:
MAY 16, 2001                                         CHARLOTTE A. ZUSCHLAG
                                                     PRESIDENT AND CHIEF
                                                     EXECUTIVE OFFICER
                                                     724.758.5584

                                                     ROBERT D. NEUDORFER
                                                     PRESIDENT AND CHIEF
                                                     EXECUTIVE OFFICER
                                                     WSB HOLDING COMPANY
                                                     412.231.7297

                ESB FINANCIAL CORPORATION AND WSB HOLDING COMPANY
                             ANNOUNCE PLANS TO MERGE

Ellwood City and Pittsburgh, Pennsylvania. ESB Financial Corporation ("NASDAQ"
NMS: ESBF) and WSB Holding Company (OTC: WSBH) announced today that they have
signed a definitive merger agreement wherein ESB Financial Corporation will
acquire WSB Holding Company headquartered on the North Shore of Pittsburgh.
Workingmens Bank, the wholly owned subsidiary of WSB Holding Company, has $42.7
million in assets and two branches, both in Allegheny County. ESB Financial
Corporation is the parent holding company of ESB Bank, a sixteen branch, full
service community bank headquartered in Ellwood City, PA. This acquisition
expands ESB Bank's presence in Allegheny County from nine to eleven full service
locations.

Under the terms of the agreement, WSB Holding Company and Workingmens Bank will
merge into ESB Financial Corporation and ESB Bank, respectively. Each common
share of WSB Holding Company will receive the right to elect to receive $17.10
in cash or in ESB Financial Corporation common stock, subject to an overall
requirement that 51% of the total outstanding WSB Holding Company common stock
to be exchanged for stock.


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Charlotte A. Zuschlag, President and CEO of ESB Financial Corporation, stated,
"we believe that WSB Holding Company is an excellent banking franchise that
would provide a very attractive means for ESB Bank to expand its operations.
Workingmens serves a market that ESB Bank is very familiar with and has been
looking to further expand its delivery system in that market." Ms. Zuschlag
added that she was "pleased that WSB Holding Company had elected to join ESB
Financial."

Robert D. Neudorfer, President and Chief Executive Officer of WSB Holding
Company and Workingmens Bank, stated that he is "very pleased to be joining with
ESB Financial Corporation and looks forward to the benefits this affiliation
will offer our shareholders, employees, and customers."

As part of the transaction, ESB Financial Corporation received an option to
purchase, under certain conditions, up to 19.9% of the outstanding common stock
of WSB Holding Company.

The total value of the acquisition is approximately $5.2 million and is
conditioned upon necessary regulatory and shareholder approvals, and other
customary conditions. The merger is anticipated to be consummated in the fourth
quarter of this year.

ESB Financial Corporation is the parent holding company of ESB Bank that offers
a wide variety of financial products and services. The common stock of ESB
Financial is traded on the Nasdaq Stock Market System under the symbol of
"ESBF".

ESB Financial and WSB Holding will be filing relevant documents concerning the
merger with the Securities and Exchange Commission ("SEC"), including a
registration statement on Form S-4 containing a prospectus/proxy statement. WE
URGE INVESTORS TO READ THESE DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors will be able to obtain these documents free of charge at
the SEC's website, www.sec.gov. In addition, documents filed with the SEC by ESB
Financial will be available free of charge from the Secretary of ESB Financial
at 600 Lawrence Avenue, Ellwood City, Pennsylvania 16117, telephone (724)
758-5584 and documents filed with the SEC by WSB Holding will be available free
of charge from the Secretary of WSB Holding at 807 Middle Street, Pittsburgh,
Pennsylvania 15212, telephone (412) 231-7297. WSB Holding and its directors and
executive officers may be deemed to be participants in the solicitation of
proxies to approve the merger. WSB HOLDING INVESTORS SHOULD READ THE
PROSPECTUS/PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC
CAREFULLY BEFORE MAKING A DECISION CONCERNING THE MERGER.


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