EXHIBIT 99

                                  PRESS RELEASE





                           Thistle Group Holdings, Co.


- --------------               Contacts:  John F. McGill Jr., President
                                        Pam Cyr, Dir. of Investor Relations
News                                    6060 Ridge Avenue
Release                                 Philadelphia, PA  19128
                              Phone:    215-483-2800
                              Fax:      215-483-1038
- --------------                Web:      RMBgo.com


THISTLE GROUP HOLDINGS, CO. ORGANIZES BROKER DEALER

Philadelphia, PA, February 8, 2000- Thistle Group Holdings, Co., (the "Company")
(NASDAQ:  THTL)  announced today it organized a broker dealer which will conduct
business  as TGH  Securities.  The  wholly  owned  subsidiary  will be headed by
Allison F.  Fleitas II and will focus on  underwriting  and  trading  short-term
municipal  bonds.  Mr.  Fleitas  was most  recently a senior vice  president  at
Commerce Capital Markets ("CCM") where he ran the municipal notes desk.  Joining
Mr. Fleitas at TGH Securities is Darren L. Smith also formerly with CCM.

Commenting on the new company,  John F. McGill, Jr., President,  of Thistle said
"TGH Securities is consistent with our overall strategy to allocate capital into
non-rate  sensitive  investments at the holding company level.  Allison Fleitas,
with over 20 years of experience,  has lead his group to be consistently  ranked
among  the  nation's  top  underwriters  of  short-term   municipal  bonds.  TGH
Securities  is  expected  to be  accretive  to  earnings  in its  first  year of
operations.  By combining  Allison's  institutional  expertise and relationships
with our commitment to technology,  including the Internet,  it is expected that
TGH Securities will make a profitable line of business even better.

Pending  final  regulatory  approval  TGH  Securities  is  expected  to commence
operations during the second quarter of 2000 in Blue Bell, Pennsylvania.


Thistle  Group  Holdings Co. is a  Philadelphia  based  unitary  thrift  holding
company whose principal  subsidiary is Roxborough Manayunk Bank. At December 31,
1999, the Company had total assets,  deposits and  stockholders'  equity of $555
million,  $293 million, and $75 million,  respectively.  Thistle Group trades on
the NASDAQ under the symbol "THTL".