SUBSIDIARIES OF THE REGISTRANT


Parent
- ------

TF Financial Corporation


                                               Percentage        Jurisdiction of
Subsidiaries                                   Owned             Incorporation
- ------------                                   -----             -------------

Third Federal Savings Bank (a)                 100%              United States

TF Investments Corporation (a)                 100%              Delaware

Teragon Financial Corporation (a)              100%              Pennsylvania

Penns Trail Development Corporation (a)        100%              Delaware

Third Delaware Corporation (a)(b)              100%              Delaware


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(a)  The  operations  of  this  subsidiary  are  included  in  the  consolidated
     financial  statements  contained in the 2002 Annual Report to  Stockholders
     incorporated herein by reference.

(b)  Third Delaware  Corporation  is a wholly-owned  subsidiary of Third Federal
     Savings Bank.