January 23, 2004


Board of Directors
SE Financial Corp.
St. Edmond's Federal Savings Bank
1901-03E. Passyunk Avenue
Philadelphia, PA 19148


Dear Board Members:

All  capitalized  terms not  otherwise  defined in this letter have the meanings
given such terms in the Plan of Conversion,  as amended (the "Plan")  adopted by
the Board of Directors of St.  Edmond's  Federal  Savings  Bank.  As part of the
Plan, St.  Edmond's  Federal Savings Bank will establish a holding  company,  SE
Financial  Corp.  (the  "Company"),  that will issue 100.00% of its  outstanding
common stock to the public.

We understand that in accordance with the Plan,  subscription rights to purchase
shares of the Common  Stock are to be issued to (i)  Eligible  Account  Holders;
(ii) Tax-Qualified  Employee Stock Benefit Plans;  (iii)  Supplemental  Eligible
Account Holders; and (iv) other members who do not otherwise qualify as Eligible
or  Supplemental  Account  Holders  together  collectively  referred  to as  the
"Recipients".  Based solely on our observation that the subscription rights will
be available to such Recipients  without cost, will be legally  non-transferable
and of short duration, and will afford the Recipients the right only to purchase
shares  of  Common  Stock at the same  price as will be paid by  members  of the
general public in the Community  Offering,  if any, but without  undertaking any
independent  investigation  of  state  or  federal  law or the  position  of the
Internal Revenue Service with respect to this issue, we are of the belief that:

(1)           the subscription  rights will have no ascertainable  market value;
              and

(2)           the price at which the  subscription  rights are exercisable  will
              not be more or less than the pro forma  market value of the shares
              upon issuance.

Changes  in the local and  national  economy,  the  legislative  and  regulatory
environment,  the stock market,  interest rates, and other external forces (such
as natural  disasters or significant  world events) may occur from time to time,
often with great  unpredictability and may materially impact the value of thrift
stocks as a whole or the Company's value alone. Accordingly, no assurance can be
given that persons who subscribe to shares of Common Stock in the Reorganization
will thereafter be able to buy or sell such shares at the same price paid in the
Subscription Offering.





                                            Very Truly Yours,


                                            /s/ FinPro, Inc.

                                            FinPro, Inc.