EXHIBIT 99.2
TF FINANCIAL NEWS
CORPORATION RELEASE
3 PENNS TRAIL
NEWTOWN, PENNSYLVANIA 18940
For verification, contact: John R. Stranford, President and CEO
Bill Niemczura, Senior Vice President
and Chief Executive Officer
Phone : (215) 579-4000
Fa: (215) 579-4748
For immediate release June 7, 1996
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TF FINANCIAL CORPORATION ANNOUNCES
ACQUISITION OF CENLAR BRANCH OFFICES IN NEW JERSEY
Newtown, PA, June 7, 1996 - TF Financial Corporation (NASDAQ:THRD), The parent
holding company for Third Federal Savings Bank, a federally chartered savings
bank ("Third Federal") announced today that they have entered into an agreement
with Cenlar Federal Savings Bank, Trenton, New Jersey ("Cenlar") to acquire the
3 branches of Cenlar located in Ewing, Hamilton Square and Princeton, New Jersey
with approximately $143 million in deposits. The terms of the transaction
include a premium payment of approximately $9.3 million. John R. Stranford,
President of Third Federal, commented that: "Expansion of Third Federal's
operations into Mercer County, New Jersey, is an exciting opportunity for us and
a natural extension of our marketplace. For many years we have had customers and
employees on both sides of the Delaware River. Now we are positioned to better
serve them. We will be counting on Cenlar's branch employees to join the Third
Federal team and make the customer transition a smooth one."
As of March 31, 1996, Third Federal held approximately $338 million in deposits.
All deposits of Third Federal are insured up to applicable limits by the Federal
Deposit Insurance Corporation ("FDIC"). TF Financial Corporation is the holding
company for Third Federal, which presently operates 11 full-service offices in
Philadelphia and Bucks Counties, Pennsylvania. The Company's stock is traded
under the symbol "THRD" on the NASDAQ National Market System.