EXHIBIT 99.4





TF Financial Corporation                  NEWS RELEASE

3 Penns Trail
Newtown, Pennsylvania  18940


For verification, contact:                John R. Stranford, President and CEO
                                          Bill Niemczura, Senior Vice President
                                            and Chief Financial Officer

Phone: (215) 579-4000
Fax:        (215) 579-4748
For immediate release September 23, 1996

                                                                              

Length:  196 words

Newtown,  Pennsylvania,  September 23, 1996 -- TF Financial Corporation (NASDAQ:
THRD),  the holding  company for Third Federal  Savings Bank ("Third  Federal"),
announces the  acquisition  of Cenlar  Federal  Savings  Bank's Ewing,  Hamilton
Square and Princeton, New Jersey branch offices.

     The acquisition  was finalized as of the close of business  September 20th.
"Third  Federal  Savings  Bank has had a  commitment  to the value of  community
banking for over 75 years.  Our  customers  expect it from us and it is the very
foundation  of our  business,"  stated John R.  Stranford,  president  and chief
executive  officer of TF Financial  Corporation  and Third Federal Savings Bank.
"The  acquisition of these three Cenlar offices provides us with the opportunity
to extend our community banking services to nearby New Jersey, where many of our
customers live and work. It's a perfect fit."

     Third  Federal,  which is  headquartered  in  Newtown,  Pennsylvania,  also
maintains  eleven  offices in the  Philadelphia  and Bucks County  areas.  Their
assets of $520 million will increase to $650 million with the acquisition.