SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934





               Date of Report (Date of earliest event reported)
                               October 23, 1996





                            TF FINANCIAL CORPORATION
             ------------------------------------------------------
             (Exact name of Registrant as specified in its Charter)




       Delaware                      0-24168           55-0720401
- ----------------------------     --------------      --------------
(State or other jurisdiction     (SEC File No.)      (IRS Employer
     of incorporation)                               Identification
                                                        Number)




3 Penns Trail, Newtown, Pennsylvania                    18940
- ----------------------------------------              ----------
(Address of principal executive offices)              (Zip Code)




Registrant's telephone number, including area code:  (215) 579-4000
                                                     --------------




                                 Not Applicable
          -------------------------------------------------------------
          (Former name or former address, if changed since last Report)







                            TF FINANCIAL CORPORATION

                     INFORMATION TO BE INCLUDED IN REPORT



Item 5.  Other Events

      On October 23, 1996,  the  Registrant  announced  that it had received the
necessary  regulatory  and Board  approval  to  initiate a  repurchase  of 5% or
214,869 shares of its outstanding  common stock in the open market pursuant to a
stock  repurchase  program.  The repurchases will be made from time to time over
the next 12 months, subject to the availability of stock.

      For further details,  reference is made to the Press Release dated October
23, 1996, which is attached hereto as Exhibit 99 and incorporated herein by this
reference.




Item 7.  Financial Statements, Pro Forma Financial Information
         and Exhibits


Exhibit 99 -- Press Release dated October 23, 1996.










                                   SIGNATURES


      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                          TF FINANCIAL CORPORATION



Date: October 25, 1996                    By: /s/ John R. Stranford
      ----------------------                  ---------------------
                                              John R. Stranford
                                              President and Chief
                                              Executive Officer