EXHIBIT 99






                                  NEWS RELEASE




TF FINANCIAL CORPORATION
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 October 23, 1996



      Newtown,  Pennsylvania,  October  23,  1996 - - TF  Financial  Corporation
(NASDAQ:  THRD),  the holding  company for Third  Federal  Savings  Bank ("Third
Federal"), announces stock repurchase.


      TF  Financial  Corporation  announced  today  that  it  has  received  the
necessary  regulatory  and Board  approval  to  initiate  a  repurchase  program
covering  up to 5% or  214,869  shares  of  the  Company's  common  stock  to be
purchased in the open market.  The company  currently has 4,297,386  outstanding
shares  of common  stock.  President  Stranford  indicated  that the  repurchase
program  could  mitigate  some  of  the  potentially  dilutive  effects  of  the
Corporation's  Stock  Option  Plan  and  would  also be  available  for  general
corporate  use.  The  repurchases  will be made  from time to time over the next
twelve months in open-market transactions, subject to the availability of stock.

      TF Financial  Corporation is the holding company for Third Federal Savings
Bank, which presently operates 11 full service offices in Philadelphia and Bucks
Counties,  Pennsylvania and 3 full service offices in Mercer County, New Jersey.
The Bank has $476.4 million in deposits as of the close of business on September
30,  1996.  Deposit  accounts  are  insured  up to  $100,000  by the  FDIC.  The
Corporation's  stock is traded  under the symbol  "THRD" on the NASDAQ  National
Market and is listed in most daily newspapers as TF Fincl.