EXHIBIT 21

                        SUBSIDIARIES OF THE REGISTRANT


Parent

TF Financial Corporation


                                           Percentage             State of
Subsidiaries                                 Owned              Incorporation
- - -------------                              ----------           -------------

Third Federal Savings Bank (a)                100%              United States

TF Investments Corporation (a)                100%              Delaware

Penns Trail Development Corporation (a)       100%              Delaware


- - -----------------
 (a) The  operations  of  this  subsidiary  are  included  in  the  consolidated
     financial  statements  contained in the 1996 Annual Report to  Stockholders
     incorporated herein by reference.