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.