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 April 9, 1997 Newtown, Pennsylvania, April 9, 1997 - - TF Financial Corporation (NASDAQ: THRD), the holding company for Third Federal Savings Bank, today announced the completion of the repurchase of 214,869 shares of the Company's common stock. This repurchase represents approximately five percent of the outstanding shares prior to the commencement of the repurchase program of the company and reduces the total outstanding shares to 4,082,517. John R. Stranford, President of TF Financial Corporation, said that the repurchased shares will be retained as treasury stock. Third Federal Savings Bank is headquartered in Newtown, Pennsylvania and operates through its main office and fourteen retail office locations throughout Northeast Philadelphia, Lower Bucks County and Mercer County, New Jersey. The Company's Stock is traded under the symbol "THRD" on the NASDAQ Stock Market.