EXHIBIT 99







                                  NEWS RELEASE


TF FINANCIAL CORPORATION
3 Penns Trail
Newtown, Pennsylvania 18940

For verification contact:   Mr. John R. Stranford, President and CEO
                            Mr. Dennis R. Stewart, Senior Vice President and CFO

Phone:   (215) 579-4000
Fax:     (215) 579-4748

For Immediate Release on December 8, 1999
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         Newtown,  Pennsylvania,  December 8, 1999 - - TF Financial  Corporation
(NASDAQ:  THRD),  the holding  company for Third  Federal  Savings  Bank,  today
announced the  completion of the  repurchase of 195,620  shares of the Company's
common  stock.  This  repurchase  represents  approximately  6.4  percent of the
outstanding shares prior to the commencement of the latest repurchase program of
the company and reduces the total number of the company's  outstanding shares to
2,852,274 shares.

         John R. Stranford, President of TF Financial Corporation, said that the
repurchased shares will be retained as treasury stock. President Stranford noted
that the  company  repurchased  132,000  shares of its common  stock  today in a
single unsolicited block transaction, and the balance was purchased from time to
time by the company in the open market.

         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.  Deposits at Third Federal are insured up to the legal maximum amount by
the Federal Deposit Insurance  Corporation (FDIC). The Company's Stock is traded
under the symbol "THRD" on the NASDAQ Stock Market.