Exhibit 99.1

Contact:	Jennifer Rosa (216) 429-5037
	Monica Martines (216) 441-7346

For release Wednesday, August 5, 2009

TFS Financial Corporation Announces Fiscal Quarter Ended June 30, 2009 Financial Results

(Cleveland, OH – August 5, 2009) – TFS Financial Corporation (NASDAQ: TFSL) (the “Company”), the holding company for Third Federal Savings and Loan Association of Cleveland, today announced results for the three and nine month periods ended June 30, 2009.

The Company reported net income of $10.0 million for the three months ended June 30, 2009, compared to net income of $6.8 million for the three months ended June 30, 2008. The increase resulted mainly from non-interest income increasing due to gains on the sale of loans, offset by increasing non-interest expenses, mainly increased federal insurance premiums. Net income of $27.3 million was reported for the nine months ended June 30, 2009, compared to net income of $40.4 million for the nine months ended June 30, 2008. This change was attributable to increases in the provision for loan losses and non-interest expenses offset by increases in both net interest income and non-interest income in the current nine-month period.

Net interest income increased $2.1 million, or 4%, to $58.4 million for the three months ended June 30, 2009 from $56.3 million for the three months ended June 30, 2008. Interest rate spread increased 19 basis points to 1.73% for the three months ended June 30, 2009 from 1.54% for the three months ended June 30, 2008. Net interest income increased $11.6 million, or 7%, to $173.9 million for the nine months ended June 30, 2009 from $162.3 million for the nine months ended June 30, 2008. Interest rate spread increased 30 basis points to 1.68% for the nine months ended June 30, 2009 from 1.38% for the nine months ended June 30, 2008. The increase in net interest income in both periods resulted from a decrease in the interest paid on interest-bearing liabilities, partially offset by a decrease in interest received on interest-earning assets.

The Company recorded a provision for loan losses of $20.0 million for the three months ended June 30, 2009 and $18.0 million for the three months ended June 30, 2008. This compares to net charge-offs of $23.8 million and $3.9 million for the three months ended June 30, 2009 and 2008, respectively. The Company’s provision for loan losses was $58.0 million for the nine months ended June 30, 2009 and $25.5 million for the nine months ended June 30, 2008. The provisions exceeded net charge-offs of $45.9 million and $8.4 million for the nine months ended June 30, 2009 and 2008, respectively. Of the $45.9 million of net charge-offs for the nine months ended June 30, 2009, $37.9 million occurred in the equity loans and lines of credit portfolio. The increased level of charge-offs in this portfolio is not unexpected. As increasing delinquencies in this

portfolio have been resolved through pay-off, short sale or foreclosure, or management determines the collateral is not sufficient to satisfy the loan, uncollected balances have been charged against the allowance for loan losses previously provided. Loans continue to be evaluated as they become delinquent for potential loss and provisions recorded for our estimate of those losses. The allowance for loan losses was $55.9 million, or 0.59% of total loans receivable, at June 30, 2009, compared to $43.8 million, or 0.47% of total loans receivable, at September 30, 2008.

Nonperforming loans increased by $65.6 million to $238.4 million at June 30, 2009 from $172.9 million at September 30, 2008. Of the $65.6 million increase in non-performing loans for the nine months ended June 30, 2009, $40.5 million occurred in the residential, non-Home Today portfolio, $15.0 million occurred in the residential, Home Today portfolio and $5.3 million occurred in the equity loans and lines of credit portfolio. The increase in our residential, non-Home Today portfolio was general in nature and reflective of the progressive deterioration of general market conditions with specific negative implications in the housing markets of our primary geographic operating areas. As of June 30, 2009, the equity loans and lines of credit portfolio was $2.95 billion, compared to $2.49 billion, at September 30, 2008.

Non-interest income increased $9.6 million, or 80%, to $21.5 million for the three months ended June 30, 2009 from $11.9 million for the three months ended June 30, 2008. The increase primarily resulted from an $8.6 million increase in net gain on the sale of loans. Non-interest income increased $14.9 million, or 42%, to $50.6 million for the nine months ended June 30, 2009 from $35.7 million for the nine months ended June 30, 2008. The increase primarily resulted from a $25.6 million increase in net gain on the sale of loans, offset by a $4.2 million reduction of income(loss) on private equity investments and a $3.6 million reduction in fees and service charges.

Non-interest expense increased $6.5 million, or 17%, to $45.8 million for the three months ended June 30, 2009 from $39.3 million for the three months ended June 30, 2008. The increase primarily resulted from a $7.8 million increase in federal insurance premiums. Non-interest expense increased $17.3 million, or 16%, to $126.8 million for the nine months ended June 30, 2009 from $109.5 million for the nine months ended June 30, 2008. The increase primarily resulted from a $12.3 million increase in federal insurance premiums.

Total assets decreased by $3.3 million, or less than 1%, to $10.78 billion at June 30, 2009 from $10.79 billion at September 30, 2008. Although minimal, this change was the result of a decrease in investment securities offset by increases in cash and cash equivalents and in the loan portfolio.

Deposits increased $236.4 million, or 3%, to $8.50 billion at June 30, 2009 from $8.26 billion at September 30, 2008. The increase in deposits was primarily the result of a $368.7 million increase in certificates of deposit offset by $95.1 million and $39.8 million decreases in our high yield checking accounts and high yield savings accounts, respectively, for the nine-month period ended June 30, 2009.

Borrowed funds decreased $307.9 million, or 62%, to $190.2 million at June 30, 2009 from $498.0 million at September 30, 2008, mainly through the success of deposit gathering activities and the use of cash flows from maturing investments and loan sales.

Principal, interest and related escrow owed on loans serviced increased $151.0 million, or 187%, to $231.7 million at June 30, 2009 from $80.7 million at September 30,

2008, due to the timing of when payments have been collected from borrowers for loans serviced for other investors and when those funds are remitted to the investors and to the appropriate taxing agencies.

Shareholders’ equity decreased $66.9 million, to $1.78 billion at June 30, 2009 from $1.84 billion at September 30, 2008. This reflects $27.3 million of net income during the nine-month period reduced by $14.5 million in dividends paid on our shares of common stock (other than the shares held by Third Federal Savings, MHC and unallocated ESOP shares) and $90.3 million of repurchases of outstanding common stock during the nine-month period. The remainder of the change reflects adjustments related to the allocation of shares of our common stock related to awards under the stock-based compensation plans and our employee stock ownership plan. A total of 410,850 shares were repurchased during the three months ended June 30, 2009, and a total of approximately 7.3 million shares have been repurchased during the nine months ended June 30, 2009. There are 2,889,150 shares remaining to be purchased under the Company’s fourth repurchase program, which was approved March 12, 2009.

Forward Looking Statements

This press release contains forward-looking statements, which can be identified by the use of such words as estimate, project, believe, intend, anticipate, plan, seek, expect and similar expressions. These forward-looking statements include:

• statements of our goals, intentions and expectations;

• statements regarding our business plans and prospects and growth and operating strategies;

• statements regarding the asset quality of our loan and investment portfolios; and

• estimates of our risks and future costs and benefits.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:

• significantly increased competition among depository and other financial institutions;

• inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments;

• general economic conditions, either nationally or in our market areas, that are worse than expected;

• decreased demand for our products and services and lower revenue and earnings because of a recession;

• adverse changes and volatility in the securities markets;

• adverse changes and volatility in credit markets;

• legislative or regulatory changes that adversely affect our business;

• our ability to enter new markets successfully and take advantage of growth opportunities, and the possible short-term dilutive effect of potential acquisitions or de novo branches, if any;

• changes in consumer spending, borrowing and savings habits;

• changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board;

• future adverse developments concerning Fannie Mae, Freddie Mac or the Federal Home Loan Bank;

• changes in monetary and fiscal policy of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

• changes in policy and/or assessment rates of taxing authorities that adversely affect us;

• changes in policy and/or assessment rates of the Federal Deposit Insurance Corporation;

• inability of third-party providers to perform their obligations to us;

• changes in our organization, compensation and benefit plans; and

• the strength or weakness of the real estate markets and of the consumer and commercial credit sectors and its impact on the credit quality of our loans and other assets.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION (unaudited)

(In thousands, except share data)

	June 30, 2009			September 30, 2008
ASSETS
Cash and due from banks	$	42,701		$	57,888
Other interest-bearing cash equivalents		130,079			74,491
Cash and cash equivalents		172,780			132,379
Investment securities:
Available for sale (amortized cost $25,152 and $30,861, respectively)		25,611			31,102
Held to maturity (fair value $630,061 and $820,047, respectively)		619,570			817,750
Total investment securities		645,181			848,852
Mortgage loans held for sale (includes $250,100 measured at fair value for the period ended June 30, 2009)		263,168			200,670
Loans held for investment, net:
Mortgage loans		9,373,919			9,259,529
Other loans		7,425			7,599
Deferred loan fees, net		(10,338	)		(14,596	)
Allowance for loan losses		(55,868	)		(43,796	)
Loans, net		9,315,138			9,208,736
Mortgage loan servicing assets, net		36,603			41,526
Federal Home Loan Bank stock, at cost		35,620			35,620
Real estate owned		14,859			14,108
Premises, equipment, and software, net		66,504			68,112
Accrued interest receivable		38,813			46,371
Bank owned life insurance contracts		156,196			151,294
Other assets		38,278			38,783
TOTAL ASSETS	$	10,783,140		$	10,786,451
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits	$	8,497,485		$	8,261,101
Borrowed funds		190,158			498,028
Borrowers’ advances for insurance and taxes		21,974			48,439
Principal, interest, and related escrow owed on loans serviced		231,683			80,675
Accrued expenses and other liabilities		65,096			54,556
Total liabilities		9,006,396			8,942,799
Commitments and contingent liabilities
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding		—			—
Common stock, $0.01 par value, 700,000,000 shares authorized; 332,318,750 shares issued; 308,957,900 and 316,233,550 outstanding at June 30, 2009 and September 30, 2008, respectively		3,323			3,323
Paid-in capital		1,678,141			1,672,953
Treasury stock, at cost; 23,360,850 shares at June 30, 2009 and 16,085,200 shares at September 30, 2008		(282,368	)		(192,662	)
Unallocated ESOP shares		(89,250	)		(93,545	)
Retained earnings—substantially restricted		474,966			462,190
Accumulated other comprehensive loss		(8,068	)		(8,607	)
Total shareholders’ equity		1,776,744			1,843,652
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	10,783,140		$	10,786,451

See accompanying notes to unaudited interim consolidated financial statements.

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (unaudited)

(In thousands, except share and per share data)

	For the Three Months Ended June 30,				For the Nine Months Ended June 30,
	2009		2008		2009			2008
INTEREST AND DIVIDEND INCOME:
Loans, including fees	$	110,863	$	118,645	$	347,955		$	363,713
Investment securities available for sale		176		388		644			1,448
Investment securities held to maturity		6,374		10,471		23,256			33,436
Federal funds sold		1		1,254		1			14,480
Other interest and dividend earning assets		456		806		1,312			3,047
Total interest and dividend income		117,870		131,564		373,168			416,124
INTEREST EXPENSE:
Deposits		59,032		75,244		197,165			253,772
Borrowed funds		485		19		2,102			19
Total interest expense		59,517		75,263		199,267			253,791
NET INTEREST INCOME		58,353		56,301		173,901			162,333
PROVISION FOR LOAN LOSSES		20,000		18,000		58,000			25,500
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		38,353		38,301		115,901			136,833
NON-INTEREST INCOME
Fees and service charges, net of amortization		4,233		6,454		15,249			18,871
Mortgage servicing assets recovery (impairment)		3,972		67		(2,596	)		32
Net gain on the sale of loans		9,413		828		28,863			3,282
Increase in and death benefits from bank owned life insurance contracts		1,646		1,659		4,917			4,921
Income (loss) on private equity investments		542		1,158		(1,028	)		3,173
Other		1,721		1,780		5,176			5,420
Total non-interest income		21,527		11,946		50,581			35,699
NON-INTEREST EXPENSE:
Salaries and employee benefits		20,330		17,931		59,105			54,422
Marketing services		900		3,525		7,952			10,578
Office property, equipment, and software		5,654		4,932		16,536			13,891
Federal insurance premium		9,771		1,964		15,528			3,258
State franchise tax		1,211		1,657		3,988			4,027
Real estate owned expense, net		1,582		2,036		5,787			4,815
Other operating expenses		6,374		7,286		17,890			18,459
Total non-interest expense		45,822		39,331		126,786			109,450
INCOME BEFORE INCOME TAXES		14,058		10,916		39,696			63,082
INCOME TAX EXPENSE		4,022		4,126		12,411			22,653
NET INCOME	$	10,036	$	6,790	$	27,285		$	40,429
Earnings per share - basic and fully diluted	$	0.03	$	0.02	$	0.09		$	0.13
Weighted average shares outstanding
Basic		300,245,981		320,510,396		301,741,110			321,795,514
Diluted		300,635,381		320,510,396		302,111,141			321,795,514

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

AVERAGE BALANCES AND YIELDS (unaudited)

	Three Months Ended June 30, 2009								Three Months Ended June 30, 2008
	Average Balance			Interest Income/ Expense			Yield/ Cost(a)		Average Balance			Interest Income/ Expense			Yield/ Cost(a)
	(Dollars in thousands)
Interest-earning assets:
Federal funds sold	$	1,600		$	1		0.25	%	$	231,237		$	1,254		2.17	%
Other interest-bearing cash equivalents		169,897			61		0.14	%		53,258			331		2.49	%
Investment securities		18,124			111		2.45	%		28,987			222		3.06	%
Mortgage-backed securities		680,675			6,439		3.78	%		915,114			10,638		4.65	%
Loans		9,567,973			110,863		4.63	%		8,808,113			118,645		5.39	%
Federal Home Loan Bank stock		35,620			395		4.44	%		34,683			474		5.47	%
Total interest-earning assets		10,473,889			117,870		4.50	%		10,071,392			131,564		5.23	%
Non-interest-earning assets		307,035								341,596
Total assets	$	10,780,924							$	10,412,988
Interest-bearing liabilities:
NOW accounts	$	1,042,960			1,779		0.68	%	$	1,266,661			5,974		1.89	%
Passbook savings		1,127,302			3,497		1.24	%		1,411,285			8,647		2.45	%
Certificates of deposit		6,248,253			53,756		3.44	%		5,481,524			60,623		4.42	%
Borrowed funds		182,293			485		1.06	%		3,570			19		2.13	%
Total interest-bearing liabilities		8,600,808			59,517		2.77	%		8,163,040			75,263		3.69	%
Non-interest-bearing liabilities		392,571								235,368
Total liabilities		8,993,379								8,398,408
Shareholders’ equity		1,787,545								2,014,580
Total liabilities and shareholders’ equity	$	10,780,924							$	10,412,988
Net interest income				$	58,353							$	56,301
Interest rate spread (b)							1.73	%							1.54	%
Net interest-earning assets (c)	$	1,873,081							$	1,908,352
Net interest margin (d)					2.23	%(a)							2.24	%(a)
Average interest-earning assets to average interest-bearing liabilities		121.78	%							123.38	%

(a) Annualized

(b) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(c) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(d) Net interest margin represents net interest income divided by total interest-earning assets.

TFS FINANCIAL CORPORATION AND SUBSIDIARIES

AVERAGE BALANCES AND YIELDS (unaudited)

	Nine Months Ended June 30, 2009								Nine Months Ended June 30, 2008
	Average Balance			Interest Income/ Expense			Yield/ Cost(a)		Average Balance			Interest Income/ Expense			Yield/ Cost(a)
	(Dollars in thousands)
Interest-earning assets:
Federal funds sold	$	455		$	1		0.29	%	$	515,548		$	14,480		3.74	%
Other interest-bearing cash equivalents		57,587			72		0.17	%		53,294			1,522		3.81	%
Investment securities		17,775			360		2.70	%		44,972			1,205		3.57	%
Mortgage-backed securities		753,043			23,540		4.17	%		892,649			33,679		5.03	%
Loans		9,626,338			347,955		4.82	%		8,526,432			363,713		5.69	%
Federal Home Loan Bank stock		35,620			1,240		4.64	%		34,383			1,525		5.91	%
Total interest-earning assets		10,490,818			373,168		4.74	%		10,067,278			416,124		5.51	%
Non-interest-earning assets		322,585								347,824
Total assets	$	10,813,403							$	10,415,102
Interest-bearing liabilities:
NOW accounts	$	1,061,972			7,584		0.95	%	$	1,323,877			25,847		2.60	%
Passbook savings		1,124,485			12,743		1.51	%		1,258,262			29,856		3.16	%
Certificates of deposit		6,153,471			176,838		3.83	%		5,608,577			198,069		4.71	%
Borrowed funds		346,722			2,102		0.81	%		1,190			19		2.13	%
Total interest-bearing liabilities		8,686,650			199,267		3.06	%		8,191,906			253,791		4.13	%
Non-interest-bearing liabilities		323,682								207,338
Total liabilities		9,010,332								8,399,244
Shareholders’ equity		1,803,071								2,015,858
Total liabilities and shareholders’ equity	$	10,813,403							$	10,415,102
Net interest income				$	173,901							$	162,333
Interest rate spread (b)							1.68	%							1.38	%
Net interest-earning assets (c)	$	1,804,168							$	1,875,372
Net interest margin (d)					2.21	%(a)							2.15	%(a)
Average interest-earning assets to average interest-bearing liabilities		120.77	%							122.89	%

(a) Annualized

(b) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(c) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(d) Net interest margin represents net interest income divided by total interest-earning assets.