WSFS FINANCIAL CORPORATION

For Release:       August 7, 2003                       Contact:  Mark A. Turner
                                                                  (302) 571-7160
                                                               838 Market Street

                                 WSFS AUTHORIZES
                        ADDITIONAL STOCK REPURCHASE PLAN


         WSFS Financial  Corporation  (NASDAQ/NMS:  WSFS), the parent company of
Wilmington  Savings  Fund  Society,  FSB,  today  announced  that  its  Board of
Directors has approved an open  authorization  to repurchase up to an additional
10% of its outstanding shares of common stock, or approximately 748,000 shares.

         Management  has nearly  completed the  repurchase of the 820,000 shares
authorized  by the  Board  in  February  2003.  In 2003,  WSFS  has  repurchased
1,280,600  shares  or 14.8% of the  outstanding  shares at an  average  price of
$34.78.  WSFS has purchased  approximately 51.5% of its outstanding shares at an
average price of $17.46 since its repurchase programs began in 1996.

         WSFS  Financial  Corporation  is  a  $2.0  billion  financial  services
company.  Its  principal  subsidiary,  Wilmington  Savings  Fund  Society,  FSB,
operates 22 retail banking offices in Delaware and Pennsylvania. Other operating
subsidiaries  include WSFS Credit  Corporation,  and WSFS Investment Group, Inc.
For more information, please visit the Bank's website at www.wsfsbank.com.

                                      * * *

         Statements  contained in this news  release,  which are not  historical
facts,  are  forward-looking  statements  as that term is defined in the Private
Securities  Litigation Reform Act of 1995. Such forward- looking  statements are
subject to risks and  uncertainties  which could cause actual  results to differ
materially  from those currently  anticipated due to a number of factors,  which
include,  but are not limited to, factors  discussed in documents  filed by WSFS
Financial  Corporation with the Securities and Exchange  Commission from time to
time.  The  Corporation  does  not  undertake  to  update  any   forward-looking
statement,  whether written or oral, that may be made from time to time by or on
behalf of the Corporation.

                                      # # #