PRESS RELEASE

FOR IMMEDIATE RELEASE

                                                         Contact: Mark A. Turner

June 24, 2004                                                     (302) 571-7160


                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 702,000 shares.

         Management  has nearly  completed the  repurchase of the 748,000 shares
authorized  by the Board in August  2003.  During  the first six months of 2004,
WSFS has  repurchased  373,900  shares  or 5% of its  outstanding  shares  at an
average price of $48.15,  including 348,900 shares in the second quarter 2004 at
an average price of $47.91 per share.  WSFS has purchased  approximately  56% of
its  outstanding  shares  at an  average  price of $19.88  since its  repurchase
programs began in 1996.

         WSFS  Financial  Corporation  is  a  $2.4  billion  financial  services
company.  Its  principal  subsidiary,  Wilmington  Savings  Fund  Society,  FSB,
operates 23 retail banking offices in all three counties in Delaware, as well as
Chester and Delaware  Counties in  Pennsylvania.  Other  operating  subsidiaries
include WSFS Credit  Corporation,  WSFS Reit, Inc., WSFS Investment  Group, Inc.
and Montchanin Capital Management,  Inc. For more information,  please visit the
Bank's website at www.wsfsbank.com.
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