FOR IMMEDIATE RELEASE                              Contact: Marvin N. Schoenhals

October 5, 2004                                                   (302) 571-7294

                   WSFS ANNOUNCES ORGANIZATIONAL ADVANCEMENTS

         WSFS Financial  Corporation  (NASDAQ/NMS:  WSFS), the parent company of
Wilmington  Savings Fund Society,  FSB,  announced today that as a result of the
Company's  growth and  expansion,  responsibilities  have  changed for  co-Chief
Operating Officers Mark A. Turner and Karl L. Johnston.

         Along with Chairman, President and CEO Marvin N. Schoenhals, Mr. Turner
and Mr. Johnston serve as members of the Company's Office of the Chief Executive
Officer (OCEO), the senior executive leadership committee of WSFS.

         Mr. Turner,  Chief Operating  Officer (COO) and current Chief Financial
Officer (CFO) has assumed  responsibilities  for all Retail Banking,  Marketing,
Human  Resources  and  Facilities  Management,  in  addition  to his  continuing
responsibilities for Technology and Operations.  As a result of the shift in his
responsibilities,  the  Company  has  begun  a  search  for a new  CFO.  Until a
successor has been named, Mr. Turner will continue in his role as CFO.

         Mr. Johnston,  Chief Operating  Officer and Chief Lending Officer,  has
assumed  responsibility  for  Risk  Management  in  addition  to his  continuing
responsibility  for all Commercial  Banking  activities,  Commercial Real Estate
Lending, Private Banking and WSFS Investment Group.

         Mr. Schoenhals said, "The Company's growth and success,  along with our
similar  plans for the future,  have created both the  opportunity  for Mark and
Karl to build on their talents in new areas and the  opportunity  to broaden the
ranks of our senior management team with a new CFO."




         Mr. Turner joined the Company in 1996,  was promoted to CFO in 1998 and
further  promoted  to  COO  in  2001.  Mr.  Turner  is a  graduate  of La  Salle
University,  is a CPA and earned his MBA from the Wharton  School of Business at
the  University  of  Pennsylvania.  Mr.  Turner is currently a candidate for his
Master's in Executive Leadership from a new and unique program at the University
of Nebraska,  co-sponsored by the Gallup Organization. Mr. Turner is very active
in the Delaware  community  and serves on the Board of Directors of the Delaware
Bankers  Association,  the Delaware  Chapter of the March of Dimes, the Delaware
Community  Foundation,  the WSFS  Foundation  and Mr.  Turner is a  Trustee  for
Christiana Care, Inc.

         Mr.  Johnston  joined  the  Company  in  1997  and has  been a  leading
community banker in Delaware for the last 34 years.  Active in both business and
community,  Mr.  Johnston  serves on the Board of Directors of Peninsula  United
Methodist Homes, the New Castle County Economic Council,  the DEL-MAR-VA Council
of the Boy  Scouts of  America  and the WSFS  Foundation.  He is a former  Board
Member and past President of the Delaware Bankers Association. He also served as
a Board Member of the United Way of Delaware and the New Castle  County  Chamber
of Commerce,  and as Director and faculty member of the Central  Atlantic School
of Commercial Lending.  Mr. Johnston is a graduate of the University of Delaware
and earned his MBA from Widener University.

         WSFS  Financial  Corporation  is  a  $2.4  billion  financial  services
company.  At June 30, 2004, its principal  subsidiary,  Wilmington  Savings Fund
Society,  FSB,  operated  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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         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.

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