<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>2
<FILENAME>ex-21.txt
<DESCRIPTION>EXHIBIT 21
<TEXT>
                                                                      Exhibit 21

                         Subsidiaries of the Registrant
                         ------------------------------


<TABLE>
<CAPTION>
                                                                                   State or
                                                                    Percent    Other Jurisdiction
Parent Company                Subsidiary                             Owned      of Incorporation
--------------                ----------                             -----      ----------------

<S>                         <C>                                     <C>         <C>
WSFS Financial Corporation    Wilmington Savings Fund Society,        100%        United States
                               Federal Savings Bank
                              WSFS Capital Trust, III                 100%        Delaware
                              Montchanin Capital Management, Inc.     100%        Delaware

Wilmington Savings Fund       WSFS Investment Group, Inc.             100%        Delaware
 Society, Federal
 Savings Bank


Montchanin Capital            Cypress Capital Management, LLC         100%        Delaware
 Management, Inc.

</TABLE>
</TEXT>
</DOCUMENT>