<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>5
<FILENAME>0005.txt
<DESCRIPTION>EXHIBIT 21
<TEXT>


                                   EXHIBIT 21


<PAGE>


                                   EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT

Parent

TF Financial Corporation


                                               Percentage    Jurisdiction of
Subsidiaries                                      Owned      Incorporation
------------                                   -----------  ----------------

Third Federal Savings Bank (a)                    100%         United States

TF Investments Corporation (a)                    100%         Delaware

Teragon Financial Corporation (a)                 100%         Pennsylvania

Penns Trail Development Corporation (a)           100%         Delaware

Third Delaware Corporation (a)(b)                 100%         Delaware

-------------------------
(a)  The  operations  of  this  subsidiary  are  included  in  the  consolidated
     financial  statements  contained in the 2000 Annual Report to  Stockholders
     incorporated herein by reference.

(b)  Third Delaware  Corporation  is a wholly-owned  subsidiary of Third Federal
     Savings Bank.

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</DOCUMENT>