EXHIBIT 99


                                  News Release

May 9, 2003                                      Contact: Dennis R. Stewart, CFO
FOR IMMEDIATE RELEASE                                     (215) 579-4000


       TF Financial Corporation Announces Retirement of President and CEO

     Newtown,  Pennsylvania:  TF Financial Corporation (Nasdaq National Market -
THRD), the Newtown,  Pennsylvania-based  parent holding company of Third Federal
Bank ("Third Federal"),  today announced that,  effective July 1, 2003, Mr. John
R.  Stranford  will  retire as  President  and Chief  Executive  Officer  of the
Corporation  and  Third  Federal.  Mr.  Stranford  will  remain  on the Board of
Directors of the Corporation.

     Kent C. Lufkin, Senior Vice President and Retail Banking Officer, has today
been named  Executive  Vice  President of Third Federal Bank. It is  anticipated
that,  effective  upon  Mr.  Stranford's  retirement,  Mr.  Lufkin  will  become
President and Chief  Executive  Officer of the  Corporation  and Third  Federal.
Prior to joining  Third  Federal in 2000,  Mr.  Lufkin was  President  and Chief
Executive Officer of Roebling Bank.

     Mr. Robert N. Dusek, Chairman of the Board of Directors of the Corporation,
stated  that "Jack  Stranford  has been a valuable  member of the Third  Federal
family for more than 35 years and has particularly served Third Federal well for
the past eight years as President and Chief Executive Officer.  Jack has done an
outstanding  job  for  Third  Federal,  particularly  in  our  transition  to  a
publicly-held company, and we are very happy he is going to remain involved as a
Director  of the  Corporation."  Mr.  Dusek  went on to say that "we have  every
confidence  that Kent  Lufkin  will  continue  our fine  tradition  of being the
community bank of choice in Philadelphia and Bucks Counties,  Pennsylvania,  and
Mercer County,  New Jersey.  We expect this will be a seamless  transition." Mr.
Stranford  remarked "I have had 35 wonderful years with Third Federal but now it
is time for me to  reduce my role here and  focus  more on my  retirement  years
which lie ahead.  I look forward to continuing my service to the  Corporation on
the Board of  Directors  and  intend to do  everything  I can to ensure a smooth
transition."

     Third Federal Bank operates 14 full service retail and  commercial  banking
offices in Philadelphia  and Bucks Counties,  Pennsylvania and in Mercer County,
New Jersey.  Deposits at Third Federal are insured to legal  maximum  amounts by
the Federal Deposit Insurance Corporation (FDIC). The Corporation's common stock
is traded on the Nasdaq National Stock Market under the symbol "THRD".

This  release  may  contain  forward-looking  statements.  We caution  that such
statements may be subject to a number of uncertainties  and actual results could
differ materially and, therefore, readers should not place undue reliance on any
forward-looking  statements.  TF Financial  Corporation does not undertake,  and
specifically  disclaims,  any obligation to publicly  release the results of any
revisions  that may be made to any  forward-looking  statements  to reflect  the
occurrence of anticipated or  unanticipated  events or  circumstances  after the
date of such statements.