EXHIBIT 21


                         SUBSIDIARIES OF THE REGISTRANT


Parent
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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

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(a)  The  operations  of  this  subsidiary  are  included  in  the  consolidated
     financial  statements  contained in the 2003 Annual Report to  Stockholders
     incorporated herein by reference.

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