EXHIBIT 21

Exhibit 21

SUBSIDIARIES OF THE REGISTRANT

The following is a list of the material subsidiaries of TFS Financial Corporation:

Name |  | State of Incorporation
Third Federal Savings and Loan Association of Cleveland |  | Federal*
Third Capital, Inc. |  | Delaware*
Third Cap Associates, Inc. |  | Ohio**
Third Capital Mortgage Insurance Company |  | Vermont**
Broadway Holding Company |  | Delaware ***
Broadway Realty Holdings Co. |  | Delaware****
FBE, Inc. |  | Ohio ***

* | Subsidiary of TFS Financial Corporation

** | Subsidiary of Third Capital, Inc.

*** | Subsidiary of Third Federal Savings and Loan Association of Cleveland

**** | Subsidiary of Broadway Holding Company