<SUBMISSION>
<ACCESSION-NUMBER>0000946275-02-000360
<TYPE>11-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20011231
<FILING-DATE>20020628
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WSFS FINANCIAL CORP
<CIK>0000828944
<ASSIGNED-SIC>6021
<IRS-NUMBER>222866913
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>11-K
<ACT>34
<FILE-NUMBER>000-16668
<FILM-NUMBER>02691055
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>838 MARKET ST
<CITY>WILMINGTON
<STATE>DE
<ZIP>19801
<PHONE>3027926000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>838 MARKET STREET
<CITY>WILMINGTON
<STATE>DE
<ZIP>19801
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>STAR STATES CORP
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>f11k_062702-0312.txt
<DESCRIPTION>FORM
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 11-K

(Mark One)

{X}      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES

                            AND EXCHANGE ACT OF 1934

                 For the fiscal year ended December 31, 2001
              -----------------------------------------------------

                                       OR

{  }     TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES

                            AND EXCHANGE ACT OF 1934

For the transition period from                       to
                               ---------------------    ------------------

Commission file number   0-16668
                        ----------

         A.       Full title of the plan and the address of the plan:

                  WSFS Financial Corporation
                  401(k) Savings and Retirement Plan
                  838 Market Street
                  Wilmington, DE  19899

         B.       Name of issuer of the securities held pursuant to the plan and
                  the address of its principal executive office:

                  WSFS Financial Corporation
                  838 Market Street
                  Wilmington, DE  19899

<PAGE>


                              REQUIRED INFORMATION



The audited financial  statements  required are incorporated herein by reference
from the Financial Statements and Supplemental  Information,  December 31, 2001,
attached as Exhibit 1.

                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
trustees (or other persons who administer  the employee  benefit plan) have duly
caused  this  annual  report  to be  signed  on its  behalf  by the  undersigned
thereunto duly authorized.





WSFS Financial Corporation
401(k) Savings and Retirement Plan




DATE:          June 26, 2002                  \s\    Deborah A. Powell
                                              ---------------------------------
                                                     Deborah Powell
                                                     Executive Vice President




<PAGE>




                           WSFS FINANCIAL CORPORATION
                       401(k) savings and retirement plan

                 Financial Statements and Supplemental Schedules

                           December 31, 2001 and 2000

                   (With Independent Auditors' Report Thereon)





<PAGE>




                           WSFS FINANCIAL CORPORATION
                       401(k) SAVINGS AND RETIREMENT PLAN


                                Table of Contents



                                                                            Page

Independent Auditors' Report                                                   1

Statements of Net Assets Available for Benefits, December 31, 2001 and 2000    2

Statements of Changes in Net Assets Available for Benefits, Years ended
     December 31, 2001, 2000, and 1999                                         3

Notes to Financial Statements                                                  4

Schedules:

1    Schedule H, Line 4i - Schedule of Assets (Held at End of Year),
           December 31, 2001                                                   9

2    Schedule H, Line 4j - Schedule of Reportable Transactions, Year ended
           December 31, 2001                                                  10





<PAGE>




                          Independent Auditors' Report



The Participants and Administrator
WSFS Financial Corporation
      401(k) Savings and Retirement Plan:


We have audited the accompanying statements of net assets available for benefits
of the 401(k) Savings and Retirement  Plan of WSFS  Financial  Corporation  (the
Plan) as of December 31, 2001 and 2000, and the related statements of changes in
net assets available for benefits for each of the years in the three-year period
ended December 31, 2001. These financial  statements are the  responsibility  of
the  Plan's  management.  Our  responsibility  is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the Plan's net assets  available  for  benefits  as of
December 31, 2001 and 2000, and changes in net assets  available for each of the
years in the  three-year  period ended  December 31, 2001,  in  conformity  with
accounting principles generally accepted in the United States of America.

Our audits  were  performed  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental  information included in
the  schedules of assets (held at end of year) and  reportable  transactions  is
presented for purposes of additional  analysis and is not a required part of the
basic  financial  statements,  but is supplemental  information  required by the
Department of Labor's Rules and Regulations  for Reporting and Disclosure  Under
the Employee Retirement Income Security Act of 1974. The supplemental  schedules
are the  responsibility of the Plan's management.  The supplemental  information
has been subjected to the auditing procedures applied in the audits of the basic
financial  statements  and, in our  opinion,  is fairly  stated in all  material
respects in relation to the basic financial statements taken as a whole.



                                  /s/ KPMG LLP



May 31, 2002

<PAGE>

                           WSFS FInancial Corporation
                       401(k) savings and retirement plan

                 Statements of Net Assets Available for Benefits

                           December 31, 2001 and 2000




                                                        2001            2000
                                                     -----------     -----------

Assets:
    Investments (note 3)                             $16,698,779      14,490,634
                                                     -----------     -----------

    Receivables:
       Employer contributions                             82,751          37,995
       Loans to participants                             539,257         610,889
                                                     -----------     -----------

              Total receivables                          622,008         648,884
                                                     -----------     -----------

Net assets available for plan benefits               $17,320,787      15,139,518
                                                     ===========     ===========


See accompanying notes to financial statements.

                                       2

<PAGE>


                           WSFS FInancial Corporation
                       401(k) savings and retirement plan

           Statements of Changes in Net Assets Available for Benefits

                  Years ended December 31, 2001, 2000, and 1999


<TABLE>
<CAPTION>

                                                2001          2000           1999
                                            -----------   -----------    -----------
<S>                                       <C>           <C>            <C>
Additions:
   Investment income:
       Interest and dividends               $   254,398       290,107        226,786
       Net appreciation (depreciation) in
           fair value of investments          1,791,453      (253,407)    (1,060,535)
                                            -----------   -----------    -----------

                                              2,045,851        36,700       (833,749)
                                            -----------   -----------    -----------

   Contributions:
       Employer                               1,004,158       884,609        754,431
       Participants                             847,225     1,477,399        697,657
                                            -----------   -----------    -----------

                                              1,851,383     2,362,008      1,452,088
                                            -----------   -----------    -----------

               Total additions                3,897,234     2,398,708        618,339

Deductions:
   Benefits paid                              1,715,965     1,943,908        732,186
                                            -----------   -----------    -----------

               Net increase (decrease)        2,181,269       454,800       (113,847)

Net assets available for plan benefits:
   Beginning of year                         15,139,518    14,684,718     14,798,565
                                            -----------   -----------    -----------

   End of year                              $17,320,787    15,139,518     14,684,718
                                            ===========   ===========    ===========
</TABLE>


See accompanying notes to financial statements.

                                       3
<PAGE>

                           WSFS FInancial Corporation
                       401(k) savings and retirement plan

                          Notes to Financial Statements

                        December 31, 2001, 2000, and 1999



(1)    Description of Plan

       The  purpose  of  the  WSFS  Financial  Corporation  401(k)  Savings  and
       Retirement  Plan (the  Plan) is to  encourage  and  assist  employees  in
       following  a  systematic  savings  program  suited  to  their  individual
       long-term financial objectives.  The Plan is subject to the provisions of
       the  Employee  Retirement  Income  Security  Act  of  1974  (ERISA).  The
       following  description  of the Plan  provides  only general  information.
       Participants  should  refer to the Plan  Agreement  or the  Summary  Plan
       Description for a more complete description of the Plan's provisions.

       (a)    Eligibility

              All full- and part-time employees of WSFS Financial Corporation or
              its  subsidiaries  (the  Employers) who were employed on or before
              June 30,  1993 were  eligible to  participate  on the first of the
              month following 90 days of service. Employees hired after June 30,
              1993 are eligible to  participate  following the completion of one
              year  of  continuous  employment,  1,000  hours  of  service,  and
              attainment of age 21.

       (b)    Contributions

              Participants   may   authorize   the  Employers  to  make  payroll
              deductions   under  the  Plan  from  1%  to  15%  of  their  total
              compensation  not  to  exceed  $10,500  in  2001.  The  percentage
              contribution may be increased,  decreased,  revoked, or resumed at
              any time during the year.  Such  changes are  effective  as of the
              next pay period.  Contributions  made by participants are credited
              to  their  individual  accounts  and are made on a  pre-tax  basis
              assuming applicable  regulations set forth in the Internal Revenue
              Code are satisfied.

              All  contributions  made by the Employers on participants'  behalf
              are also on a pre-tax basis.  The Employers'  contributions to the
              Plan are made monthly and comprise the following:

              Company Matching  Contribution - An employer matching contribution
              program was  implemented  effective July 1, 1993,  under which the
              Employers  matched 25% of the  employee's  contribution  up to 6%.
              This matching  contribution  program was amended effective July 1,
              1997,  such  that  the  Employers  match  100%  of the  employee's
              contribution  up  to  5%  of  total  compensation.   The  matching
              contribution is in the form of WSFS Financial  Corporation  common
              stock.

              Employer  Base Profit  Sharing  Contribution  - Effective  July 1,
              1993,  the Employers  implemented a profit  sharing  program.  The
              program  was  amended  and  effective  as of  July  1,  1997.  The
              contribution  for each  eligible  participant  is  calculated as a
              fixed percentage of the participant's total compensation. Prior to
              that, the  contribution  was calculated on a pro rata basis of the
              participant's  compensation in relation to the total  compensation
              of all  participants.  The profit sharing  contribution  is in the
              form of WSFS  Financial  Corporation  common stock and consists of
              two parts:

               o    Base  Contribution  - Awarded  quarterly  based on the fixed
                    percentage established at the beginning of the year.

               o    Supplemental  Contribution  - Awarded at year-end or shortly
                    thereafter  in the event the  Employers  equaled or exceeded
                    budgeted targets for the entire year.

                                       4                             (Continued)
<PAGE>

                           WSFS FInancial Corporation
                       401(k) savings and retirement plan

                          Notes to Financial Statements

                        December 31, 2001, 2000, and 1999



              For the  years  ended  December  31,  2001,  2000,  and  1999,  no
              Supplemental Contribution was made.

              Excess  Flexible  Benefit  Funds - Under the  Employers'  BeneFlex
              programs,  employees  are  provided a fixed amount of funds by the
              Employers that can be used to purchase optional employee benefits.
              In lieu of purchasing  such benefits,  employees may direct all or
              part of these funds to be contributed to the Plan on their behalf.

       (c)    Participants' Accounts

              Participants'  accounts are credited for their  contributions  and
              the Employers'  contribution  made on their behalf.  Participants'
              accounts are also  credited  with an allocation of the earnings or
              losses of the Plan fund in which  each  participant's  account  is
              invested  based upon the  change in unit share  price of all funds
              and for the  money  market  fund  upon the  ratio  of the  account
              balance to the total of all participants' account balances in that
              fund.

       (d)    Vesting

              All employee  contributions are 100% vested and are not subject to
              forfeiture  for  any  reason.   Employer  contributions  that  are
              forfeited by participants  reduce future  Employer  contributions.
              Employer  contributions  were vested immediately for employees who
              enrolled in the Plan prior to June 30,  1993.  The Plan's  vesting
              schedule was amended as of July 1, 1997. The new vesting  schedule
              applies to all  participants  who  enrolled in the Plan after June
              30,  1993.  The table below shows the  vesting  schedule  (old and
              amended)  for  employees  who  enrolled in the Plan after June 30,
              1993.

                                                              Vested percentages
              Year of service  Vested percentages as amended  prior to amendment
              ---------------- -----------------------------  ------------------

                    0-1                     20%                       0%
                     2                      40%                       0%
                     3                      60%                       20%
                     4                      80%                       40%
                     5                     100%                       60%
                     6                     100%                       80%
                     7                     100%                      100%

       (e)    Withdrawals

              Participants'  accounts are segregated between pre-January 1, 1988
              and  post-January 1, 1988  contributions.  Employee  contributions
              made  subsequent  to January 1, 1988 are made on a pre-tax  basis,
              and  withdrawals  are  subject to tax and,  in certain  instances,
              penalty.  Effective  January  1,  1993,  the Plan is  required  to
              withhold federal income taxes at a flat rate of 20% on the taxable
              portion of withdrawals  that are not directly  rolled over into an
              Individual   Retirement   Account   (IRA)  or  another   qualified
              retirement  plan.  This  withholding tax does not apply to minimum
              distributions and annuity payments.  Participant interest payments
              on loans,  which are recorded as earnings,  are made on a post-tax
              basis.

                                       5                             (Continued)
<PAGE>

                           WSFS FInancial Corporation
                       401(k) savings and retirement plan

                          Notes to Financial Statements

                        December 31, 2001, 2000, and 1999


              Under the Plan,  participants may request hardship  withdrawals of
              vested contributions (but not income earned on contributions after
              December  31,  1988),  which  must  be  approved  by the  Employee
              Benefits  Committee  and can only be made for one of the following
              reasons:

               1.   Purchase of primary residence of the participant

               2.   Preservation of primary residence

               3.   Certain   medical   expenses  of  a  participant   or  their
                    dependents

               4.   Tuition for the next  semester  or quarter of  postsecondary
                    education of the employee, spouse, or dependents.

              Hardship withdrawals are subject to applicable withholding taxes.

       (f)    Loan Provision

              Under the Plan,  participants  may obtain loans up to 50% of their
              vested account balance with a minimum loan of $1,000 and a maximum
              loan of $50,000.  The interest rate on loans is 10%. Interest paid
              on the loan is added to the participant's  account balance.  Loans
              are secured by the participant's interest in the Plan.

       (g)    Administrative Expenses

              Expenses  relating to the  administration  of the Plan are paid by
              WSFS Financial Corporation. Costs incurred by the Plan relating to
              voluntary  removal  of  funds  in the  form  of loan  proceeds  or
              withdrawals are borne by the Plan participants.

(2)    Summary of Significant Accounting Policies

       (a)    Basis of Presentation

              The accompanying  financial statements are prepared on the accrual
              basis of  accounting.  Revenues and expenses are  recognized  when
              earned  or  incurred  in  accordance   with   generally   accepted
              accounting principles.

       (b)    Investments in Securities

              Investments  in  short-term  securities  are  valued  at cost that
              approximates market. Investments in mutual funds are valued at the
              net asset value of the fund, which is based on the quoted year-end
              market  value  of  securities  held by the  fund.  WSFS  Financial
              Corporation common stock is valued at the year-end market price.

       (c)    Revenue Recognition and Method of Accounting

              The Plan records all transactions on an accrual basis.  Investment
              income is recorded as earned.  The Plan calculates  realized gains
              and losses and unrealized  appreciation  and  depreciation  as the
              difference between market value and cost; IRS Form 5500 calculates
              realized  gains  and  losses  and

                                       6                             (Continued)
<PAGE>

                           WSFS FInancial Corporation
                       401(k) savings and retirement plan

                          Notes to Financial Statements

                        December 31, 2001, 2000, and 1999



               unrealized   appreciation  and  depreciation  as  the  difference
               between  market  value  at time of sale and  market  value at the
               prior period year-end.

       (d)    Fund Accounting for Income

              The mutual funds invest  interest and dividend  income  within the
              fund to purchase  more fund  assets  rather  than  distribute  the
              income among investors in the fund.

(3)    Investments

       The following represents investments,  at fair value, that are 5% or more
       of the Plan's net assets.

<TABLE>
<CAPTION>
                                                               December 31,
                                                    ------------------------------------
                                                          2001                2000
                                                    -----------------    ---------------

<S>                                               <C>                         <C>
       Schwab Institutional Advantage Money Fund    $      1,178,199            1,094,991
       Strong Government Securities Fund                     991,408              777,882
       Oakmark Fund                                               --            1,026,803
       Dreyfus Appreciation Fund                           1,365,147            1,617,243
       Dreyfus Small Company Value Fund                    1,419,357            1,107,632
       WSFS Financial Corporation common stock             7,937,048            5,791,651
       Vanguard Index 500                                  1,080,948            1,314,903
       Janus Worldwide Fund                                1,189,795            1,759,529
       Weitz Value                                         1,339,497                   --
</TABLE>

       *Nonparticipant directed.

       During 2001, 2000, and 1999, the Plan's investments  (including gains and
       losses on  investments  bought and sold, as well as held during the year)
       appreciated  (depreciated)  in  value  by  $1,791,453,   $(253,407),  and
       $(1,060,535), respectively, as follows:

                                 2001               2000           1999
                             --------------     ------------    -----------

       Mutual funds          $   (226,028)        (360,025)        764,845
       Common stock             2,017,481          106,618      (1,825,380)
                             --------------     ------------    -----------

        Total investments    $  1,791,453         (253,407)     (1,060,535)
                             ==============     ============    ===========

                                       7                             (Continued)

<PAGE>

(4)    Nonparticipant-Directed Investments

       Information  about the net assets and the  significant  components of the
       changes in net assets relating to the nonparticipant-directed investments
       is as follows:
<TABLE>
<CAPTION>
                                                                       December 31,
                                                                ----------------------------
                                                                 2001             2000
                                                                -----------   --------------
<S>                                                         <C>                <C>
       Net assets:
           WSFS Financial Corporation Common Stock and
                employer contribution receivable              $   8,019,799        5,829,646
</TABLE>

<TABLE>
<CAPTION>
                                                                         Years ended December 31,
                                                              -----------------------------------------
                                                                 2001            2000           1999
                                                              -----------    -----------   ------------
<S>                                                        <C>              <C>           <C>
       Changes in net assets:
           Contributions                                     $ 1,002,953        948,726        836,121
           Interest and dividends                                 76,912         71,490         37,506
           Net appreciation (depreciation)                     2,017,481        106,618     (1,825,380)
       Benefits paid to participants                            (753,296)      (416,410)      (158,603)
       Transfers to participant-directed investments            (153,898)      (535,289)      (270,547)
                                                              -----------    -----------   ------------

                                                             $ 2,190,152        175,135     (1,380,903)
                                                              ===========    ===========   ============
</TABLE>

(5)    Income Tax Status

       The Plan has received a  determination  letter from the Internal  Revenue
       Service (IRS) dated January 26, 1987,  stating that the Plan is qualified
       under Section  401(a) of the Internal  Revenue Code and,  therefore,  the
       related  trust is  exempt  from  taxation.  Once  qualified,  the Plan is
       required  to operate in  conformity  with the  Internal  Revenue  Code to
       maintain its qualification.

       On  February  28,  2002,  the Plan was amended  and  restated,  effective
       January 1, 1997. The Employers  have  requested an updated  determination
       letter  from the IRS,  but have not yet  received  it for the amended and
       restated Plan. The Employers  believe that the Plan currently is designed
       and being operated in compliance with the applicable  requirements of the
       Internal Revenue Code and that, therefore,  the Plan continues to qualify
       under Section 401(a) and the related trust  continues to be tax-exempt as
       of  December  31,  2001.  Therefore,  no  provision  for income  taxes is
       included in the Plan's financial statements.

(6)    Description of Priorities Upon Plan Termination

       Although WSFS  Financial  Corporation  has not expressed any intention to
       terminate  the  Plan,  it may  do so at  any  time.  In  the  event  of a
       termination,  each participant will receive a total distribution equal to
       their  vested  share  of  each  of  the  funds.  All  unvested   Employer
       contributions revert to the Employers in the event of a plan termination.

                                       8

<PAGE>

                                                                      Schedule 1

                           WSFS FINANCIAL CORPORATION
                       401(k) SAVINGS AND RETIREMENT PLAN

         Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
                                December 31, 2001


                                                         Shares      Fair value
                                                     ------------   ------------

*     Schwab Institutional Advantage Money Fund        1,164,487     $ 1,178,199
      Strong Government Securities Fund                   91,597         991,408
      Oakmark Fund                                            --              --
      Dreyfus Appreciation Fund                           35,809       1,365,147
      Dreyfus Small Company Value Fund                    68,039       1,419,357
*     WSFS Financial Corporation common stock            455,640       7,937,048
      Vanguard Index 500 Fund                             10,167       1,080,948
      Janus Worldwide Fund                                27,024       1,189,795
      Artisan Midcap                                       4,556         118,458
      Weitz Value                                         38,939       1,339,497
      Pax World                                          439,977           9,013
      White Oak Growth                                 1,162,709          45,173
      Artisan International                            1,333,469          24,736
                                                                     -----------

      Total investments                                              $16,698,779
                                                                     ===========

      Loans to participants (interest rate of 10%)                   $   539,257
                                                                     ===========


*Party-in-interest.


                                       9

<PAGE>


                                                                      Schedule 2

                          WSFS FINANCIAL CORPORATION
                       401(k) SAVINGS AND RETIREMENT PLAN

            Schedule H, Line 4j - Schedule of Reportable Transactions

                          Year ended December 31, 2001

               (single  transaction  or  series  of  transactions  in one  issue
               aggregating  5% or more of the  market  value of plan  assets  at
               January 1, 2001)

<TABLE>
<CAPTION>

                                                                       Sales                       Number of        Number of
          Name of party and                             -----------------------------            purchases and     sales and
          description of assets             Purchases       Cost         Proceeds       Gain       issuances       redemptions
------------------------------------     ------------   ------------   -------------- --------   ---------------   ----------------
<S>                                    <C>              <C>             <C>          <C>              <C>            <C>
Series of transactions:
         *WSFS Financial Corporation
         common stock                    $  1,615,785     1,380,612       1,519,519    138,907          66             158

</TABLE>

*Party-in-interest.


                                       10

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>ex-23.txt
<DESCRIPTION>INDEPENDENT AUDITORS' CONSENT
<TEXT>
                          Independent Auditors' Consent



The Board of Directors
WSFS Financial Corporation:

We consent to incorporation  by reference in the  registration  statements (Nos.
33-56108,  333-26099,  333-33713 and  333-40032)  on Form S-8 of WSFS  Financial
Corporation of our report dated May 31, 2002,  relating to the statements of net
assets available for benefits of WSFS Financial  Corporation  401(k) Savings and
Retirement Plan as of December 31, 2001 and 2000, and the related  statements of
changes  in net  assets  available  for  benefits  for each of the  years in the
three-year  period  ended  December  31,  2001,  which report is included in the
annual  report on Form 11-K of WSFS  Financial  Corporation  401(k)  Savings and
Retirement Plan for the year ended December 31, 2001.


                                            /s/  KPMG LLP

Philadelphia, Pennsylvania
June 27, 2002

</TEXT>
</DOCUMENT>
</SUBMISSION>
