                           WSFS FINANCIAL CORPORATION
                     838 Market Street, Wilmington, DE 19899

For Release:       November 25, 2002                    Contact:  Mark A. Turner
                                                                  (302) 571-7160

             WSFS ANNOUNCES SALE OF REVERSE MORTGAGE LOAN PORTFOLIO

         WSFS Financial  Corporation  (NASDAQ/NMS:  WSFS), the parent company of
Wilmington  Savings  Fund  Society,  FSB,  today  announced  that  it  has  sold
substantially  all of its  reverse  mortgage  loans to an  affiliate  of  Lehman
Brothers, the global investment bank.

         In  exchange  for the  sale of its  reverse  mortgage  portfolio,  WSFS
expects to receive net proceeds, after costs and expenses, of approximately $136
million,  consisting  primarily  of cash and $10  million  of  investment  grade
mortgage-backed  securities.  The book value of WSFS' reverse  mortgage loans at
September 30, 2002 was approximately $33 million, resulting in a pre tax gain of
approximately  $103  million.  WSFS  expects  to record an after tax gain in the
fourth  quarter 2002 of  approximately  $67  million,  or $7.02 per WSFS diluted
share, related to this transaction. WSFS acquired its reverse mortgage assets in
1993 and 1994 in two separate  purchase  transactions and has not originated new
reverse  mortgage loans since then.  Certain of these loans had been acquired at
deep discounts to their stated par amount.

         Marvin  N.   Schoenhals,   Chairman  and   President  of  WSFS,   said,
"Historically  high housing  prices and  historically  low  interest  rates have
combined to result in maximum  value for our reverse  mortgages at this time. We
are  pleased to have  worked  with  Lehman  Brothers  on the sale of our reverse
mortgage loan portfolio.  Consistent with our strategic  direction,  the capital
produced  by this  transaction  may be used over  time to  invest in WSFS'  core
community  bank,  where we  continue  to see strong  potential  for  financially
rewarding growth, and repurchase WSFS stock."

         WSFS currently has an open authorization to repurchase up to 10% of its
outstanding stock, or 910,000 shares.  WSFS has purchased 40% of its outstanding
shares since its repurchase programs began in 1996.

         WSFS  Financial  Corporation  is  a  $1.6  billion  financial  services
company.  Its  principal  subsidiary,  Wilmington  Savings  Fund  Society,  FSB,
currently  operates 21 retail  banking  offices in New Castle  County and Dover,
Delaware,  as well as Chester  and  Delaware  Counties  in  Pennsylvania.  Other
operating  subsidiaries  include WSFS Credit  Corporation;  Wilmington  Finance,
Inc.; and WSFS Investment  Group,  Inc. For more  information,  please visit the
Bank's website at www.wsfsbank.com.
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         Statements  contained in this news  release,  which are not  historical
facts,  are  forward-looking  statements  as that term is defined in the Private
Securities  Litigation Reform Act of 1995. Such  forward-looking  statements are
subject to risks and  uncertainties  which could cause actual  results to differ
materially  from those currently  anticipated due to a number of factors,  which
include,  but are not limited to, factors  discussed in documents  filed by WSFS
Financial  Corporation with the Securities and Exchange  Commission from time to
time.  The  Corporation  does  not  undertake  to  update  any   forward-looking
statement,  whether written or oral, that may be made from time to time by or on
behalf of the Corporation.
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