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WSFS    FINANICAL            |
        CORPORATION          |  838 Market Street, Wilmington, Delaware 19801
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                                                                   PRESS RELEASE


FOR IMMEDIATE RELEASE
                                                        Contact:   Stephen Fowle

March 16, 2006                                                    (302) 571-6833



          WSFS Reports Adjustment to Previously Announced 2005 Earnings


            WSFS Financial Corporation  (NASDAQ/NMS:  WSFS) today announced that
  it had  reduced its  previously  announced  fourth  quarter  2005  earnings by
  $400,000, net of taxes.

            The adjustment  relates to the Company's  accounting under Statement
  of Financial Accounting  Standards 133, Accounting for Derivative  Instruments
  and Hedging  Activities  (SFAS 133),  for an interest rate cap entered into in
  connection with its trust preferred debt instrument.

            "The issue with respect to this  transaction  relates to a matter of
  documentation,  rather than the purpose  for which the  interest  rate cap was
  created or its economic substance as the cap continues to provide an effective
  hedge  against  potential  future  interest rate  movements,"  said Stephen A.
  Fowle, WSFS' Chief Financial Officer. "The cumulative effect of this change is
  a non-cash  decrease  in  earnings of  $400,000,  or $0.06 per diluted  share,
  during the fourth quarter of 2005." The Company is reporting  earnings of $7.1
  million,  or $1.03 per diluted share, and $27.9 million,  or $3.89 per diluted
  share,  for the three  months and  twelve  months  ended  December  31,  2005,
  respectively. The revision affects interest expense in the Company's financial
  statements and results in a revised net

                                     (more)

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  interest margin of 3.06% and 3.13% for the fourth quarter and twelve months of
  2005, respectively. The equity of the Company is not affected as the change in
  value of the interest  rate cap had  previously  impacted  equity  through the
  Other Comprehensive Income section rather than through current earnings.

            The  Company  has an  interest  rate cap  that it uses to hedge  the
  interest rate risk in its  LIBOR-based  trust  preferred debt. The Company had
  previously  applied a method of hedge accounting under SFAS 133 (the "critical
  terms  match"   method)  that  assumed  the   effectiveness   of  the  hedging
  transaction. After further examination and in light of recent developments and
  discussions with its independent  registered public accounting firm, KPMG LLP,
  the Company and its Audit Committee  concluded that the cap  transaction  does
  not  qualify  for  the  critical-terms  match  method  because  of  issues  of
  documentation  and an interest  deferral  feature of the trust  preferred debt
  instrument.  Therefore,  any fluctuations in the market value should have been
  recorded through the Company's income statement.

            Mr. Fowle added,  "It is  important to  understand  that the revised
  accounting  treatment for this  transaction does not impact our revenue growth
  trends,  our underlying  loan and deposit growth or any of our key performance
  ratios  in  any  significant  manner.  Additionally,  the  revised  accounting
  treatment  does not affect the  fundamental  economics  of the hedge or of the
  institution."

         WSFS  Financial  Corporation  is  a  $2.8  billion  financial  services
   company. At December 31, 2005, its principal  subsidiary,  Wilmington Savings
   Fund Society,  FSB,  operated 24 retail banking offices in all three counties
   in Delaware, as well as Chester and Delaware counties in Pennsylvania.  Other
   continuing  operating  subsidiaries  include:  WSFS Investment  Group,  Inc.,
   Montchanin Capital Management, Inc. and WSFS Reit, Inc. For more information,
   please visit the Bank's website at http://www.wsfsbank.com.

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