TFS Financial Corporation (NASDAQ: TFSL) (the “Company”), the holding company of the Third Federal Savings and Loan Association of Cleveland (the “Association”), today announced that the Board of Directors has declared a quarterly cash dividend of $0.2825 per share. , payable on December 13, 2022 to shareholders of record on November 29, 2022.
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Chairman and CEO Marc A. Stefanski (Photo: Business Wire)
Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”), the Company’s mutual holding company and owner of 227,119,132 shares, or 81.0% of the Company’s outstanding common stock, has waived his right to receive the dividend on his shares.
On July 12, 2022, MHC received approval from its members (depositors and certain lending clients of the Association) regarding the waiver of dividends, and subsequently received no objection from the Federal Reserve Bank of Cleveland , to waive the receipt of dividends on the common shares of the Company held by MHC up to an aggregate amount of $1.13 per share during the four quarters ending June 30, 2023. MHC has previously waived receive dividends paid by the Company in the aggregate amount of $0.2825 per share during the quarter ending September 30, 2022.
Third Federal is a leading provider of savings and mortgage products and operates under the values of love, trust, respect, commitment to excellence and fun. Founded in Cleveland in 1938 as a membership association by Ben and Gerome Stefanski, Third Federal’s mission is to help people realize their dream of home ownership and financial security. It became a public company in 2007. Third Federal, which lends in 25 states and the District of Columbia, is dedicated to serving consumers with competitive rates and exceptional service. Third Federal, an equal housing lender, has 21 full-service branches in northeast Ohio, five loan offices in central and southern Ohio, and 16 full-service branches throughout Florida. As of September 30, 2022, the Company’s assets totaled $15.79 billion.
This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. Forward-looking statements contained herein include, but are not limited to, the Company’s plans with respect to its dividends. These forward-looking statements involve risks and uncertainties that could cause the Company’s results to differ materially from management’s current expectations. The company’s risks and uncertainties are detailed in its filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2021. Forward-looking statements are based on beliefs and our management’s assumptions. and information currently available. The Company disclaims any responsibility to publicly update or revise any forward-looking statement.
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