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Third Federal Savings and Loan Association of Cleveland, MHC Receives Non-Objection for Dividend Waiver
CLEVELAND--(BUSINESS WIRE)-- Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”) is pleased to announce that it received the
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[{"type":"text","content":" CLEVELAND--(BUSINESS WIRE)--\nThird Federal Savings and Loan Association of Cleveland, MHC (the “MHC”) is pleased to announce that it received the non-objection of the Federal Reserve Bank of Cleveland to waive receipt of dividends on the shares of stock it owns of TFS Financial Corporation (NASDAQ: TFSL) (the “Company”), up to $1.13 per share during the 12 months ending July 9, 2025. Actual dividends during that period are declared at the discretion of the Company’s board of directors.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240809722180/en/Chairman and CEO Marc A. Stefanski (Photo: Business Wire)\n“We appreciate the ongoing support of our members for the MHC dividend waiver and are pleased to announce the non-objection from the Federal Reserve,” said Chairman and CEO Marc A. Stefanski. “The result will allow us the opportunity to maximize the capability to offer dividends to our institutional and individual shareholders. This, along with a focus on capital preservation, and a proactive approach to our business, keeps us strong, stable, and safe.”\n\n\nThe MHC is the mutual holding company and owner of 227,119,132 shares, or 80.9% of the Company’s common stock outstanding, and on July 9, 2024 received the approval of its members (mainly depositors of Third Federal) with respect to the waiver. The members approved the waiver by casting 58% of the eligible votes, with 97% of the votes cast in favor of the waiver. The MHC previously waived the receipt of dividends paid by the Company in an aggregate amount of $1.13 per share during the four quarters ended June 30, 2024.\n\n\nThird Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 85th anniversary in May, 2023. Third Federal, which lends in 26 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northe...