TFS Financial Corporation (NASDAQ: TFSL), the holding company for Third Federal Savings and Loan Association of Cleveland, has announced that its Board of Directors declared a quarterly cash dividend of $0.2825 per share. The dividend will be payable on December 17, 2024, to stockholders of record as of December 3, 2024.
The Company’s mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC, which owns 227,119,132 shares or 80.9% of the Company’s outstanding common stock, has waived its right to receive the dividend.
Earlier this year, on July 9, 2024, the MHC received approval from its members, including depositors and certain loan customers, to waive dividends on its shares. This was followed by the Federal Reserve Bank of Cleveland’s non-objection to waive dividends up to $1.13 per share within 12 months of member approval, effective through July 9, 2025. The MHC had previously waived dividends totaling $0.2825 per share for the quarter ending September 30, 2024.
About Third Federal Savings and Loan
Founded in 1938 in Cleveland, Third Federal Savings and Loan is a leading provider of savings and mortgage products. The company operates under the core values of love, trust, respect, commitment to excellence, and fun. With a mission to help individuals achieve homeownership and financial security, the institution transitioned to a public company in 2007 and celebrated its 85th anniversary in May 2023.
Third Federal serves consumers across 27 states and the District of Columbia, offering competitive rates and exceptional service. The company operates 21 full-service branches in Northeast Ohio, two lending offices in Central and Southern Ohio, and 16 full-service branches throughout Florida. As of September 30, 2024, Third Federal’s total assets amounted to $17.09 billion.
Forward-Looking Statements
This release contains forward-looking statements as defined by the Securities Exchange Act of 1934, which are subject to risks and uncertainties. These include plans related to the Company’s dividends and other factors that may cause results to differ materially from management’s expectations. Detailed information on these risks can be found in the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The Company assumes no obligation to update any forward-looking statements.
