TFS Financial Corporation Declares Dividend
TFS Financial Corporation (NASDAQ: TFSL) announced a quarterly cash dividend of $0.28 per share, payable on March 23, 2021, to stockholders of record by March 9, 2021. The mutual holding company, Third Federal Savings and Loan Association of Cleveland, which owns 80.9% of the Company’s stock, waived its right to receive this dividend. This waiver aligns with the previously approved plan allowing the MHC to forgo dividends up to $1.12 per share over four quarters ending June 30, 2021. TFS Financial's total assets were $14.6 billion as of December 31, 2020.
- Quarterly cash dividend of $0.28 per share declared.
- Adherence to previously established waiver of dividends up to $1.12 per share indicates financial prudence.
- MHC's waiver of dividends may raise concerns about the long-term sustainability of cash returns to shareholders.
TFS Financial Corporation (NASDAQ:TFSL) (the “Company”), the holding company for Third Federal Savings and Loan Association of Cleveland (the “Association”), today announced that the Board of Directors declared a quarterly cash dividend of
Chairman and CEO Marc A. Stefanski (Photo: Business Wire)
Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”), the mutual holding company of the Company and owner of 227,119,132 shares, or
On July 14, 2020, the MHC received the approval of its members (depositors and certain loan customers of the Association) with respect to the waiver of dividends, and subsequently received the non-objection of the Federal Reserve Bank of Cleveland, to waive receipt of dividends on the Company’s common stock the MHC owns up to
Third Federal 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. Third Federal, which lends in 25 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 Northeast Ohio, seven lending offices in Central and Southern Ohio, and 16 full service branches throughout Florida. As of December 31, 2020, the Company’s assets totaled
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, the Company’s plans regarding 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, 2020. Forward-looking statements are based on the beliefs and assumptions of our management and on currently available information. The Company undertakes no responsibility to publicly update or revise any forward-looking statement.
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FAQ
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