Third Federal Foundation Donates $500,000 to The Literacy Cooperative

Rhea-AI Summary

Third Federal's Chairman and CEO, Marc A. Stefanski, announced a $500,000 donation to The Literacy Cooperative to establish the Kurt Karakul Prize, honoring the Foundation's president since 2007. This grant aims to acknowledge individuals who champion literacy in their communities, furthering Kurt’s legacy of improving reading scores for local children. The Third Federal Foundation, established in 2007 with an endowment of $50 million, has historically supported various initiatives, including pandemic relief efforts. Third Federal, public since 2007 (Nasdaq: TFSL), operates across 25 states and D.C., with assets totaling $14.5 billion as of September 30, 2019.

Positive

• Establishment of the Kurt Karakul Prize to honor literacy champions.
• Continued commitment to community development through educational initiatives.
• Third Federal has a strong asset base of $14.5 billion.

Negative

• None.

Marc A. Stefanski, Chairman and CEO of Third Federal, announced a $500,000 gift to The Literacy Cooperative to establish the Kurt Karakul Prize. The endowment honors Karakul, who has been president of the Foundation since 2007.

“This grant is a tribute to Kurt’s contributions and dedication to the children of Slavic Village. He has worked tirelessly with our partners during the last 14 years to help children make positive strides in their reading test scores,” Stefanski said. Establishing this gift in his name will further ensure his impact will continue for decades to come.”

The gift from the Foundation will allow The Literacy Cooperative to develop an award focused on those who, like Karakul, are literacy champions and making a positive impact on the communities in which they live and work.

The Third Federal Foundation was formed in 2007 with $50 million in stock and $5 million in cash as a result of the Initial Public Offering of Third Federal stock. Karakul was the first director of the Foundation, leading impactful initiatives in education, housing and healthcare in the communities Third Federal serves, and most directly, in Slavic Village, where the company was founded in 1938. In 2020, the Foundation was one of the first funders of the Greater Cleveland COVID-19 Rapid Response Fund, which supported non-profit organizations and programs hit hard by the pandemic.

Third 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 (Nasdaq: TFSL). 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 September 30, 2019, the Company’s assets totaled $14.5 billion.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005977/en/

FAQ

What is the Kurt Karakul Prize established by Third Federal?

The Kurt Karakul Prize is a $500,000 award by Third Federal to honor literacy champions, initiated by a donation to The Literacy Cooperative.

Who is Kurt Karakul in relation to Third Federal?

Kurt Karakul is the president of The Literacy Cooperative and has been recognized for his contributions to literacy initiatives in the community.

When was Third Federal founded and what is its stock symbol?

Third Federal was founded in 1938 and became public in 2007, trading under the stock symbol TFSL.

How has the Third Federal Foundation contributed to the community?

The Third Federal Foundation supports various initiatives, including education and pandemic relief efforts, enhancing community welfare.