TFS Financial MHC Waives Dividends Approval

By Bobby Samwell • Saturday, August 10 15:15 • Permanent Link

Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”) has announced that it has 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) up to $1.13 per share during the 12 months ending July 9, 2025.

The MHC is the mutual holding company and owner of 227,119,132 shares, or 80.9% of the company’s common stock outstanding. On July 9, 2024, the MHC received the approval of its members with respect to the waiver, 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.

As of June 30, 2024, Third Federal Savings and Loan Association's assets totaled $17.03 billion.

This announcement underscores the company's commitment to capital preservation and its focus on maximizing the capability to offer dividends to its institutional and individual shareholders. As a result of these announcements, the company's shares have moved -1.0% on the market, and are now trading at a price of $12.93. For more information, read the company's full 8-K submission here.

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