TFS Financial Corporation (NASDAQ: TFSL) has declared a quarterly cash dividend of $0.2825 per share, payable on September 24, 2024, to stockholders of record on September 10, 2024. The mutual holding company (MHC) of the company, Third Federal Savings and Loan Association of Cleveland, MHC, which owns 80.9% of the company’s common stock outstanding, has waived its right to receive the dividend on its shares.
On July 9, 2024, the MHC received approval from its members to waive dividends, and subsequently received non-objection from the Federal Reserve Bank of Cleveland, to waive receipt of dividends on the company’s common stock the MHC owns up to an aggregate amount of $1.13 per share during the twelve months subsequent to the members' approval (i.e., through July 9, 2025). This is a change from the previous waiver of dividends paid by the company in an aggregate amount of $1.13 per share during the four quarters ending June 30, 2024.
As of June 30, 2024, the company’s assets totaled $17.03 billion. Third Federal Savings and Loan Association of Cleveland is a leading provider of savings and mortgage products, and operates in 27 states and the District of Columbia. It has 21 full-service branches in northeast Ohio, two lending offices in central and southern Ohio, and 16 full-service branches throughout Florida. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $13.47. For the full picture, make sure to review TFS Financial's 8-K report.
