Mutual Holding Company for TFS Financial Corporation To Seek Member Approval for Dividend Waivers
TFS Financial Corporation (Nasdaq: TFSL), (the “Company”), the holding company for Third Federal Savings and Loan Association of Cleveland, announced that Third Federal Savings and Loan Association of Cleveland, MHC, (the “MHC”), the mutual holding company that owns 81% of the Company’s outstanding common stock, will hold a special meeting of its members. The meeting will include a vote on a proposal to waive the MHC’s right to receive quarterly dividends totaling up to $1.27 per share that may be declared by the Company during the 12-month period following the member vote. All dividends on the Company’s common stock are declared at the discretion of the Company’s Board of Directors. The special meeting will be held on July 7, 2026.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260526344009/en/ Chairman and CEO Marc A. Stefanski
Federal Reserve Regulation MM, 12 C.F.R. Part 239, of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) requires that the MHC annually solicit the vote of its members to approve the proposed dividend waivers by the MHC every 12 months. The MHC previously received the approval of its members at a July 8, 2025 meeting to waive the MHC’s right to receive quarterly dividends declared by the Company during the 12-month period ending July 8, 2026.
