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Members of Third Federal Savings and Loan Association of Cleveland, MHC, the mutual holding company that owns a majority stake in TFS Financial Corporation (NASDAQ:TFSL), voted Tuesday to approve the MHC’s proposed waiver of dividends on the company’s common stock for the next twelve months.
According to a statement in a press release, the waiver covers dividends aggregating up to $1.13 per share to be declared through July 8, 2026. The approval came at a special meeting, with 59% of eligible members participating and 97% of those votes cast in favor of the proposal. The MHC holds an 81% majority ownership of TFS Financial. InvestingPro data reveals the company has maintained consistent dividend payments for 12 consecutive years, demonstrating a strong commitment to shareholder returns.
Following the approval by members, the MHC will submit a notice and a request for non-objection regarding the proposed dividend waivers to the Federal Reserve Bank of Cleveland. The company stated that both the timing and outcome of the Federal Reserve’s review are currently unknown.
This information is based on a statement in a press release filed with the Securities and Exchange Commission.
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