News Column

TFS FINANCIAL CORP FILES (8-K) Disclosing Other Events

July 31, 2014

Item 8.01 Other Events.

At the July 31, 2014 special meeting of members of Third Federal Savings and Loan Association of Cleveland, MHC (the "MHC"), the mutual holding company of TFS Financial Corporation (the "Company"), the members of the MHC (depositors and certain loan customers of Third Federal Savings and Loan Association of Cleveland) voted to approve the MHC's proposed waiver of dividends, aggregating up to $0.28 per share, to be declared on the Company's common stock during the twelve months subsequent to the members' approval (i.e., through July 31, 2015). The members approved the waiver by casting 68% of the eligible votes in favor of the waiver. Of the votes cast, 97% were in favor of the proposal. The MHC is the 75% majority shareholder of the Company.

Following the receipt of the members' approval at the July 31, 2014 special meeting, the MHC will be filing a notice with, and a request for non-objection from, the Federal Reserve Bank of Cleveland for the proposed dividend waivers. Both the non-objection from the Federal Reserve Bank and the timing of the non-objection are unknown at this point.


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Source: Edgar Glimpses

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