Item 8.01 Other Events
On May 26, 2022, the Board of Directors of TFS Financial Corporation (the
"Company") declared a cash dividend of $0.2825 per share of common stock. The
dividend is payable on June 21, 2022 to shareholders of record as of June 7,
2022. A press release announcing the details of the dividend declaration is
attached as exhibit 99.1.
Third Federal Savings and Loan Association of Cleveland, MHC (the "MHC"), the
mutual holding company of the Company and owner of 227,119,132 shares, or 80.9%
of the Company's common stock outstanding, has waived its right to receive the
dividend on its shares.
On July 13, 2021, the MHC received the approval of its members (depositors and
certain loan customers of the Association) with respect to the waiver of
dividends, and subsequently received the non-objection of 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 four
quarters ending June 30, 2022. The MHC previously waived the receipt of
dividends paid by the Company in an aggregate amount of $0.8475 per share for
the quarter ending September 30, 2021, December 31, 2021, and March 31, 2022.
The information contained herein and in the accompanying exhibit shall not be
incorporated by reference into any filing of the Company, whether made before or
after the date hereof. The information in this report, including the exhibit
hereto, shall not be deemed to be "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section or Sections 11 and 12(a) (2) of the Securities Act
of 1933, as amended.
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