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TFS Financial's majority shareholder members to vote on dividend waiver proposal

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TFS Financial's majority shareholder members to vote on dividend waiver proposal

Members of Third Federal Savings and Loan Association of Cleveland MHC will vote to waive the company's right to receive quarterly dividends totaling up to 68 cents per share that TFS Financial Corp. (MHC) may declare during the 12-month period following the member vote.

Third Federal Savings and Loan is the mutual holding company that owns 80.4% of Cleveland, Ohio-based TFS Financial's outstanding common stock.

Members of the mutual holdco will vote on the proposal during a special meeting July 19.

In July 2016, members of the mutual holdco approved a proposal to waive the mutual holdco's right to receive quarterly dividends declared by the company during the 12-month period ending July 26, 2017.