CLEVELAND, Sept. 26, 2013 (GLOBE NEWSWIRE) -- TFS Financial Corporation (Nasdaq:TFSL) (the "Company"), the holding company for Third Federal Savings and Loan Association of Cleveland (the "Association"), today announced that it has received a written non-objection from the Federal Reserve System ("Federal Reserve") to resume its fourth stock repurchase program. The fourth stock repurchase program has 2,156,250 shares of outstanding common stock remaining to be purchased under its terms. Repurchases will begin no sooner than October 1, 2013.
The fourth stock repurchase program was originally approved by the Board of Directors of the Company in March, 2009, but was suspended in August, 2010 when a Memorandum of Understanding ("MOU") was entered into with its previous regulator, the Office of Thrift Supervision. A MOU, now under the enforcement of the Federal Reserve, remains in effect and requires the Company to submit a written request for non-objection to the Federal Reserve at least 45 days prior to the anticipated date of any proposed debt, dividend or stock repurchase transactions. The Federal Reserve has only provided non-objection to the completion of the fourth stock repurchase program. Any future proposed debt, dividend or stock repurchase transactions remain subject to the terms of the MOU.
The stock repurchase program may be carried out at the direction of management, subject to the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other legal requirements, and any further limitations that may be established by the Board of Directors. Repurchases may be made through open market purchases, block trades, and in negotiated private transactions. The stock may be repurchased on an ongoing basis and will be subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital and the Company's financial performance. The program may be suspended, terminated or modified at any time for any reason without prior notice. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.
This news release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The forward-looking statements contained herein include, but are not limited to, the Company's plans regarding its stock repurchase program. These forward-looking statements involve risks and uncertainties that could cause the Company's results to differ materially from management's current expectations. The Company's risks and uncertainties are detailed in its filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2012. Forward-looking statements are based on the beliefs and assumptions of our management and on currently available information. The Company undertakes no responsibility to publicly update or revise any forward-looking statement.
Third Federal Savings and Loan is a leading provider of savings and mortgage products. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal became a public company in 2007 and celebrated its 75th anniversary in May, 2013. The Association is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 17 full service branches throughout Florida. As of June 30, 2013, Third Federal assets totaled $11.1 billion.
CONTACT: David Reavis (216) 429-5036
Source: Third Federal Savings and Loan