[8-K] TFS Financial Corporation Reports Material Event
TFS Financial Corporation disclosed two material items: its majority mutual holding company, Third Federal Savings and Loan Association of Cleveland, MHC, waived the right to receive dividends on the 227,119,132 shares it owns (80.9% of outstanding common stock) up to $1.13 per share during the 12 months following member approval, i.e., through July 8, 2026. The MHC had previously waived receipt of dividends totaling $1.13 per share for the four quarters ending June 30, 2025.
The filing also reports leadership changes at the Association effective September 1, 2025: Andrew J. Rubino is appointed Chief Operating Officer (previously Chief Information Officer) and Michael J. Carfagna is appointed Chief Information Officer (previously Information Systems manager). Both will receive benefits aligned with similarly situated associates and have no disclosable related-party transactions.
TFS Financial Corporation ha comunicato due fatti rilevanti: la sua societ脿 madre mutualistica di maggioranza, Third Federal Savings and Loan Association of Cleveland, MHC, ha rinunciato al diritto di ricevere dividendi sulle 227.119.132 azioni in suo possesso (80,9% del capitale sociale in circolazione) fino a $1,13 per azione nel periodo di 12 mesi successivo all'approvazione dei soci, ossia fino al 8 luglio 2026. In precedenza l'MHC aveva gi脿 rinunciato a dividendi per un totale di $1,13 per azione relativi ai quattro trimestri conclusisi il 30 giugno 2025.
La comunicazione riporta inoltre variazioni nell'organico direttivo dell'Association con efficacia dal 1掳 settembre 2025: Andrew J. Rubino 猫 nominato Chief Operating Officer (precedentemente Chief Information Officer) e Michael J. Carfagna 猫 nominato Chief Information Officer (precedentemente Information Systems Manager). Entrambi riceveranno benefit in linea con quelli di colleghi in posizioni analoghe e non risultano operazioni rilevanti tra parti correlate.
TFS Financial Corporation inform贸 dos hechos importantes: su sociedad mutualista mayoritaria, Third Federal Savings and Loan Association of Cleveland, MHC, renunci贸 al derecho a recibir dividendos sobre las 227.119.132 acciones que posee (80,9% del capital social en circulaci贸n) hasta $1,13 por acci贸n durante los 12 meses siguientes a la aprobaci贸n de los socios, es decir, hasta el 8 de julio de 2026. Anteriormente, la MHC ya hab铆a renunciado a recibir dividendos por un total de $1,13 por acci贸n correspondientes a los cuatro trimestres finalizados el 30 de junio de 2025.
La presentaci贸n tambi茅n informa cambios en la direcci贸n de la Association con efecto a partir del 1 de septiembre de 2025: Andrew J. Rubino ser谩 el Chief Operating Officer (anteriormente Chief Information Officer) y Michael J. Carfagna ser谩 el Chief Information Officer (anteriormente Information Systems Manager). Ambos recibir谩n beneficios acordes con los de empleados en puestos similares y no existen transacciones relevantes entre partes relacionadas.
TFS Financial Corporation電� 霊� 臧�歆� 欷戩殧 靷暛鞚� 瓿奠嫓頄堨姷雼堧嫟. 斓滊寑 歆�攵勳潉 氤挫湢頃� 氇�(姣�) 氘れ稊鞏� 須岇偓鞚� Third Federal Savings and Loan Association of Cleveland, MHC臧� 氤挫湢 欤检嫕 227,119,132欤�(氚滍枆 氤错喌欤� 靾橃潣 80.9%)鞐� 雽�頃� 欤检＜ 鞀轨澑鞚茧攵�韯� 12臧滌洈 霃欖晥 欤茧嫻 斓滊寑 $1.13鞚� 氚半嫻 靾橂牴 甓岆Μ毳� 韽赴頄堨姷雼堧嫟. 歃� 須牓鞚� 2026雲� 7鞗� 8鞚缄箤歆�鞛呺媹雼�. MHC電� 鞚挫爠鞐� 2025雲� 6鞗� 30鞚茧 膦呺霅橂姅 雱� 攵勱赴 霃欖晥 欤茧嫻 齑� $1.13鞚� 氚半嫻 靾橂牴鞚� 鞚措 韽赴頃� 氚� 鞛堨姷雼堧嫟.
霕愴暅 鞚� 靹滊電� 2025雲� 9鞗� 1鞚茧秬搿� Association鞚� 鞛勳洂 氤�瓴届潉 氤搓碃頃╇媹雼�: Andrew J. Rubino臧� 斓滉碃鞖挫榿毂呾瀯鞛�(Chief Operating Officer)搿�, 鞚挫爠 歆侅眳鞚� 斓滉碃鞝曤炒毂呾瀯鞛�(Chief Information Officer)鞓�瓿�, Michael J. Carfagna臧� 斓滉碃鞝曤炒毂呾瀯鞛�(Chief Information Officer)搿�, 鞚挫爠 歆侅眳鞚� 鞝曤炒鞁滌姢韰� 毵る媹鞝�(Information Systems Manager)鞓�鞀惦媹雼�. 霊� 靷瀸 氇憪 鞙犾偓 歆侁笁 歆侅洂瓿� 霃欖澕頃� 靾橃鞚� 氤惦Μ頉勳儩鞚� 氚涥矊 霅橂┌ 瓿奠嫓 雽�靸� 甏�霠� 雼轨偓鞛� 瓯半灅電� 鞐嗢姷雼堧嫟.
TFS Financial Corporation a divulgu茅 deux 茅l茅ments mat茅riels : sa soci茅t茅 m猫re mutualiste majoritaire, Third Federal Savings and Loan Association of Cleveland, MHC, a renonc茅 au droit de recevoir des dividendes sur les 227 119 132 actions qu'elle d茅tient (80,9 % du capital social en circulation), et ce jusqu'脿 1,13 $ par action pendant les 12 mois suivant l'approbation des membres, soit jusqu'au 8 juillet 2026. La MHC avait d茅j脿 renonc茅 脿 percevoir des dividendes totalisant 1,13 $ par action pour les quatre trimestres clos le 30 juin 2025.
Le d茅p么t signale 茅galement des changements de direction 脿 l'Association, prenant effet le 1er septembre 2025 : Andrew J. Rubino est nomm茅 Chief Operating Officer (pr茅c茅demment Chief Information Officer) et Michael J. Carfagna est nomm茅 Chief Information Officer (pr茅c茅demment Information Systems Manager). Tous deux percevront des avantages align茅s sur ceux d'employ茅s aux postes comparables et il n'existe pas de transactions pertinentes avec des parties li茅es 脿 d茅clarer.
TFS Financial Corporation hat zwei wesentliche Punkte offengelegt: Die mehrheitliche Mutual-Holdinggesellschaft Third Federal Savings and Loan Association of Cleveland, MHC, hat auf das Recht verzichtet, Dividenden auf die 227.119.132 Aktien zu erhalten, die sie h盲lt (80,9 % des ausstehenden Stammkapitals), und zwar bis zu $1,13 je Aktie f眉r die 12 Monate nach der Zustimmung der Mitglieder, also bis zum 8. Juli 2026. Die MHC hatte bereits zuvor auf Dividenden in H枚he von insgesamt $1,13 je Aktie f眉r die vier zum 30. Juni 2025 endenden Quartale verzichtet.
Die Einreichung meldet au脽erdem personelle 脛nderungen in der Leitung der Association mit Wirkung zum 1. September 2025: Andrew J. Rubino wird zum Chief Operating Officer ernannt (zuvor Chief Information Officer) und Michael J. Carfagna zum Chief Information Officer (zuvor Information Systems Manager). Beide erhalten Leistungen, die denen vergleichbarer Mitarbeiter entsprechen, und es liegen keine meldepflichtigen Transaktionen mit verbundenen Parteien vor.
- MHC obtained member approval and Federal Reserve non-objection for the dividend waiver, indicating regulatory and stakeholder process compliance
- Internal promotions (COO and CIO) preserve institutional knowledge and continuity in operations and information systems
- MHC controls 80.9% of outstanding common stock (227,119,132 shares), reflecting concentrated ownership that limits influence of public minority shareholders
- MHC waived receipt of dividends up to $1.13 per share through July 8, 2026, meaning those dividends will not be received by the majority holder during that period
Insights
TL;DR: Majority-owner dividend waiver and 80.9% ownership concentration materially affect shareholder economics and control dynamics.
The MHC's waiver to forego dividends on shares it controls through July 8, 2026 is a significant governance event because the MHC owns 227,119,132 shares (80.9%). That waiver may alter how cash distributions are allocated among public shareholders versus the mutual holding company, and it represents a continuation of previously announced waivers totaling $1.13 per share for the prior four quarters. The filing states regulatory non-objection from the Federal Reserve Bank of Cleveland and member approval, indicating procedural compliance. The leadership appointments are internal promotions with standard benefit alignment and no reportable related-party transactions, limiting governance concerns from those hires.
TL;DR: Operational leadership changes are routine promotions; dividend-waiver preserves capital flow within the organization.
The Association advanced Andrew J. Rubino to Chief Operating Officer and named Michael J. Carfagna as Chief Information Officer, effective September 1, 2025; both moves promote internal continuity in operations and IT. The MHC dividend waiver, approved by members and non-objected to by the Federal Reserve Bank of Cleveland, allows the mutual holding company to waive receipt of dividends up to $1.13 per share through July 8, 2026. The filing explicitly notes no disclosable transactions under Item 404(a) involving these officers, suggesting limited immediate operational disruption or related-party risk.
TFS Financial Corporation ha comunicato due fatti rilevanti: la sua societ脿 madre mutualistica di maggioranza, Third Federal Savings and Loan Association of Cleveland, MHC, ha rinunciato al diritto di ricevere dividendi sulle 227.119.132 azioni in suo possesso (80,9% del capitale sociale in circolazione) fino a $1,13 per azione nel periodo di 12 mesi successivo all'approvazione dei soci, ossia fino al 8 luglio 2026. In precedenza l'MHC aveva gi脿 rinunciato a dividendi per un totale di $1,13 per azione relativi ai quattro trimestri conclusisi il 30 giugno 2025.
La comunicazione riporta inoltre variazioni nell'organico direttivo dell'Association con efficacia dal 1掳 settembre 2025: Andrew J. Rubino 猫 nominato Chief Operating Officer (precedentemente Chief Information Officer) e Michael J. Carfagna 猫 nominato Chief Information Officer (precedentemente Information Systems Manager). Entrambi riceveranno benefit in linea con quelli di colleghi in posizioni analoghe e non risultano operazioni rilevanti tra parti correlate.
TFS Financial Corporation inform贸 dos hechos importantes: su sociedad mutualista mayoritaria, Third Federal Savings and Loan Association of Cleveland, MHC, renunci贸 al derecho a recibir dividendos sobre las 227.119.132 acciones que posee (80,9% del capital social en circulaci贸n) hasta $1,13 por acci贸n durante los 12 meses siguientes a la aprobaci贸n de los socios, es decir, hasta el 8 de julio de 2026. Anteriormente, la MHC ya hab铆a renunciado a recibir dividendos por un total de $1,13 por acci贸n correspondientes a los cuatro trimestres finalizados el 30 de junio de 2025.
La presentaci贸n tambi茅n informa cambios en la direcci贸n de la Association con efecto a partir del 1 de septiembre de 2025: Andrew J. Rubino ser谩 el Chief Operating Officer (anteriormente Chief Information Officer) y Michael J. Carfagna ser谩 el Chief Information Officer (anteriormente Information Systems Manager). Ambos recibir谩n beneficios acordes con los de empleados en puestos similares y no existen transacciones relevantes entre partes relacionadas.
TFS Financial Corporation電� 霊� 臧�歆� 欷戩殧 靷暛鞚� 瓿奠嫓頄堨姷雼堧嫟. 斓滊寑 歆�攵勳潉 氤挫湢頃� 氇�(姣�) 氘れ稊鞏� 須岇偓鞚� Third Federal Savings and Loan Association of Cleveland, MHC臧� 氤挫湢 欤检嫕 227,119,132欤�(氚滍枆 氤错喌欤� 靾橃潣 80.9%)鞐� 雽�頃� 欤检＜ 鞀轨澑鞚茧攵�韯� 12臧滌洈 霃欖晥 欤茧嫻 斓滊寑 $1.13鞚� 氚半嫻 靾橂牴 甓岆Μ毳� 韽赴頄堨姷雼堧嫟. 歃� 須牓鞚� 2026雲� 7鞗� 8鞚缄箤歆�鞛呺媹雼�. MHC電� 鞚挫爠鞐� 2025雲� 6鞗� 30鞚茧 膦呺霅橂姅 雱� 攵勱赴 霃欖晥 欤茧嫻 齑� $1.13鞚� 氚半嫻 靾橂牴鞚� 鞚措 韽赴頃� 氚� 鞛堨姷雼堧嫟.
霕愴暅 鞚� 靹滊電� 2025雲� 9鞗� 1鞚茧秬搿� Association鞚� 鞛勳洂 氤�瓴届潉 氤搓碃頃╇媹雼�: Andrew J. Rubino臧� 斓滉碃鞖挫榿毂呾瀯鞛�(Chief Operating Officer)搿�, 鞚挫爠 歆侅眳鞚� 斓滉碃鞝曤炒毂呾瀯鞛�(Chief Information Officer)鞓�瓿�, Michael J. Carfagna臧� 斓滉碃鞝曤炒毂呾瀯鞛�(Chief Information Officer)搿�, 鞚挫爠 歆侅眳鞚� 鞝曤炒鞁滌姢韰� 毵る媹鞝�(Information Systems Manager)鞓�鞀惦媹雼�. 霊� 靷瀸 氇憪 鞙犾偓 歆侁笁 歆侅洂瓿� 霃欖澕頃� 靾橃鞚� 氤惦Μ頉勳儩鞚� 氚涥矊 霅橂┌ 瓿奠嫓 雽�靸� 甏�霠� 雼轨偓鞛� 瓯半灅電� 鞐嗢姷雼堧嫟.
TFS Financial Corporation a divulgu茅 deux 茅l茅ments mat茅riels : sa soci茅t茅 m猫re mutualiste majoritaire, Third Federal Savings and Loan Association of Cleveland, MHC, a renonc茅 au droit de recevoir des dividendes sur les 227 119 132 actions qu'elle d茅tient (80,9 % du capital social en circulation), et ce jusqu'脿 1,13 $ par action pendant les 12 mois suivant l'approbation des membres, soit jusqu'au 8 juillet 2026. La MHC avait d茅j脿 renonc茅 脿 percevoir des dividendes totalisant 1,13 $ par action pour les quatre trimestres clos le 30 juin 2025.
Le d茅p么t signale 茅galement des changements de direction 脿 l'Association, prenant effet le 1er septembre 2025 : Andrew J. Rubino est nomm茅 Chief Operating Officer (pr茅c茅demment Chief Information Officer) et Michael J. Carfagna est nomm茅 Chief Information Officer (pr茅c茅demment Information Systems Manager). Tous deux percevront des avantages align茅s sur ceux d'employ茅s aux postes comparables et il n'existe pas de transactions pertinentes avec des parties li茅es 脿 d茅clarer.
TFS Financial Corporation hat zwei wesentliche Punkte offengelegt: Die mehrheitliche Mutual-Holdinggesellschaft Third Federal Savings and Loan Association of Cleveland, MHC, hat auf das Recht verzichtet, Dividenden auf die 227.119.132 Aktien zu erhalten, die sie h盲lt (80,9 % des ausstehenden Stammkapitals), und zwar bis zu $1,13 je Aktie f眉r die 12 Monate nach der Zustimmung der Mitglieder, also bis zum 8. Juli 2026. Die MHC hatte bereits zuvor auf Dividenden in H枚he von insgesamt $1,13 je Aktie f眉r die vier zum 30. Juni 2025 endenden Quartale verzichtet.
Die Einreichung meldet au脽erdem personelle 脛nderungen in der Leitung der Association mit Wirkung zum 1. September 2025: Andrew J. Rubino wird zum Chief Operating Officer ernannt (zuvor Chief Information Officer) und Michael J. Carfagna zum Chief Information Officer (zuvor Information Systems Manager). Beide erhalten Leistungen, die denen vergleichbarer Mitarbeiter entsprechen, und es liegen keine meldepflichtigen Transaktionen mit verbundenen Parteien vor.
FAQ
What did TFS Financial (TFSL) disclose about dividends?
Who approved the MHC dividend waiver and was there regulatory sign-off?
What leadership changes were announced at the Association effective September 1, 2025?
Do the new appointees have related-party transactions requiring disclosure?
Was the dividend waiver a new action or a continuation?
