This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Memorandum Of Understanding Lifted From Third Federal Savings & Loan

CLEVELAND, Dec. 21, 2012 (GLOBE NEWSWIRE) -- Third Federal Savings & Loan Association of Cleveland ("Third Federal"), a subsidiary of TFS Financial Corporation (Nasdaq:TFSL), received written notification today that the Memorandum of Understanding ("MOU") put in place on February 7, 2011, by the Office of Thrift Supervision ("OTS") on Third Federal, has been terminated by the Office of the Comptroller of the Currency ("OCC"). The issues in the terminated MOU applied to the thrift operations of Third Federal.

The MOU impacting TFS Financial Corporation and its mutual holding company also put in place on February 7, 2011, by the OTS, is still active. Now under the regulation of the Federal Reserve, the MOU covers enterprise risk management and places restrictions on stock dividends and buybacks. The MOU will remain in effect until terminated, suspended, or modified by the Federal Reserve.

"This is a positive first step," said Marc A. Stefanski, chairman and CEO of Third Federal. "We are continuing to work toward termination of the MOU at the TFS Financial and holding company levels."

Third Federal 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, through its parent, TFS Financial Corporation, became a public company in 2007. The Association is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 22 full service branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 17 full service branches throughout Florida. As of September 30, 2012, Third Federal's assets totaled $11.5 billion.

The TFS Financial Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3622
CONTACT: Jennifer L. Rosa
         Public Relations Manager
         (216) 288-5028

company logo

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,671.29 -58.82 -0.33%
S&P 500 2,070.26 -6.52 -0.31%
NASDAQ 4,996.0390 -13.1750 -0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs