The memoranda, which the company had entered into with the Office of Thrift Supervision on Feb. 7, 2011, involved enterprise risk management procedures and restricted TFS Financial's ability to pay a dividend or to repurchase its own stock.
The company also announced its fifth stock repurchase program, in which TFS Financial will buy back up to 5 million shares. The program will start Wednesday at the earliest. The company is also looking into regulatory procedures to reinstate a dividend.
TFS is the holding company for Third Federal Savings & Loan Association of Cleveland.
"This is a day of sunshine and blue skies for Third Federal, our customers and our stockholders," said Marc A. Stefanski, chairman and CEO of Third Federal, in a statement. "This exciting news means we can resume our three-prong approach to providing greater value to our stockholders. We will be implementing a new stock buy-back plan, working on the requirements to reinstate a regular dividend, and continuing our efforts to grow Third Federal. Thanks to the dedication of our associates, the loyalty of our customers, and the patience of our stockholders, our future looks bright."
TheStreet Ratings team rates TFS FINANCIAL CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: