CLEVELAND--(BUSINESS WIRE)--Nov 20, 2025--
TFS Financial Corporation (NASDAQ: TFSL) (the “Company”), the holding company for Third Federal Savings and Loan Association of Cleveland (the “Association”), today announced that the Board of Directors declared a quarterly cash dividend of $0.2825 per share, payable on December 16, 2025, to stockholders of record on December 2, 2025.
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Third Federal Savings and Loan Association of Cleveland, MHC (the “MHC”), the mutual holding company of the Company and owner of 227,119,132 shares, or 81% of the Company’s common stock outstanding, has waived its right to receive the dividend on its shares.
On July 8, 2025, the MHC received the approval of its members (depositors and certain loan customers of the Association) with respect to the waiver of dividends, and subsequently received the non-objection of the Federal Reserve Bank of Cleveland, to waive receipt of dividends on the Company’s common stock the MHC owns up to an aggregate amount of $1.13 per share during the twelve months subsequent to the members' approval (ie., through July 8, 2026). The MHC previously waived the receipt of dividends paid by the Company in an aggregate amount of $0.2825 per share during the quarter ending September 30, 2025.
Third Federal is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security while creating value for our customers, communities, associates and shareholders. It became part of a public company in 2007 and celebrated its 85th anniversary in May 2023. Third Federal, which lends in 28 states and the District of Columbia, 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, two lending offices in Central and Southern Ohio, and 15 full service branches throughout Florida. As of September 30, 2025, the Company’s assets totaled $17.46 billion.
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 dividends. 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, 2024. 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.
Chairman and CEO Marc A. Stefanski
ATLANTA (AP) — A federal judge has dismissed a civil rights lawsuit filed by the parents of an environmental activist who was shot dead by Georgia state troopers, saying their actions were “objectively reasonable” when they shot pepper balls into the activist's tent and ultimately fired fatal gunshots after the 26-year-old shot one of the troopers.
The Jan. 18, 2023, shooting of Manuel Paez Terán, known as “Tortuguita,” was a galvanizing moment for the movement to halt the construction of what critics labeled “Cop City,” a sprawling police and firefighter training center that opened last year on the site of a forest and former prison farm just outside Atlanta.
Paez Terán’s family later sued three law enforcement officers who they say planned and carried out the raid against protesters who had spent months camping in the woods near the DeKalb County construction site. The lawsuit said troopers violated Paez Terán's free speech rights and used excessive force against the activist, who then panicked and began firing shots. An autopsy commissioned by the family concluded that Paez Terán, who used they/them pronouns, was sitting cross-legged with their hands in the air when they were shot more than a dozen times.
In a ruling Monday, U.S. District Judge Steven Grimberg noted that, as the plaintiffs have acknowledged, Paez Terán fired at the troopers, wounding one of them, which the judge said makes the troopers' lethal response reasonable. Grimberg also said that prior to the shooting, troopers were within their rights to fire pepper balls at Paez Terán after the activist, who was accused of criminal trespass, did not comply with orders to leave the tent.
“Because Paez Teran initiated gunfire with the (Georgia State Patrol) officers, Plaintiffs cannot maintain that Defendants’ actions were the proximate cause of the use of deadly force that ultimately ended the decedent’s life,” the judge wrote.
Grimberg also ruled that the officers had qualified immunity, special legal protection that prevents people from suing over claims that police or government workers violated their constitutional rights.
Paez Terán’s parents, Belkis Terán and Joel Paez, are “devastated” by the judge's ruling, according to their attorneys, Jeff Filipovits and Wingo Smith.
“They feel they are being denied the accountability they deserve,” the attorneys said in a statement. “The records of their child’s death still have not been publicly released. They will be reviewing all their legal options.”
Body camera footage from four Atlanta officers involved does not show the shooting itself, the Georgia Bureau of Investigation has said. But the agency said footage shows the officers encountered Paez Terán in a tent in the woods and fired in self-defense after the activist shot at troopers and ignored verbal commands to leave the tent.
A prosecutor declined to charge the troopers who killed Paez Terán, saying their use of deadly force was “objectively reasonable.” Investigators have also said ballistics evidence shows the injured trooper was shot with a bullet from a gun Paez Terán legally purchased in 2020.
Activists formed the “Stop Cop City” movement to protest the construction of an 85-acre (34-hectare) Atlanta Public Safety Training Center, which they said would cause environmental damage by cutting down huge swathes of trees and exacerbate flooding fears in a poor, majority-Black neighborhood. They also opposed the use of tens of millions in public funding on what critics described as a training ground for “urban warfare.”
Protests against the facility at times veered into violence, with some masked activists torching police cars and construction equipment — actions that ultimately led to a sprawling racketeering indictment against 61 protesters in 2023. A Fulton County judge tossed the landmark case on procedural grounds last year, but Republican Attorney General Chris Carr is appealing the ruling.
Though the movement has receded since the filing of the racketeering charges and the opening of the training center, the name Tortuguita is still invoked at anti-police protests, and the activist's image has become a common sight in murals and flyers across Atlanta.
FILE - Belkis Terán, left, Daniel Paez, center, and Pedro Terán, family members of Manuel Esteban Paez Terán, known as “Tortuguita,” in poster at right, embrace during a news conference, Monday, March 13, 2023, in Decatur, Ga. (AP Photo/Alex Slitz, File)
