TFS Financial Corporation Declares Dividend and Announces Leadership Changes

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 September 24, 2025, to stockholders of record on September 10, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250828212174/en/

Chairman and CEO Marc A. Stefanski

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 80.9% 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 $1.13 per share during the four quarters ending June 30, 2025.

On August 28, 2025, the Board of Directors of the Association approved certain leadership changes to be effective as of September 1, 2025. The Board appointed Andrew J. Rubino, who currently serves as the Association's Chief Information Officer, to the role of Chief Operating Officer. Mr. Rubino also serves as Vice President of the Company. Additionally, the Board appointed Michael J. Carfagna as the Association's Chief Information Officer. Mr. Carfagna currently serves as the Information Systems manager for the Association.

Mr. Rubino, age 50, has served as the Association's Chief Information Officer since 2021. Mr. Rubino joined Third Federal Savings and Loan in 2000 and has served as a manager in several strategic areas of the company during his tenure, including: Loan Production, Customer Care, Internet Services, Operations Support, and serving as Chief Marketing Officer.

Mr. Carfagna, age 44, joined the organization in 2014 as a project manager on strategic business initiatives. Following that role, he managed Marketing Research before moving to Information Technology and managing various roles within that team in 2020, culminating with managing all Information Systems operations.

"I'm pleased to announce these changes to our management team," said Marc A. Stefanski, Chairman and CEO of Third Federal. "The broad experience and extensive knowledge of the company that Andy brings to the role will be an asset to our company. At the same time, I want to welcome Mike to his new role and am confident that his background will help us advance our Information Technology capabilities moving forward."

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. It became part of a public company in 2007 and celebrated its 85th anniversary in May 2023. Third Federal, which lends in 27 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 16 full service branches throughout Florida. As of June 30, 2025, the Company's assets totaled $17.36 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250828212174/en/

TFS Financial Corporation

Jennifer Rosa, (216) 429-5037