CLEVELAND, Ohio, April 19, 2007 (PRIME NEWSWIRE) -- TFS Financial Corporation, the holding company of Third Federal Savings and Loan Association of Cleveland, announced today that it expects to close its minority stock offering tomorrow, Friday, April 20, 2007.
Shares of TFS Financial Corporation are expected to begin trading on Monday, April 23, 2007, on the NASDAQ Global Select Market under the symbol "TFSL." Marc A. Stefanski, chairman and CEO of TFS Financial Corporation and Third Federal Savings and Loan, will ring the closing bell at the NASDAQ exchange at the end of the first day of trading.
Stefanski said, "We are proud to be able to offer ownership of Third Federal to many of our long-time customers and associates who have made us a success. We appreciate their support and good will."
The stock offering will close at the adjusted maximum of the offering range. Upon closing, Third Federal Savings and Loan Association of Cleveland, MHC, will hold 227,119,132 shares of common stock, or 68.34% of the outstanding common stock, and 100,199,618 shares, or 30.12% of the outstanding common stock, will be issued to subscribers in the offering (including tax-qualified employee benefit plans). Third Federal Savings and Loan Association of Cleveland also will contribute $5.0 million in cash and TFS Financial Corporation will issue 5,000,000 shares of common stock (1.54% of the outstanding shares) to Third Federal Foundation.
The offering was oversubscribed by eligible account holders of Third Federal Savings and Loan Association of Cleveland, i.e., depositors having eligible accounts as of April 30, 2005. Accordingly, eligible account holders will have valid orders filled in accordance with the allocation procedures described in the prospectus and set forth in TFS Financial Corporation's plan of stock issuance. Supplemental eligible account holders as of December 31, 2006, other voting members of Third Federal Savings and Loan Association of Cleveland, MHC and other individuals who placed orders in the Community Offering will not have their orders filled. If you are an eligible account holder and would like to confirm your allocation, please contact the Stock Information Center at (877) 513-2318. The Stock Center will be open from 1:00 p.m. to 5:00 p.m., Eastern Time on Thursday, April 19; 8:30 a.m. to 5:00 p.m. Friday, April 20; 8:30 a.m. to 1:30 p.m. Saturday, April 21; and 8:30 a.m. to 5:00 p.m. Monday, April 23, for this purpose. Stock certificates and subscription refunds will be processed promptly after the close of the transaction.
Sandler O'Neill & Partners, L.P. acted as financial advisor to the Company in connection with the offering and managed the subscription offering. Luse Gorman Pomerenk & Schick, P.C. and Baker Hostetler acted as special counsel to the Company. FinPro, Inc. served as appraiser.