Following the long-expected approval the holding company for Third Federal Savings & Loan Association of Cleveland will repurchase 2,156,250 shares of outstanding common stock starting on Oct. 1.
It took four years to restart the repurchase program. Shares will be held as Treasury stocks.
After the original approval by the TFS board of directors in March 2009, the repurchase program was suspended in August 2010 when the company entered into a Memorandum of Understanding with the Office of Thrift Supervision, its previous regulator before the Fed took over the supervision.
“Any future proposed debt, dividend or stock repurchase transactions,” the company said, remain subject to the terms of the MOU through open market purchases, block trades and in negotiated private transactions.
As of June 30, the 75-year-old mortgage lender was holding $11.1 billion in assets.