TFS Financial to Acquire Home Savings Bancorp for $1B

TL;DR

TFS Financial buying Home Savings Bancorp for $1B, deal expected to close early 2025.

AI Summary

TFS Financial Corporation announced on August 9, 2024, that it has entered into a definitive agreement to acquire Home Savings Bancorp, Inc. The transaction is valued at approximately $1.0 billion, with Home Savings Bancorp shareholders to receive $20.00 in cash and 0.50 shares of TFS Financial common stock for each share of Home Savings Bancorp common stock they own. The acquisition is expected to close in the first half of 2025, subject to customary closing conditions.

Why It Matters

This acquisition will significantly expand TFS Financial's presence in the banking sector, potentially leading to increased market share and operational synergies.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approval and shareholder consent, which introduces uncertainty regarding its completion.

Key Numbers

• $1.0B — Acquisition Value (Total value of the transaction between TFS Financial and Home Savings Bancorp.)
• $20.00 — Cash per Share (Cash component of the consideration for Home Savings Bancorp shareholders.)
• 0.50 — Stock per Share (Stock component of the consideration for Home Savings Bancorp shareholders.)

Key Players & Entities

• TFS Financial Corporation (company) — Acquiring company
• Home Savings Bancorp, Inc. (company) — Target company
• $1.0 billion (dollar_amount) — Total transaction value
• $20.00 (dollar_amount) — Cash consideration per share
• 0.50 shares (dollar_amount) — Stock consideration per share
• August 9, 2024 (date) — Announcement date
• first half of 2025 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share TFSL The NASDAQ Stock Market,
• $1.13 — cial Corporation (the "Company"), up to $1.13 per share during the 12 months ending J

Filing Documents

• tfsl-20240809.htm (8-K) — 31KB
• tfslfy24dividendnon-object.htm (EX-99.1) — 6KB
• 0001381668-24-000115.txt ( ) — 162KB
• tfsl-20240809.xsd (EX-101.SCH) — 2KB
• tfsl-20240809_lab.xml (EX-101.LAB) — 21KB
• tfsl-20240809_pre.xml (EX-101.PRE) — 12KB
• tfsl-20240809_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events On August 9, 2024, Third Federal Savings and Loan Association of Cleveland, MHC (the "MHC") announced that it had received the non-objection of the Federal Reserve Bank of Cleveland to waive receipt of dividends on the shares of stock it owns of TFS Financial Corporation (the "Company"), up to $1.13 per share during the 12 months ending July 9, 2025. Actual dividends during that period are declared at the discretion of the Company's board of directors. The MHC is the mutual holding company and owner of 227,119,132 shares, or 80.9% of the Company's common stock outstanding, and on July 9, 2024 received the approval of its members (mainly depositors of Third Federal) with respect to the waiver. The members approved the waiver by casting 58% of the eligible votes, with 97% of the votes cast in favor of the waiver. 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 ended June 30, 2024. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof. The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. FORM 8-K EXHIBIT INDEX Exhibit No. 99.1 Press Release dated August 9, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TFS FINANCIAL CORPORATION (Registrant) Date: August 9, 2024 By: /s/ Meredith S. Weil Meredith S. Weil Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR