Strong ★ Stable ★ Safe
2020 Annual Report
THIRD FEDERAL MANAGEMENT TEAM
BOARD OF DIRECTORS
Marc A. Stefanski
Chairman
Ben S. Stefanski III
Secretary
Anthony J. Asher
Martin J. Cohen
Robert A. Fiala
William C. Mulligan
Terrence R. Ozan
John P. Ringenbach
Meredith S. Weil
Ashley H. Williams
DIRECTOR EMERITUS
Paul W. Stefanik
MANAGEMENT TEAM
Marc A. Stefanski
Chairman and Chief Executive Officer
Kathleen (Kitty) Danckers
Chief Risk Officer
Russell C. Holmes
Chief Retail Officer
Paul J. Huml
Chief Financial Officer
Susanne N. Miller
Chief Accounting Officer
Anna Maria P. Motta
Chief Information Officer
Andrew J. Rubino
Chief Marketing Officer
Meredith S. Weil
Chief Operating Officer
Cathy W. Zbanek
Chief Synergy Officer
INVESTOR RELATIONS
Paul J. Huml
TFS Financial Corporation
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 429-5325
(877) 513-2318 toll free
paul.huml@thirdfederal.com
CORPORATE HEADQUARTERS
Third Federal Savings and Loan Association
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 441-6000
(800) 844-7333 toll free
www.thirdfederal.com
CONTACT INFORMATION
TFS Financial Corporation
a letter from our
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
chairman and
(877) 513-2318 toll free
Strong ★ Stable ★ Safe
chief executive officer
TRANSFER AGENT
Broadridge Corporate Issuer Solutions
P.O. Box 1342
Brentwood, NY 11717
(888) 314-4808 toll free
www.shareholder.broadridge.com/tfs
LOVE • TRUST
Dear Stockholders,
RESPECT • EXCELLENCE
Strong. Stable. Safe. During times of crisis and uncertainty, these words have always meant
that customers and communities could count on Third Federal.
This year was no different.
Strong, stable and safe took on bigger meaning in the face of a global pandemic.
As an essential business, even in the early days of COVID-19, our lobbies and our phone lines
remained open to customers, and support programs were put in place to help customers in
need. We continued to support our community partners as more services were needed and fewer
resources were available.
our customers had to.
Through this year, the why we are in business didn’t change, but we knew the how we serve
Our branch and customer care associates worked from different offices to spread out our
workforce and keep our associates and customers safe. More than 500 associates, none of whom
had worked remotely prior to 2020, supported our business from many locations, including their
own kitchen tables.
Driven by our dedicated associates, and one of the strongest refinance markets ever, we were
able to originate the most loans in a single year since our Initial Public Offering, growing loan
originations from $1.8 billion to more than $3 billion in 2020, despite the wider challenges of the
world around us.
Third Federal is built to last. We stand on the solid foundation of the values on which we were
founded – love, trust, respect, and a commitment to excellence. It made Third Federal a success
in 1938, as it still does today, more than 82 years later.
Sincerely,
Marc A. Stefanski
Chairman and CEO
Top left: In March, nearly half of Third Federal’s associates began working from home, as a part of the company’s pandemic response.
Here, an associate picks up her laptop. Associates from many departments helped to configure, train, and support the new work
environment. Top right: In June, associates received the first of several care packages from the company, thanking them for their hard
work and dedication. Bottom left: An associate shows her work-from-home set up on Third Federal Pride Day, celebrated each month
during the year. Bottom right: Associates working in all retail branches and at Third Federal’s Corporate Campus, were treated to
Kona Ice trucks in late summer.
THIRD FEDERAL MANAGEMENT TEAM
BOARD OF DIRECTORS
Marc A. Stefanski
Chairman
Ben S. Stefanski III
Secretary
Anthony J. Asher
Martin J. Cohen
Robert A. Fiala
William C. Mulligan
Terrence R. Ozan
John P. Ringenbach
Meredith S. Weil
Ashley H. Williams
DIRECTOR EMERITUS
Paul W. Stefanik
MANAGEMENT TEAM
Marc A. Stefanski
Chairman and Chief Executive Officer
Kathleen (Kitty) Danckers
Chief Risk Officer
Russell C. Holmes
Chief Retail Officer
Paul J. Huml
Chief Financial Officer
Susanne N. Miller
Chief Accounting Officer
Anna Maria P. Motta
Chief Information Officer
Andrew J. Rubino
Chief Marketing Officer
Meredith S. Weil
Chief Operating Officer
Cathy W. Zbanek
Chief Synergy Officer
INVESTOR RELATIONS
Paul J. Huml
TFS Financial Corporation
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 429-5325
(877) 513-2318 toll free
paul.huml@thirdfederal.com
CORPORATE HEADQUARTERS
Third Federal Savings and Loan Association
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 441-6000
(800) 844-7333 toll free
www.thirdfederal.com
CONTACT INFORMATION
TFS Financial Corporation
a letter from our
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
chairman and
(877) 513-2318 toll free
TRANSFER AGENT
chief executive officer
Broadridge Corporate Issuer Solutions
P.O. Box 1342
Brentwood, NY 11717
Strong ★ Stable ★ Safe
(888) 314-4808 toll free
www.shareholder.broadridge.com/tfs
LOVE • TRUST
RESPECT • EXCELLENCE
Dear Stockholders,
Strong. Stable. Safe. During times of crisis and uncertainty, these words have always meant
that customers and communities could count on Third Federal.
This year was no different.
Strong, stable and safe took on bigger meaning in the face of a global pandemic.
As an essential business, even in the early days of COVID-19, our lobbies and our phone lines
remained open to customers, and support programs were put in place to help customers in
need. We continued to support our community partners as more services were needed and fewer
resources were available.
Through this year, the why we are in business didn’t change, but we knew the how we serve
our customers had to.
Our branch and Customer Care associates worked from different offices to spread out our
workforce and keep our associates and customers safe. More than 500 associates, none of whom
had worked remotely prior to 2020, supported our business from many locations, including their
own kitchen tables.
Driven by our dedicated associates, and one of the strongest refinance markets ever, we were
able to originate the most loans in a single year since our Initial Public Offering, growing loan
originations from $1.8 billion to more than $3 billion in 2020, despite the wider challenges of the
world around us.
Third Federal is built to last. We stand on the solid foundation of the values on which we were
founded – love, trust, respect, and a commitment to excellence. It made Third Federal a success
in 1938, as it still does today, more than 82 years later.
Sincerely,
Marc A. Stefanski
Chairman and CEO
Top left: In March, nearly half of Third Federal’s associates began working from home, as a part of the company’s pandemic response.
Here, an associate picks up her laptop. Associates from many departments helped to configure, train, and support the new work
environment. Top right: In June, associates received the first of several care packages from the company, thanking them for their hard
work and dedication. Bottom left: An associate shows her work-from-home set up on Third Federal Pride Day, celebrated each month
during the year. Bottom right: Associates working in all retail branches and at Third Federal’s Corporate Campus, were treated to
Kona Ice trucks in late summer.
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THIRD FEDERAL MANAGEMENT TEAM
BOARD OF DIRECTORS
Marc A. Stefanski
Chairman
Ben S. Stefanski III
Secretary
Anthony J. Asher
Martin J. Cohen
Robert A. Fiala
William C. Mulligan
Terrence R. Ozan
John P. Ringenbach
Meredith S. Weil
Ashley H. Williams
DIRECTOR EMERITUS
Paul W. Stefanik
MANAGEMENT TEAM
Marc A. Stefanski
Chairman and Chief Executive Officer
Kathleen (Kitty) Danckers
Chief Risk Officer
Russell C. Holmes
Chief Retail Officer
Paul J. Huml
Chief Financial Officer
Susanne N. Miller
Chief Accounting Officer
Anna Maria P. Motta
Chief Information Officer
Andrew J. Rubino
Chief Marketing Officer
Meredith S. Weil
Chief Operating Officer
Cathy W. Zbanek
Chief Synergy Officer
INVESTOR RELATIONS
Paul J. Huml
TFS Financial Corporation
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 429-5325
(877) 513-2318 toll free
paul.huml@thirdfederal.com
CORPORATE HEADQUARTERS
Third Federal Savings and Loan Association
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 441-6000
(800) 844-7333 toll free
www.thirdfederal.com
CONTACT INFORMATION
TFS Financial Corporation
a letter from our
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
chairman and
(877) 513-2318 toll free
Strong ★ Stable ★ Safe
chief executive officer
TRANSFER AGENT
Broadridge Corporate Issuer Solutions
P.O. Box 1342
Brentwood, NY 11717
(888) 314-4808 toll free
www.shareholder.broadridge.com/tfs
LOVE • TRUST
Dear Stockholders,
RESPECT • EXCELLENCE
Strong. Stable. Safe. During times of crisis and uncertainty, these words have always meant
that customers and communities could count on Third Federal.
This year was no different.
Strong, stable and safe took on bigger meaning in the face of a global pandemic.
As an essential business, even in the early days of COVID-19, our lobbies and our phone lines
remained open to customers, and support programs were put in place to help customers in
need. We continued to support our community partners as more services were needed and fewer
resources were available.
our customers had to.
Through this year, the why we are in business didn’t change, but we knew the how we serve
Our branch and customer care associates worked from different offices to spread out our
workforce and keep our associates and customers safe. More than 500 associates, none of whom
had worked remotely prior to 2020, supported our business from many locations, including their
own kitchen tables.
Driven by our dedicated associates, and one of the strongest refinance markets ever, we were
able to originate the most loans in a single year since our Initial Public Offering, growing loan
originations from $1.8 billion to more than $3 billion in 2020, despite the wider challenges of the
world around us.
Third Federal is built to last. We stand on the solid foundation of the values on which we were
founded – love, trust, respect, and a commitment to excellence. It made Third Federal a success
in 1938, as it still does today, more than 82 years later.
Sincerely,
Marc A. Stefanski
Chairman and CEO
Top left: In March, nearly half of Third Federal’s associates began working from home, as a part of the company’s pandemic response.
Here, an associate picks up her laptop. Associates from many departments helped to configure, train, and support the new work
environment. Top right: In June, associates received the first of several care packages from the company, thanking them for their hard
work and dedication. Bottom left: An associate shows her work-from-home set up on Third Federal Pride Day, celebrated each month
during the year. Bottom right: Associates working in all retail branches and at Third Federal’s Corporate Campus, were treated to
Kona Ice trucks in late summer.
THIRD FEDERAL MANAGEMENT TEAM
BOARD OF DIRECTORS
Marc A. Stefanski
Chairman
Ben S. Stefanski III
Secretary
Anthony J. Asher
Martin J. Cohen
Robert A. Fiala
William C. Mulligan
Terrence R. Ozan
John P. Ringenbach
Meredith S. Weil
Ashley H. Williams
DIRECTOR EMERITUS
Paul W. Stefanik
MANAGEMENT TEAM
Marc A. Stefanski
Chairman and Chief Executive Officer
Kathleen (Kitty) Danckers
Chief Risk Officer
Russell C. Holmes
Chief Retail Officer
Paul J. Huml
Chief Financial Officer
Susanne N. Miller
Chief Accounting Officer
Anna Maria P. Motta
Chief Information Officer
Andrew J. Rubino
Chief Marketing Officer
Meredith S. Weil
Chief Operating Officer
Cathy W. Zbanek
Chief Synergy Officer
INVESTOR RELATIONS
Paul J. Huml
TFS Financial Corporation
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 429-5325
(877) 513-2318 toll free
paul.huml@thirdfederal.com
CORPORATE HEADQUARTERS
Third Federal Savings and Loan Association
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
(216) 441-6000
(800) 844-7333 toll free
www.thirdfederal.com
CONTACT INFORMATION
TFS Financial Corporation
a letter from our
7007 Broadway Avenue
Cleveland, Ohio 44105-1441
chairman and
(877) 513-2318 toll free
TRANSFER AGENT
chief executive officer
Broadridge Corporate Issuer Solutions
P.O. Box 1342
Brentwood, NY 11717
Strong ★ Stable ★ Safe
(888) 314-4808 toll free
www.shareholder.broadridge.com/tfs
LOVE • TRUST
RESPECT • EXCELLENCE
Dear Stockholders,
Strong. Stable. Safe. During times of crisis and uncertainty, these words have always meant
that customers and communities could count on Third Federal.
This year was no different.
Strong, stable and safe took on bigger meaning in the face of a global pandemic.
As an essential business, even in the early days of COVID-19, our lobbies and our phone lines
remained open to customers, and support programs were put in place to help customers in
need. We continued to support our community partners as more services were needed and fewer
resources were available.
Through this year, the why we are in business didn’t change, but we knew the how we serve
our customers had to.
Our branch and customer care associates worked from different offices to spread out our
workforce and keep our associates and customers safe. More than 500 associates, none of whom
had worked remotely prior to 2020, supported our business from many locations, including their
own kitchen tables.
Driven by our dedicated associates, and one of the strongest refinance markets ever, we were
able to originate the most loans in a single year since our Initial Public Offering, growing loan
originations from $1.8 billion to more than $3 billion in 2020, despite the wider challenges of the
world around us.
Third Federal is built to last. We stand on the solid foundation of the values on which we were
founded – love, trust, respect, and a commitment to excellence. It made Third Federal a success
in 1938, as it still does today, more than 82 years later.
Sincerely,
Marc A. Stefanski
Chairman and CEO
Top left: In March, nearly half of Third Federal’s associates began working from home, as a part of the company’s pandemic response.
Here, an associate picks up her laptop. Associates from many departments helped to configure, train, and support the new work
environment. Top right: In June, associates received the first of several care packages from the company, thanking them for their hard
work and dedication. Bottom left: An associate shows her work-from-home set up on Third Federal Pride Day, celebrated each month
during the year. Bottom right: Associates working in all retail branches and at Third Federal’s Corporate Campus, were treated to
Kona Ice trucks in late summer.
Strong ★ Stable ★ Safe
2020 Annual Report