We’re back! It feels great to say this after a summer of Sunshine and Blue Skies at Third Federal.
Over the past several months, our focus has been on continuing to provide our customers the best products and services we can offer, but also on our three-dimensional approach to adding value to our shareholders by restoring our dividend, buying back our stock and growing our company.
Thanks to the unwavering support of our loyal customers, we passed the dividend waiver vote this summer by securing a majority of our MHC member vote in favor of waiving the dividend. In fact, the vote passed with more than 65% of the outstanding votes cast, and more than 95% of the votes in favor of waiving the dividend. This strong showing demonstrated the faith and trust our customers have in us, and paved the way for Third Federal to reinstate our dividend after a four-year hiatus. We’re pleased to once again share our success with our shareholders.
In addition, we recently announced our sixth stock repurchase program, which authorized the purchase of up to 10 million shares of the Company's outstanding common stock. Stock buy backs are good news for shareholders because they typically enhance a stock’s value.
We also continue to grow, and recently expanded our product offering to four more states and the District of Columbia, meaning we now reach 22 states and more than half of the U.S. population. We are pleased to welcome many new customers to the Third Federal family.
National and local media have taken note of our recent accomplishments, as we have recently been featured in Forbes magazine, Smart Business magazine, The Cleveland Plain Dealer, and on Fox Business network.
Thanks to the ongoing support of our customers, shareholders and communities, more and more people are learning every day that Third Federal is a special place with a bright future. I hope you share in my optimism that there’s plenty more Sunshine and Blue Skies on the horizon!
Feel the Warmth.
Marc. A Stefanski
Chairman and CEO