TFS Financial Corporation
TFS Financial Corporation is the publicly traded holding company (NASDAQ: TFSL) for Third Federal Savings and Loan Association of Cleveland, a regional savings institution offering mortgages, home equity products, deposits, and wealth management to retail consumers primarily across Ohio, Florida, and 26 additional states.
- Company typePublic
- Founded1938
- HeadquartersCleveland, United States
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
What TFS Financial Corporation does
TFS Financial Corporation is the publicly traded holding company (NASDAQ: TFSL) for Third Federal Savings and Loan Association of Cleveland, a savings and mortgage institution founded in 1938 and headquartered at 7007 Broadway Avenue in Cleveland, Ohio. Operating under a mutual holding company structure in which Third Federal Savings and Loan Association of Cleveland, MHC owns 81% of outstanding common stock, the company delivers a consumer-banking franchise centered on mortgage lending (purchase and refinance), home equity lines of credit and loans, and a deposit suite spanning certificates of deposit, savings, checking, and retirement accounts. Retail branches are concentrated in Ohio and Florida, with lending operations authorized across 28 states and the District of Columbia; distribution is augmented by online application portals, phone-based loan officers, and community-organization partnerships.
The core technology stack includes digital mortgage and home equity application portals (mortgagewebcenter.com domains), online and mobile banking, and the Heron Broker Suite — an AI-powered automation platform adopted in January 2025 that automates over 4,000 monthly mortgage and home equity decisions, reportedly cutting processing costs by up to 80% and reducing offer-to-response times to under 60 seconds. The company also offers fixed annuities through Athene (marketed via ThirdFed Insurance LLC/Cetera Investment Services), wealth management through Clearstead Advisory Solutions, and a community-development product set including HomeReady mortgages and the Fixer Upper Home Repair Loan.
Revenue is generated primarily through net interest income — the spread between interest earned on mortgage and home equity loans versus interest paid on deposits — supplemented by mortgage origination fees, deposit-related charges, and annuity/wealth management fee-sharing arrangements. The company reported record FY2025 earnings of $91 million (up 14.3% year-over-year) and Q2 FY2026 record net interest income of $77.8 million, supported by approximately $17.5 billion in total assets and a Tier 1 capital ratio of 10.75%. Customer segments span individual homeowners and prospective homebuyers (primary), low-to-moderate-income homebuyers, existing customers seeking wealth management, and — newly — commercial trucking fleets served through the WEX partnership.
TFS Financial Corporation firmographics
Firmographics- Name
- TFS Financial Corporation
- Legal name
- TFS Financial Corporation
- Website
- https://thirdfederal.com
- Company type
- Public
- Founded year
- 1938
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- TFS Financial Corporation is the publicly traded holding company (NASDAQ: TFSL) for Third Federal Savings and Loan Association of Cleveland, a regional savings institution offering mortgages, home equity products, deposits, and wealth management to retail consumers primarily across Ohio, Florida, and 26 additional states.
- Ownership category
- akta.pro rank
TFS Financial Corporation industry classification
Industry- Product category
- Retail Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (522180), Mortgage and Nonmortgage Loan Brokers (522310)
- SIC
- Savings Institution, Federally Chartered (6035), Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Mutual Savings Banks & Mutual Thrifts (FSABAEAD)
Keywords
Where TFS Financial Corporation is headquartered
LocationHeadquarters
- HQ city
- Cleveland
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
TFS Financial Corporation business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Net Interest Income: TFS Financial generates revenue primarily through the spread between interest earned on mortgage loans and home equity products versus interest paid on deposits. The company reported record net interest income of $77.8 million in Q2 FY2026 and $91 million in net income for FY2025.
- Mortgage Origination Fees: Fees charged for mortgage origination, refinancing, and home equity loan processing. Closing costs of $495 are standard for low-cost mortgage products.
- Deposit Fees and Charges: Various deposit-related fees including NSF charges ($36), stop payment fees ($36), dormant account fees ($12), and wire transfer fees ($25 domestic outgoing, $15 incoming).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | 30-Year Fixed Rate Mortgages: 6.290%-6.690% APR |
| Unit Pricing | Monthly | 15-Year Fixed Rate Mortgages: 5.690%-6.490% APR |
| Usage-based | Monthly | Home Equity Lines of Credit: 6.240% APR variable |
| Unit Pricing | Monthly | Home Equity Loans: 6.490%-6.990% APR |
| Unit Pricing | Multi-year contract | Certificates of Deposit: 2.50%-3.70% APY |
| Unit Pricing | Monthly | Online Savings Plus: 4.30% APY |
| Unit Pricing | Monthly | 30-Day Online Only CD: 5.00% APY |
| Unit Pricing | Multi-year contract | Athene Fixed Annuities: 4.75%-5.50% rates |
| Unit Pricing | Monthly | HomeReady Purchase Mortgage: 3% down, up to $350,000 |
| Unit Pricing | Monthly | Fixer Upper Home Repair Loan: 2.99% APR |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
TFS Financial Corporation product offering
Product offeringCore offering
TFS Financial Corporation, through its subsidiary Third Federal Savings and Loan Association of Cleveland, provides residential mortgage lending (purchase and refinance), home equity loans and lines of credit, deposit products (certificates of deposit, savings, checking, and retirement accounts), and community development lending products. The company also offers fixed annuities through a partnership with Athene and equipment financing for trucking fleets through a partnership with WEX.
Product overview
Third Federal Savings & Loan (parent: TFS Financial Corporation) operates as a regional savings and mortgage bank offering a unified banking and lending platform. The core product portfolio centers on mortgage lending (purchase and refinance) and home equity products (HELOCs and home equity loans), complemented by deposit products including certificates of deposit, savings accounts, checking accounts, and retirement accounts. Community development products include HomeReady mortgages with down payment assistance programs (Home-At-Last and Forgivable Down Payment Assistance) and the Fixer Upper Home Repair Loan. Digital banking services include online banking, the My Loan Center document portal, and mobile banking features. The company also offers fixed annuity products through a partnership with Athene. The product architecture combines core banking services with specialized mortgage and community lending products, supported by digital platform features.
Differentiator
Problem solved
Functional benefit
Products and services
- Mortgages Mortgage loan products including purchase mortgages and refinance options, available in fixed rate and adjustable rate configurations for individual homebuyers and homeowners.
- Home Equity Lines of Credit (HELOC)
- Home Equity Loans
- Certificates of Deposit
- Savings Accounts
- Checking Accounts
- Retirement Accounts
- HomeReady Purchase Mortgage
- Fixer Upper Home Repair Loan
- Fixed Annuities (ThirdFed Investments)
- Equipment Financing Powered by TFS Equipment financing program for trucking and transportation fleets in the United States and Canada, offered through a partnership with WEX to address high equipment costs and tight margins in the transportation industry.
Quantifiable outcome
- Up to 80% reduction in processing costs with Heron Broker Suite automation
- +4 more outcomes
Companies that use TFS Financial Corporation
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles3 records
TFS Financial Corporation technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
TFS Financial Corporation partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- WEXcoreWEX and TFS Financial launched Equipment Financing Powered by TFS, a new equipment financing program for trucking and transportation companies in the United States and Canada. The program uses technology to connect fleets with financing providers more efficiently than traditional lending channels.
- CHN Housing PartnerscoreThird Federal continues its partnership with CHN Housing Partners to offer free income tax preparation assistance for individuals and families earning less than $69,000. The program, supported by Third Federal since 2012, provides IRS-trained and certified volunteer preparers to help filers identify eligibility for the Earned Income Tax Credit.
- Clearstead Advisory SolutionscoreThird Federal partnered with Clearstead Advisory Solutions, a division of Cleveland-based Clearstead Advisors, to offer wealth management services including investment management, retirement guidance, and financial planning to customers nationwide. The partnership enables Third Federal customers to access tailored wealth management solutions through Clearstead advisors via local branches and Customer Care.
- Mustard Seed Development Corporation (MSDC)coreThird Federal collaborates with Mustard Seed Development Corporation, a HUD-approved organization since 2005, for HomeToday home buying seminar series. MSDC acts as the HUD liaison for Third Federal's education program, assisting participants with achieving successful homeownership.
- Athene Annuity and Life CompanyminorThird Federal markets fixed annuities through Athene (MYG with MVA) products, including 3-year, 5-year, and 7-year single premium deferred annuities. The annuities are offered through ThirdFed Insurance LLC, a marketing name of Cetera Investment Services.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
TFS Financial Corporation competitors and assessment
Company assessmentDirect peers
- Provident Financial Services: Provident Financial Services (PFS) operates under a mutual holding company structure as a New Jersey-based savings and loan holding company with residential and commercial lending. Comparable on MHC ownership dynamics and savings institution charter.
- Kearny Financial: Kearny Financial (KRNY) operates as a savings bank holding company under a mutual holding company structure, focused on residential mortgage lending and retail deposits in the Northeast. Directly comparable to TFSL on charter type, MHC structure, and product mix.
- Dime Community Bancshares: Dime Community Bancshares operates as a savings bank holding company under a mutual holding company structure serving the New York metro area. Comparable on charter type, MHC ownership profile, and retail deposit-funded lending model.
- Northfield Bancorp: Northfield Bancorp (NFBK) operates under a mutual holding company structure as a savings and loan holding company in the New York metro area. Comparable on charter type, MHC ownership profile, and consumer lending focus.
- Northwest Bancshares: Northwest Bancshares (NWBI) operates as a savings bank holding company under a mutual holding company structure with residential mortgage and consumer banking operations across Pennsylvania and Ohio. Directly comparable on charter, structure, and Ohio-adjacent footprint.
- Capitol Federal Financial: Capitol Federal Financial (CAPN) is a Kansas-based savings and loan holding company with a mutual holding company structure, offering residential mortgages, home equity loans, and retail deposits. Highly comparable to TFS Financial in business mix, charter type, and MHC ownership dynamics.
- HomeStreet: HomeStreet (HMST) is a regional bank holding company with material mortgage origination and home loan focus, headquartered in the Pacific Northwest. Comparable to TFSL on residential mortgage orientation, though without the mutual holding company structure.
Regional players
- First Defiance Financial: First Defiance Financial (FDEF) operates a Midwest-focused bank holding company with consumer mortgage and home equity lending. Comparable on regional consumer banking model and Ohio-adjacent Midwest footprint, though without the MHC structure.
Broad incumbents
- Webster Financial: Webster Financial (WBS) is a regional bank holding company operating Webster Bank and HSA Bank, with consumer mortgage, commercial banking, and wealth management segments. Comparable on hybrid retail/commercial model and regional Northeast-Midwest footprint.
- Flagstar Financial: Flagstar Financial (formerly New York Community Bancorp) is a large regional bank holding company with material mortgage origination, multifamily lending, and retail banking operations. Comparable to TFSL on consumer mortgage orientation, though materially larger and not MHC-structured.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
TFS Financial Corporation social profiles
Digital presenceTFS Financial Corporation compliance and trust
Trust signalCompliance3 records
TFS Financial Corporation financial estimates
Financial estimateRevenue estimate
Valuation estimate
TFS Financial Corporation leadership team
Management profileNumber of profiles
Profiles5 records
TFS Financial Corporation funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TFS Financial Corporation M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TFS Financial Corporation
What does TFS Financial Corporation do?
TFS Financial Corporation, through its subsidiary Third Federal Savings and Loan Association of Cleveland, provides residential mortgage lending (purchase and refinance), home equity loans and lines of credit, deposit products (certificates of deposit, savings, checking, and retirement accounts), and community development lending products. The company also offers fixed annuities through a partnership with Athene and equipment financing for trucking fleets through a partnership with WEX.
Is TFS Financial Corporation a public or private company?
TFS Financial Corporation is a public company. It is classified as public and is currently operating.
When was TFS Financial Corporation founded?
TFS Financial Corporation was founded in 1938. It employs 501 to 1,000 people.
Where is TFS Financial Corporation based?
TFS Financial Corporation is headquartered in Cleveland, United States, in the North America region.
How does TFS Financial Corporation make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are mortgage Origination Fees and deposit Fees and Charges.
Who are TFS Financial Corporation's main competitors?
Direct peers on record are Provident Financial Services, Kearny Financial, Dime Community Bancshares, Northfield Bancorp, Northwest Bancshares, Capitol Federal Financial and HomeStreet. First Defiance Financial is listed as a regional player. Broad incumbents are Webster Financial and Flagstar Financial.
Does TFS Financial Corporation have an API?
No public API is recorded for TFS Financial Corporation.
What industry is TFS Financial Corporation in?
TFS Financial Corporation's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAD, Mutual Savings Banks & Mutual Thrifts. Its NAICS code is 522180 and its SIC code is 6035.