THIRSTY FOR CAPITAL? "We plan to grow the balance sheet regardless of what the economic conditions are," says Marc Stefanski, CEO of TFS Financial, though he downplays speculation that a second-step conversion is imminent.

Setting the Stage for the Next Big Mutual Conversion

TFS Financial announced dividend plans recently that have many wondering whether it is headed toward a second-step conversion in the near future. The speculation makes sense, but the Cleveland company would face some obstacles.

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