A recent move by TFS Financial (TFSL) in Cleveland has fueled speculation that it could be the next big mutual conversion.

TFS, the holding company for Third Federal Savings & Loan Association of Cleveland, on June 25 said it planned to seek shareholder and regulatory approval to pay its public shareholders a dividend of up to 28 cents per share. The announcement came less than three months after the Federal Reserve lifted a memorandum of understanding that banned the $11.5 billion-asset company from paying a dividend.

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