Although TFSL looks good in this article, what the article fails to say is that its management has been sitting on its hands for 15 years as its market share, business, etc. eroded, and it went from being a market leader in the Cleveland area to a secondary or tertiary player.
<<Although TFSL looks good in this article, what the article fails to say is that its management has been sitting on its hands for 15 years as its market share, business, etc. eroded, and it went from being a market leader in the Cleveland area to a secondary or tertiary player.>>
Can you read? Well if you can go back read where TFSL never issued subprime loans and only gave loans to people who had incomes and good credit. Yes, the vulchers came in and stole some of their business with reckless loans, but they have come back and increased their market share since this subprime home mortgage loan fiasco started to collapse. TFSL is an excellent investment, because it is a honest and well run organization.
You miss my point. My point is that TFSL could have grown with minimal risk if it had good management, rather than people who kept doing things the way Ben Stefanski did in the 30s, 40s and 50s. TFSL could have expanded its franchise, made more good loans, sold them, etc., and been a bigger and more profitable institution. But it didn't have the personnel/foresight to do so. Shareholders will probably benefit if TFSL continues this way, since it will be bought once the three-year waiting period ends.
could TFSL and other quality thrifts enjoy a refi boom while RE sales continiue to slow?
TFSL is a prudent lender and has a good work ethic , which i am guessing means also they will pay out very nice dividends to "their people" in clevelend . like he has to pay to all the friends of his father , who own stock . this could be a very nice div payer , as he retaisn control of the compnay and enjoys fat salary , could see CFFN like dividend waive production maybe greater because we begin with only 30% floated , if it can be drivend down to say 23% wow then we can really ramp up the div with harming the balance sheet ala " the waive" maybe this is really a waive play all said and done i am willing to find out i will assume risk of ownership for while to see if it comes if it does not i pbelieve risk is low as we are prudent lenders and the price here is super cheap.....this could be a 15 dollar stock paying our 15cents each quarter in 12 months it is supportable and workable he may want to please the old timers in cleveland.....joco