Press Release

Third Federal Foundation Celebrates 10 Years of Investing in Education and Neighborhoods

Company Release - 11/15/2017 6:30 PM ET

Foundation Marks Anniversary with $500,000 Gift to United Way of Greater Cleveland

CLEVELAND--(BUSINESS WIRE)-- The Third Federal Foundation is celebrating its 10th anniversary of funding programs that strengthen neighborhoods and address barriers to academic achievement.

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Marc A. Stefanski Chairman and CEO Third Federal Savings and Loan (Photo: Business Wire)

Marc A. Stefanski Chairman and CEO Third Federal Savings and Loan (Photo: Business Wire)

In the past decade, the Third Federal Foundation has given nearly $30 million to community partners and organizations to promote literacy and academic achievement; after school programs; health and wellness; housing and family stability.

“We’re extremely proud of the progress we’ve made in advancing education, literacy and neighborhood revitalization, especially here in Slavic Village,” said Marc A. Stefanski, chairman and CEO of Third Federal. “There is still so much work to be done, so we encourage other companies and organizations to get involved, as community anchors and funders. It takes a village to make a difference today; the future of kids in Cleveland depends on it.”

To celebrate the anniversary milestone, Third Federal has pledged to donate $500,000 to United Way of Greater Cleveland in support of the organization’s annual campaign.

“I’m thrilled our Foundation will continue to provide financial support to organizations and causes that are so vital to enhancing the lives of residents in Slavic Village,” said Kurt Karakul, president and executive director of the Third Federal Foundation. “It’s gratifying to know we can accomplish this through a significant grant to United Way of Greater Cleveland, which has a rich history of making a difference in the lives of people in need.”

“Without the selfless support of our closest business partners like Third Federal, we could not provide important funding to so many of our area’s cornerstone agencies and programs that help those in critical need,” said President and CEO of United Way of Greater Cleveland, August A. Napoli. “This incredible donation from Third Federal Foundation is a testament to the goodness and heartfelt passion so many individuals, businesses and nonprofits share with United Way every day, in every way. This monetary pledge will help thousands of children, adults and families throughout Greater Cleveland live better lives through programs focusing on quality education, financial stability, health and wellness and critical services and programs that wrap around our community to combat poverty and revitalize our neighborhoods.”

Payments will be made in five equal installments of $100,000 annually for five consecutive years, and will be used exclusively to provide financial support to organizations and causes Third Federal champions, including literacy, education and neighborhood revitalization.

The Third Federal Foundation provides financial support to charitable organizations in the communities in which Third Federal (NASDAQ:TFSL) operates, and enables communities to share in the long-term growth of the company. It also supports the ongoing obligations to its communities under the Community Reinvestment Act. Third Federal Savings and Loan Association is a leading provider of savings and mortgage products, and operates under the values of love, trust, respect, a commitment to excellence and fun. Founded in Cleveland in 1938 as a mutual association by Ben and Gerome Stefanski, Third Federal’s mission is to help people achieve the dream of home ownership and financial security. It became part of a public company in 2007 and celebrated its 75th anniversary in May, 2013. Third Federal, which lends in 21 states and the District of Columbia, is dedicated to serving consumers with competitive rates and outstanding service. Third Federal, an equal housing lender, has 21 full service branches in Northeast Ohio, eight lending offices in Central and Southern Ohio, and 17 full service branches throughout Florida. As of September 30, 2017, the Company’s assets totaled $13.7 billion. For more information, visit

Third Federal Foundation
David Reavis, 216-429-5036

Source: Third Federal Savings and Loan