News Update: TFS Financial Slumps 21%; Cancels Dividend, and Halts Buybacks

TFS Financial (TFSL) is down after the company said late Wednesday it does not intend to pay a cash dividend to its stockholders for the current quarter. It has also suspended its stock repurchase program.

The actions are in connection with the Office of Thrift Supervision’s concerns about the risk concentration and other aspects of the Association’s home-equity line-of-credit portfolio and its administration of that portfolio.