TFS Financial Corp was organized in 1997 as the mid-tier stock holding Company for Third Federal Savings and Loan Association of Cleveland. The Company completed its initial public stock offering on April 20, 2007. It is a federally chartered stock holding Company, conducts its activities through its wholly owned subsidiaries. The main line of business of the Company is retail consumer banking, including mortgage lending, deposit gathering, and other financial services. The Company's operating subsidiaries include Third Federal Savings and Loan Association of Cleveland (the Association or Third Federal Savings and Loan) and Third Capital, Inc. ("Third Capital"). The Association is a federal savings association, which provides retail loan and savings products to its customers in Ohio and Florida through its 39 full-service branches and 8 loan production offices. The Association also provides savings products in all 50 states and offers secured lines of credit in 18 states through its internet site. Third Capital was formed to hold non-thrift investments and subsidiaries, which include a limited liability Company the purpose of which is to acquire and manage commercial real estate, a Vermont captive reinsurance company, an entity that pursues merger and acquisition opportunities for the holding companies and investments in private equity investment funds. It also originates residential real estate mortgage loans; equity loans and equity lines of credit; and construction loans for the purchase of developed lots and for the construction of single-family residences, as well as commercial and consumer loans. The Association faces intense competition in its market areas both in making loans and attracting deposits. The Association invests in debt securities issued by the United States Government and agencies of the United States Government, which include Fannie Mae and Freddie Mac.