Zbanek Cathy W 4
4 · TFS Financial CORP · Filed May 20, 2026
Research Summary
AI-generated summary of this filing
TFS Financial (TFSL) Chief Synergy Officer Cathy Zbanek Sells 10,000 Shares
What Happened
Cathy W. Zbanek, Chief Synergy Officer of TFS Financial Corporation (TFSL), sold 10,000 shares in an open-market transaction on May 18, 2026 at $15.26 per share for total proceeds of $152,600. This was a sale (transaction code S), which is often routine insider selling and does not by itself indicate company performance.
Key Details
- Transaction date: May 18, 2026; reported on Form 4 filed May 20, 2026.
- Price and proceeds: 10,000 shares × $15.26 = $152,600.
- Transaction type: Open-market sale (S).
- Shares owned after transaction: Not specified in the provided filing.
- Notable footnotes in the filing: F1–F8 describe other awards/holdings — including RSU and PSU grants, vesting schedules, and outstanding stock options (see highlights below).
- Filing timeliness: Reported two days after the transaction date; the filing does not indicate lateness.
Notable footnote highlights (from the filing):
- F2: RSUs/PSUs represent contingent rights to receive shares and include dividend equivalents.
- F3–F5: Multiple recent RSU grants (dates and vesting schedules listed for 2024–2025 grants).
- F6: 12,400 PSUs earned (100% of target) based on performance through Sept 30, 2025; those shares and dividend equivalents vest/distribute Dec 10, 2026.
- F7–F8: Earlier stock option grants with multi-year vesting schedules.
Context
Sales by executives can be for many personal reasons (diversification, tax planning, etc.). This single open-market sale reduces insider holdings by the reported amount but, without further ownership data or a pattern of trades, should be interpreted cautiously. No 10b5-1 plan or other trading-plan attribution is disclosed in the provided filing.
Insider Transaction Report
- Sale
Common Stock
2026-05-18$15.26/sh−10,000$152,600→ 61,101 total
- 5,323(indirect: By 401(k))
Common Stock
[F1] - 14,234(indirect: By ESOP)
Common Stock
[F1] - 15,800
Restricted Stock Units
[F2][F3]→ Common Stock (15,800 underlying) - 4,734
Restricted Stock Units
[F2][F4]→ Common Stock (4,734 underlying) - 10,600
Restricted Stock Units
[F2][F5]→ Common Stock (10,600 underlying) - 12,400
Performance Restricted Share Units
[F2][F6]→ Common Stock (12,400 underlying) - 187,500
Employee Stock Option (right to buy)
[F7]Exercise: $14.74Exp: 2028-01-05→ Common Stock (187,500 underlying) - 79,400
Employee Stock Option (right to buy)
[F8]Exercise: $19.31Exp: 2026-12-15→ Common Stock (79,400 underlying)
Footnotes (8)
- [F1]Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.
- [F2]Each restricted and performance stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted and performance stock units are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock.
- [F3]On December 18, 2025, the reporting person received a grant of 15,800 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2026.
- [F4]On March 4, 2024, the reporting person received a grant of 14,200 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2024.
- [F5]On December 19, 2024, the reporting person received a grant of 15,900 Restricted Stock Units (RSUs). These RSUs vest in three equal annual installments beginning December 10, 2025.
- [F6]On November 25, 2025, the reporting person achieved performance level of 100% on a target award of 12,400 Performance Share Units ("PSUs"), resulting in a total earned award of 12,400 shares. This represents the final determination a March 4, 2024 award that was dependent on certain performance results during the two fiscal year period ended September 30, 2025. Each PSU represents a contingent right to receive one share of TFS Financial Corporation common stock and are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock during the period the award was outstanding. The shares and dividend equivalent payment will vest and distribute to the reporting person on December 10, 2026.
- [F7]As reported on a Form 4 dated January 8, 2018, the reporting person received a grant of 187,500 stock options. These stock options vest in three equal annual installments beginning December 10, 2018.
- [F8]As reported on a Form 4 dated December 15, 2016, the reporting person received a grant of 79,400 stock options. These stock options vest in three equal annual installments beginning December 10, 2017.