FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Zbanek Cathy W 2. Issuer Name and Ticker or Trading Symbol TFS Financial CORP [ TFSL ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chief Synergy Officer
(Last)         (First)         (Middle)
7007 BROADWAY AVENUE
3. Date of Earliest Transaction (MM/DD/YYYY)
12/17/2020
(Street)
CLEVELAND, OH 44105
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock                 58323  D   
Common Stock                 9019  I  By ESOP (1)
Common Stock                 5352  I  By 401(k) (1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units   (2) 12/17/2020    A     9400       (3)  (3) Common Stock  9400.0  $0  9400  D   
Employee Stock Option (right to buy)  $19.31                   (4) 12/15/2026  Common Stock  79400.0    79400  D   
Performance Restricted Share Units   (2)                  (5)  (5) Common Stock  16988.0    16988  D   
Employee Stock Option (right to buy)  $19.06                   (6) 12/17/2025  Common Stock  49200.0    49200  D   
Employee Stock Option (right to buy)  $14.81                   (7) 5/28/2025  Common Stock  108300.0    108300  D   
Employee Stock Option (right to buy)  $11.64                   (8) 12/3/2023  Common Stock  28700.0    28700  D   
Employee Stock Option (right to buy)  $14.85                   (9) 12/18/2024  Common Stock  32400.0    32400  D   
Restricted Stock Units   (2)                  (10)  (10) Common Stock  3367.0    3367  D   
Employee Stock Option (right to buy)  $14.74                   (11) 1/5/2028  Common Stock  187500.0    187500  D   
Restricted Stock Units   (2)                  (12)  (12) Common Stock  5400.0    5400  D   

Explanation of Responses:
(1)  Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended.
(2)  Each restricted stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted 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.
(3)  On December 17, 2020, the reporting person received a grant of 9,400 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2021.
(4)  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.
(5)  On November 24, 2020, the reporting person achieved performance level of 112.5% on a target award of 15,100 Performance Share Units ("PSUs"), resulting in a total earned award of 16,988 shares. This represents the final determination a December 20, 2018 award that was dependent on certain performance results during the two fiscal year period ended September 30, 2020. 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, 2021.
(6)  As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 49,200 stock options on December 15, 2015. These stock options vest in three equal annual installments beginning December 10, 2016.
(7)  As reported on a Form 4 dated May 29, 2015, the reporting person received a grant of 108,300 stock options on May 28, 2015. These stock options vest in five equal annual installments beginning May 28, 2016.
(8)  As reported on a Form 4 dated December 12, 2013, the reporting person received a grant of 28,700 stock options. These stock options vest in three equal installments beginning December 3, 2014.
(9)  As reported on a Form 4 dated December 19, 2014, the reporting person received a grant of 32,400 stock options. These stock options vest in three equal annual installments beginning December 10, 2015.
(10)  On December 20, 2018, the reporting person received a grant of 10,100 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2019.
(11)  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.
(12)  As reported on a Form 4 dated December 19, 2019, the reporting person received a grant of 8,100 restricted stock units. These restricted stock units vest in three equal installments beginning December 10, 2020.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Zbanek Cathy W
7007 BROADWAY AVENUE
CLEVELAND, OH 44105


Chief Synergy Officer

Signatures
/s/ Paul J. Huml, Pursuant to Power of Attorney 12/21/2020
**Signature of Reporting Person Date
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