Third Federal Foundation Donates $500,000 to The Literacy Cooperative
June 24 2021 - 3:44PM
Business Wire
Establishes the Kurt Karakul Prize to honor the
retiring director
Marc A. Stefanski, Chairman and CEO of Third Federal, announced
a $500,000 gift to The Literacy Cooperative to establish the Kurt
Karakul Prize. The endowment honors Karakul, who has been president
of the Foundation since 2007.
“This grant is a tribute to Kurt’s contributions and dedication
to the children of Slavic Village. He has worked tirelessly with
our partners during the last 14 years to help children make
positive strides in their reading test scores,” Stefanski said.
Establishing this gift in his name will further ensure his impact
will continue for decades to come.”
The gift from the Foundation will allow The Literacy Cooperative
to develop an award focused on those who, like Karakul, are
literacy champions and making a positive impact on the communities
in which they live and work.
The Third Federal Foundation was formed in 2007 with $50 million
in stock and $5 million in cash as a result of the Initial Public
Offering of Third Federal stock. Karakul was the first director of
the Foundation, leading impactful initiatives in education, housing
and healthcare in the communities Third Federal serves, and most
directly, in Slavic Village, where the company was founded in 1938.
In 2020, the Foundation was one of the first funders of the Greater
Cleveland COVID-19 Rapid Response Fund, which supported non-profit
organizations and programs hit hard by the pandemic.
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 (Nasdaq: TFSL). Third Federal, which lends
in 25 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, seven lending offices in Central and Southern Ohio,
and 16 full service branches throughout Florida. As of September
30, 2019, the Company’s assets totaled $14.5 billion.
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Jennifer Rosa (216) 429-5037
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