The one-electron reduction of ((tbs)L)Fe₃(thf)¹ furnishes [M][((tbs)L)Fe₃] ([M]⁺ = [(18-C-6)K(thf)₂]⁺ (1, 76%) or [(crypt-222)K]⁺ (2, 54%)). Upon reduction, the ligand (tbs)L⁶⁻ rearranges around the triiron core to adopt an almost ideal C₃-symmetry. Accompanying the ((tbs)L) ligand rearrangement, the THF bound to the neutral starting material is expelled, and the Fe-Fe distances within the trinuclear cluster contract by ∼0.13 Å in 1. Variable-temperature magnetic susceptibility data indicates a well-isolated S = 11/2 spin ground state that persists to room temperature. Slow magnetic relaxation is observed at low temperature as evidenced by the out-of-phase (χ(M)″) component of the alternating current (ac) magnetic susceptibility data and by the appearance of hyperfine splitting in the zero-field ⁵⁷Fe Mössbauer spectra at 4.2 K. Analysis of the ac magnetic susceptibility yields an effective spin reversal barrier (U(eff)) of 22.6(2) cm⁻¹, nearly matching the theoretical barrier of 38.7 cm⁻¹ calculated from the axial zero-field splitting parameter (D = -1.29 cm⁻¹) extracted from the reduced magnetization data. A polycrystalline sample of 1 displays three sextets in the Mössbauer spectrum at 4.2 K (H(ext) = 0) which converge to a single six-line pattern in a frozen 2-MeTHF glass sample, indicating a unique iron environment and thus strong electron delocalization. The spin ground state and ligand rearrangement are discussed within the framework of a fully delocalized cluster exhibiting strong double and direct exchange interactions.