Camco Completes Acquisition of Westwood Homestead Financial Corporation.Business Editors CAMBRIDGE, Ohio--(BUSINESS WIRE)--Jan. 7, 2000 Camco Financial Corporation (Nasdaq:CAFI CAFI Canadian Agriculture and Food International CAFI Conférence des Alpes franco-italiennes (French) CAFI Computer-Aided Fault Isolation CAFI Commanders Annual Facility Inspection ), a multiple savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company located in Cambridge, Ohio, announced the completion yesterday of its previously announced acquisition of Westwood Homestead Financial Corporation. WHFC's operating subsidiary, Westwood Homestead Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , with two offices in Cincinnati, Ohio, will continue to operate as Camco's fifth independent community bank. WHFC WHFC West Ham Football Club reported assets of $149.7 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $22.9 million at September 30, 1999. WHFC shareholders will receive $5.20 in cash and .611 Camco shares for each WHFC share outstanding. As a result of the acquisition, Camco now has approximately 6.9 million publicly traded shares of common stock. Larry Caldwell, Chairman and Chief Executive Officer of Camco, commented, "We are excited by Camco's entrance into the Cincinnati market. The well-established Westwood Homestead Savings Bank franchise provides Camco an excellent vehicle for introducing Cincinnati to Camco's 'Advantage Banking' brand of products and services. We are confident that the market will respond favorably to the dynamic combination of Camco's operational support and Westwood Homestead's community ties which will be maintained through the continuation of Westwood Homestead's local board and management, led by President Michael P. Brennan." At September 30, 1999, Camco had consolidated assets of $778.4 million and stockholders' equity of $62.1 million. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, the Westwood Homestead acquisition increases Camco's consolidated assets to $928.1 million at September 30, 1999. With the addition of Westwood Homestead, Camco now provides its broad array of financial services through 32 offices in 24 communities throughout central, southern and southwestern Ohio, northeastern Kentucky and northwestern West Virginia. |
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