Camco Financial Receives Regulatory Approval for Charter Consolidation.Business Editors CAMBRIDGE, Ohio--(BUSINESS WIRE)--April 27, 2001 Camco Financial Corporation (Nasdaq:CAFI CAFI Canadian Agriculture and Food International CAFI ConfĂ©rence des Alpes franco-italiennes (French) CAFI Computer-Aided Fault Isolation CAFI Commanders Annual Facility Inspection ) announced today that it has received approval from the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and the Division of Financial Institutions for the State of Ohio to merge its five separate community bank charters. Camco had previously announced these plans on January 29, 2001. Camco's five banking affiliates, Cambridge 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. , Marietta Savings Bank, First Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks of Washington Court House Washington Court House, city (1990 pop. 12,983), seat of Fayette co., SW Ohio, on Paint Creek, in a productive farm, dairy, and poultry area; laid out and founded c.1810, inc. 1831. Its many manufactures include shoes, gloves, dairy products, and automobile and aircraft parts. , Westwood Homestead Savings Bank, Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. and First Federal Bank For Savings in Ashland, Kentucky, merge to create one Ohio savings bank that will operate under the name "Advantage Bank". The offices in each of the five regions served by Camco's affiliate banks will continue to operate under separate names as divisions of Advantage Bank. "The `Advantage Bank' name chosen by Camco as the name of the consolidated bank is an extension of Camco's `Advantage Banking' service mark and describes Camco's brand of customer service and products," noted Camco's President and Chief Executive Officer, Richard C. Baylor. "Camco's goal is that customers will continue to see what is familiar to them, but investors will see cost savings achieved through this reorganization which will place Camco in the upper quartile Quartile A statistical term describing a division of observations into four defined intervals based upon the values of the data and how they compare to the entire set of observations. Notes: Each quartile contains 25% of the total observations. of thrifts nationally in terms of operating efficiency," Baylor continued. As previously announced, Camco will record a one-time after tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $700,000 or $.10 per basic share in the second quarter of 2001. The restructuring charge is primarily related to one- time compensation charges and professional fees related to the consolidation. Camco anticipates that the approximate savings from the restructuring, coupled with other recent personnel reductions, will add earnings of $.01 per basic share in 2001, $.14 per basic share in the four quarters immediately following the charge, while enhancing the per basic share earnings level by $.17 in 2002. Consolidation of the five community bank charters it is expected to occur in the second quarter of 2001. The consolidation of operations such as data processing will begin with Cambridge Savings Bank in July 2001, and bank by bank data processing conversions will be completed in May 2002. Camco Financial Corporation is a multi-state/multi-bank holding company headquartered in Cambridge, Ohio, reporting assets in excess of $1 billion and equity of $80.3 million at March 31, 2001. Camco's focus is Community Banking, Mortgage Banking and Title Insurance Services. Through its insured subsidiaries, Camco provides a broad array of financial services through 30 offices in 23 communities in Ohio, Kentucky and West Virginia. |
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