Exhibit 99.1

                                                     CAMCO FINANCIAL CORPORATION
                                                             814 Wheeling Avenue
                                                                    P.O. Box 708
                                                      Cambridge, Ohio 43725-0708
                                                             Phone: 614-432-5641
                                                               Fax: 614-432-6107

                                  News Release

RELEASE DATE:           October 7, 1996

RELEASE TIME:           Immediate


             Camco Financial/First Ashland Financial Complete Merger

     Camco Financial Corporation [Nasdaq: CAFI], a multiple bank holding company
located in Cambridge,  Ohio, and First Ashland  Financial  Corporation  {Nasdaq:
FSBS],  parent of First  Federal  Bank for Savings of Ashland,  Kentucky,  today
confirmed the completion of their announced merger effective on Friday,  October
4, 1996.

     Pursuant  to the  agreement,  First  Ashland  merged  into  Camco and First
Federal Bank for Savings will continue as a stand-alone  subsidiary of Camco. In
addition, each share of First Ashland will be exchanged for $8.93736 in cash and
 .67492 fractional share of common stock of Camco.

     At June 30, 1996, Camco and First Ashland reported assets of $352.6 million
and $87.4 million. respectively. On that same date, Camco's shareholders' equity
was $29.3 million and First Ashland's shareholders' equity was $23.9 million.

     "Through  its  subsidiaries,  Camco  currently  provides  a broad  array of
financial  services to 13 communities in Ohio and West Virginia,"  noted Camco's
President  Larry A. Caldwell.  "Through First Federal Bank for Savings,  we look
forward  to  providing  the full  array of  services  in the  Ashland,  Summit &
Russell, Kentucky areas," Caldwell concluded.



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