EXHIBIT 99
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CONTACTS:
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RICHARD C. BAYLOR, CEO
PHONE: 740-435-2040
OR
JOHN J. BODLE, PRESIDENT
PHONE: 740-852-0787
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FINAL
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NEWS RELEASE
RELEASE DATE: MARCH 26, 2004
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RELEASE TIME: 5:00 PM
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CAMCO FINANCIAL CORPORATION TO ACQUIRE LONDON FINANCIAL CORPORATION
CAMBRIDGE, OHIO (NASDAQ: CAFI) - Camco Financial Corporation ("Camco"), the
holding company of Advantage Bank, and London Financial Corporation ("London"),
the holding company of The Citizens Bank of London ("Citizens"), announced today
the execution of a definitive agreement for Camco to acquire London, a $60
million bank holding company, and its wholly owned subsidiary Citizens,
headquartered in London, Ohio. The transaction consideration will be paid in
cash and Camco common stock with a total value of approximately $10.0 million,
subject to adjustment. The transaction is expected to be completed in the third
quarter of 2004. The merger of London into Camco is expected to be accretive to
Camco's earnings per share in the first full year of operations. It is
anticipated that following the merger of London into Camco, Citizens will be
merged into Advantage Bank. Advantage Bank intends to keep Citizens' only office
location open for business as an office of Advantage Bank.
Under the terms of the merger agreement, each London shareholder will be able to
elect to receive either 1.56342 shares of Camco common stock, subject to
adjustment under certain circumstances, $26.50 in cash, or a combination of
both.
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After the merger, Camco will have total assets of approximately $1.1 billion,
total deposits of approximately $715 million, stockholders equity of
approximately $97 million and a market capitalization of approximately $130
million.
Richard C. Baylor, President & Chief Executive Officer of Camco Financial
Corporation stated that "London Financial Corporation represents an excellent
strategic opportunity to expand our banking franchise in the Central Ohio
market. Part of our strategic plan is to have a significant presence in the
county seat of each of our small to medium sized communities in which we do
business. London Financial Corporation fits that part of our plan. Their loan
portfolio has a high concentration of commercial lending and a deposit structure
that is heavily weighted towards demand and transaction accounts, all of which
fits our structure well. It is our plan to designate the London office as part
of our Advantage Bank Western Region banking division. With our focus on
community banking, we look forward to enhancing the products and services that
were provided by Citizens and providing for the banking needs of our new
customers in Madison County. In addition, we will maintain community leadership
by retaining their board members in an advisory role and to promote Advantage
Banking in the London community."
John J. Bodle, President of London, stated, "We're excited about becoming a part
of the Camco Financial Corporation team and the ability we will have to provide
Citizens' customers and community with the additional products and services
Camco and it's subsidiaries have to offer. We also are excited about the
additional growth opportunities that will be provided our staff as well as our
stockholders."
The consummation of the merger is subject to approval by regulatory authorities
and by London's stockholders and is subject to other customary closing
conditions.
Camco, is a multi-state thrift holding company headquartered in Cambridge, Ohio.
Advantage Bank and its affiliates offer community banking, mortgage banking,
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internet banking and title services from 32 offices in 23 communities in Ohio,
Kentucky and West Virginia.
Additional information about Camco Financial may be found on Camco's web site:
www.advantagebank.com.
For contacts:
Richard C. Baylor 740-435-2040
President & CEO
Camco Financial Corporation
John J. Bodle 740-852-0787
President
London Financial Corporation
The words or phrases "will likely result," "are expected to," "will continue,"
"is anticipated," "estimate," "project" or similar expressions are intended to
identify "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to certain
risks and uncertainties including changes in economic conditions in Camco's
market area, changes in policies by regulatory agencies, fluctuations in
interest rates, demands for loans in Camco's market area and competition, that
could cause actual results to differ materially from historical earnings and
those presently anticipated or projected. Camco wishes to caution readers not to
place undue reliance on any such forward-looking statements, which speak only as
of the date made. Camco does not undertake, and specifically disclaims any
obligation, to publicly release the result of any revisions that may be made to
any forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or unanticipated
events
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