EXHIBIT 99
                                               --------------------------------
                                               CONTACTS:
                                                          RICHARD C.BAYLOR, CEO
                                                          PHONE:  740-435-2040
                                                    OR
                                                          MARK A. SEVERSON, CFO
                                                          PHONE:  740-435-2055
                                               --------------------------------
  ------------------------------
  FINAL
  ------------------------------

                                  NEWS RELEASE

RELEASE DATE:      DECEMBER 23, 2004

RELEASE TIME:      4:30 P.M.


                   CAMCO FINANCIAL ANNOUNCES THE RESTRUCTURING
                                OF FHLB ADVANCES

CAMBRIDGE, OHIO (NASDAQ: CAFI) - Camco Financial Corporation (Corporation) today
announced that its wholly owned subsidiary, Advantage Bank (Bank), prepaid and
restructured $144.1 million in convertible fixed rate borrowings from the
Federal Home Loan Bank. The early repayment of the debt will result in a penalty
charge of $18.88 million before tax or $12.46 million after tax. The convertible
advances had a weighted average interest rate of 6.25% and an average term to
maturity of approximately 5.61 years. The Bank replaced the advances plus the
penalty with a structure of maturities ranging up to 5 years. The weighted
average cost on the restructured borrowings was 3.59%.

Camco's CEO and President Richard C. Baylor, commented, "We fully anticipate
that this decision will have positive effects on the Bank's earnings and
performance ratios over the next several years and continues our focus of
growing shareholder value and producing consistent long-term total returns."



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Baylor continued, "The transaction positions itself well in our balance sheet as
a result of our recent and continuing efforts to manage towards shorter duration
assets generated from commercial/commercial real estate and consumer loans. As
of September 30, 2004, commercial/commercial real estate and consumer loans
comprised 25% and 14% of the loan portfolio, respectively. This is in line with
our long-term strategic plan objectives of reaching 30% and 20% or more for
commercial/commercial real estate and consumer loans, respectively."

Baylor continued, "The immediate impact of the restructuring is estimated to
reduce interest expense for the Corporation by over $3.33 million in the first
year on a pre-tax basis and $2.20 million on an after tax basis. It is
anticipated the first year incremental increase on earnings per share for the
Corporation will be $.30. Management expects this transaction will assist the
Corporation in achieving a return on average tangible equity in excess of 10%
and improve the Corporation's net interest margin by approximately 31 basis
points. Although the prepayment will reduce capital, the Corporation will remain
well capitalized by all regulatory standards. The ratio of tangible equity to
assets at December 31, 2005 is expected to be approximately 7.61%. Based on our
analysis, we believe this investment of capital produces attractive benefits to
our earnings outlook for the next several years and positions our company for
solid future growth."

Camco Financial Corporation, holding company for Advantage Bank, is a
multi-state financial holding company headquartered in Cambridge, Ohio with
assets of $1.1 billion. Advantage Bank and its affiliates offer community
banking, mortgage banking, internet banking and title services from 30 offices
in 35 communities in Ohio, Kentucky and West Virginia.



          NASDAQ: CAFI o EMAIL: camco@camco.cc o www.camcofinancial.com

                                       6



Additional information about Camco Financial may be found on Camco's web site:
www.advantagebank.com.


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 the
Company's market area, changes in policies by regulatory agencies, fluctuations
in interest rates, demands for loans in the Company's market area and
competition, that could cause actual results to differ materially from
historical earnings and those presently anticipated or projected. The Company
wishes to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. The Company
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.