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Exhibit 99
CAMCO FINANCIAL CORPORATION
814 Wheeling Avenue
P.O. Box 708
Cambridge, Ohio 43725-0708
Phone: 614-432-5641
Fax: 614-432-6107
Camco Financial Corporation Corrects and Replaces Previous
Acquisition Announcement
Note: The following news release replaces and corrects the previous
Camco Financial news release which was faxed to you earlier today,
Friday, January 9, 1998.
Camco Financial Completes Acquisition of GF Bancorp
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CAMBRIDGE, Ohio--Jan. 9, 1998-- Camco Financial Corp. (NASDAQ:CAFI)
announced today the completion of Camco's acquisition of GF Bancorp Inc., the
holding company for Germantown Federal Savings Bank.
GF Bancorp reported assets of $49.4 million and equity of $6.8 million
on Sept. 30, 1997. The effective date of the acquisition was Jan. 8, 1998. As a
result of the acquisition, the former Germantown Federal offices in Germantown
and New Lebanon, Ohio, will continue to operate as branches of First Federal
Savings Bank of Washington Court House, a subsidiary of Camco.
In accordance with the acquisition agreement that was signed in July
1997, each GF Bancorp stockholder will receive 1.320 shares of Camco stock for
each share of GF Bancorp held on Jan. 8, 1998. Based on the Jan. 8, 1998
closing price of $26.50 for Camco stock on the Nasdaq National Market, the
market value of the 1.320 Camco shares received for each GF Bancorp share is
approximately $34.98, and the aggregate market value is $11.2 million based on
320,705 GF Bancorp shares outstanding. Larry A. Caldwell, president & CEO of
Camco, commented, "The increase in the market value of Camco's stock since the
agreement was signed last July has made this acquisition even more valuable to
the GF Bancorp stockholders." Camco's stock price was $18.75 on July 25, 1997,
the trading date before the merger agreement was signed. As a result of the
increase in Camco's market price, Camco will issue fewer shares in the merger,
but those shares will have a higher market value.
The GF Bancorp stockholders will participate in the Camco dividend of
$.135 payable Jan. 20, 1998, to stockholders of record on Jan. 9, 1998, the day
after the effective date of the merger. Caldwell noted, "The timing is very
beneficial to the GB Bancorp stockholders, and Camco is delighted to start on
such a positive note with its newest stockholders." Payment of the dividend to
former GF Bancorp stockholders will occur in conjunction with the exchange of
GF Bancorp certificates for Camco stock certificates.
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Camco, a multi-state/multi-bank holding company, reported assets of
$502.2 million and equity of $48.2 million as of Sept. 30, 1997. Through its
subsidiaries, Camco provides a broad array of financial services now to 19
communities in Ohio, Kentucky and West Virginia.
CONTACT: Camco Financial Corp., Cambridge
Larry A. Caldwell, 614/432-5641