FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * CALDWELL DAVID S   2. Issuer Name and Ticker or Trading Symbol CAMCO FINANCIAL CORP [CAFI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Sr. VP - Advantage Bank (Last) (First) (Middle) 10491 ROCK HILL ROAD 3. Date of Earliest Transaction (Month/Day/Year) 02/18/2011 (Street) CAMBRIDGE, OH 43725 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock               9,830 (1) I by 401(K) Plan Common Stock               10,303 D   Common Stock               606 I By Spouse Common Stock               2,956 I By Minor Children

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option

$ 2.15

02/18/2011

A

7,264

02/18/2011

02/18/2021

Common Shares

7,264

$ 0

7,264 (2)

D

Stock Option

$ 2.51

02/26/2010

02/26/2020

Common Shares

11,453

11,453 (2)

D

Stock Option

$ 8.92

01/22/2008

01/22/2018

Common Shares

2,707

2,707 (2)

D

Stock Option

$ 12.35

01/23/2007

01/23/2017

Common Shares

1,208

1,208 (2)

D

Stock Option

$ 14.1

02/01/2006

02/01/2016

Common Shares

4,697

4,697 (2)

D

Stock Option

$ 16.51

02/27/2005

01/27/2015

Common Shares

3,100

3,100 (2)

D

Stock Option

$ 17.17

01/27/2004

01/27/2014

Common Shares

1,426

1,426 (2)

D

Stock Option

$ 16.13

01/22/2003

01/22/2013

Common Shares

4,851

4,851 (2)

D

Stock Option

$ 11.36

11/20/2001

11/20/2011

Common Shares

2,500

2,500 (2)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CALDWELL DAVID S 10491 ROCK HILL ROAD CAMBRIDGE, OH 43725			Sr. VP - Advantage Bank

Signatures

/s/Kristina K. Tipton, POA for David S. Caldwell		03/09/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Shares were purchased through the 401(k) plan, which purchase was exempt under Section 16b-3(d). Number as of 6/30/2007
(2)	20% exercisable on date of grant. Additional 20% exercisable each anniversary date thereafter.

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