UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 23, 2004
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CAMCO FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-25196 51-0110823
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(State or other jurisdiction (Commission File No.) (IRS Employer I.D. No.)
of incorporation)
6901 Glenn Highway, Cambridge, Ohio 43725
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (740) 435-2020
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Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On December 23, 2004, Advantage Bank (the "Bank"), the wholly-owned subsidiary
of Camco Financial Corporation (the "Corporation"), refinanced $144.1 million in
convertible fixed rate borrowings from the Federal Home Loan Bank of Cincinnati
(the "FHLB") with advances ranging up to 5 years. In connection with this
transaction, the Bank paid early payment fees totaling $18.88 million before tax
or $12.46 million after tax, which fees were included in the new advance.
The refinanced FHLB advances had a weighted average interest rate of 6.25% and
an average term of maturity of approximately 5.61 years. The new advances have a
weighted average interest rate of 3.59%. The Bank is obligated to make monthly
interest payments and to repay the full principal amount at maturity. As with
the refinanced advances, the new advance is secured by a blanket lien on 100% of
the Bank's one to four family mortgage portfolio and multi-family mortgage
portfolio.
The new advances were otherwise made on terms generally available to other FHLB
member institutions and were not accompanied by covenants or other restrictions
that the Corporation believes materially affect its business or operations, or
the rights of its shareholders.
On December 23, 2004, Camco Financial Corporation issued a news release
announcing this restructuring. The news release is attached hereto as Exhibit
99.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of business acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
Exhibit No. Description
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99 News Release of Camco Financial Corporation
dated December 23, 2004
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
CAMCO FINANCIAL CORPORATION
By: /s/ Mark A Severson
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Mark A. Severson
Chief Financial Officer
Date: December 23, 2004
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INDEX TO EXHIBITS
Exhibit
Number Description
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99 News Release of Camco Financial Corporation dated
December 23, 2004
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