Camco Financial

Camco Financial Corporation was a United States bank holding company headquartered in Cambridge, Ohio. Organized under Delaware law in 1970, the company developed as a parent organization for banking operations in southeastern Ohio and neighboring parts of Kentucky and West Virginia. Its principal operating subsidiary was Advantage Bank, an Ohio-based bank that provided the banking services associated with the Camco organization. Camco completed a significant internal reorganization in June 2001, consolidating its banking activities under Advantage Bank. This structure made Advantage Bank the main customer-facing banking business while Camco functioned as the holding company. Through Advantage Bank, the organization offered a broad range of conventional banking services, although the available reference material does not provide a detailed product catalogue or identify specific branded financial products. The company expanded through a 2004 combination with London Financial Corporation of London, Ohio, and that corporation's wholly owned subsidiary, The Citizens Bank of London. The transaction increased Camco's presence in Ohio and brought another banking operation into its corporate structure. Camco subsequently operated a network of 22 offices across Ohio, Kentucky, and West Virginia. Camco also came under regulatory oversight. In 2012, the Federal Deposit Insurance Corporation and the Ohio Department of Commerce's Division of Financial Institutions issued a consent order dated February 9. In 2013, Camco announced the termination of that consent order. The available sources do not establish that the matter involved criminal misconduct, and it is therefore best characterized as a regulatory event rather than a confirmed scandal. At December 31, 2012, Camco reported approximately $764.259 million in total assets, $59.727 million in total stockholders' equity, and $627.224 million in deposits. These figures describe the scale of the company shortly before its acquisition and are not current financial data. In 2013, Huntington Bancshares purchased Camco Financial. The merger was completed by March 2014, at which point Camco ceased to exist as an independent company. Its historical significance lies primarily in its role as a regional bank holding company and in the consolidation of community banking operations under Advantage Bank before the eventual Huntington transaction.

Camco Financial Corporation was organized on October 19, 1970, as a Delaware bank holding company. The company was headquartered in Cambridge, Ohio, and ultimately served as the corporate parent of Advantage Bank, an Ohio banking institution. Its business model was based on owning and coordinating banking operations rather than presenting itself as a standalone consumer bank with a large independent product brand. A major structural change occurred in June 2001, when Camco completed a reorganization that combined its banking activities under Advantage Bank. The reorganization clarified the relationship between the holding company and the operating bank: Advantage Bank became the principal platform through which customers accessed Camco's banking services, while Camco retained the parent-company role. In 2004, Camco Financial merged with London Financial Corporation of London, Ohio. The transaction also brought in London Financial's wholly owned subsidiary, The Citizens Bank of London. This combination expanded Camco's regional banking organization and added to its Ohio operations. Over time, the company operated 22 offices located in Ohio, Kentucky, and West Virginia, reflecting a regional rather than national strategy focused on communities in the Ohio Valley. The company faced a regulatory matter in the early 2010s. The Federal Deposit Insurance Corporation and the Ohio Department of Commerce's Division of Financial Institutions issued a consent order on February 9, 2012. Camco stated in 2013 that the order had been terminated. The available reference does not describe the underlying findings in sufficient detail to characterize the matter beyond a regulatory compliance event. Camco's reported financial position at December 31, 2012, illustrates the size of the institution near the end of its independent history. It had total assets of $764.259 million, total stockholders' equity of $59.727 million, and deposits of $627.224 million. These amounts relate specifically to the 2012 reporting date and should not be treated as present-day figures. In 2013, Huntington Bancshares acquired Camco Financial. The merger was completed by March 2014, ending Camco's independent existence. The acquisition represented the final stage of Camco's history as a regional bank holding company. After the transaction, Camco was no longer an active standalone financial-services brand or corporate entity.

1. 2014Independent existence ends

   The merger with Huntington Bancshares was completed, ending Camco Financial as an independent company.

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2. 2013Consent order termination announced

   Camco declared that the regulatory consent order had ended.

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3. 2013Acquisition by Huntington Bancshares

   Huntington Bancshares purchased Camco Financial in a transaction completed in March 2014.

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4. 2012Regulatory consent order issued

   The FDIC and the Ohio Division of Financial Institutions issued a consent order dated February 9.

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5. 2004Combination with London Financial Corporation

   Camco merged with London Financial Corporation of London, Ohio, including its subsidiary The Citizens Bank of London.

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6. 2001Banking activities are consolidated under Advantage Bank

   Camco completed a reorganization in June that placed its banking activities under the Ohio-based Advantage Bank subsidiary.

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7. 1970Camco Financial Corporation is organized

   Camco Financial Corporation was organized on October 19 as a Delaware bank holding company.

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Regional community-bank holding company serving customers through Advantage Bank and a multi-state branch network in the Ohio Valley.

• Advantage BankBanking subsidiary

  Advantage Bank was Camco Financial's Ohio-based wholly owned banking subsidiary and the main operating platform for the group's customer services. It delivered a broad range of conventional banking services through a branch network spanning Ohio, Kentucky, and West Virginia. The available source does not enumerate individual account or loan products.

• Regional branch banking servicesCommunity banking

  Camco's operating footprint consisted of 22 offices across three states. Through these locations and Advantage Bank, the company served regional customers with general banking, deposit, lending, and related financial services. Specific branch names, product terms, and service channels are not identified in the available reference.

• 2013Sale to Huntington BancsharesM&A

  Camco was operating as a regional bank holding company with Advantage Bank as its principal banking subsidiary.

  What changed. Huntington Bancshares acquired Camco Financial; the merger was completed by March 2014.

  Aftermath. Camco ceased to exist as an independent company and its standalone brand status ended.

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• 2004Merger with London Financial CorporationM&A

  Camco pursued expansion through the combination of London Financial Corporation and its banking subsidiary, The Citizens Bank of London.

  What changed. Camco merged with the London, Ohio-based financial company and incorporated its wholly owned bank subsidiary into the organization.

  Aftermath. The transaction contributed to Camco's regional banking presence in Ohio.

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• 2001Consolidation of banking operations under Advantage BankStrategy

  Camco reorganized its structure so that its banking activities were combined under Advantage Bank.

  What changed. The holding company made Advantage Bank the central operating subsidiary for its banking business.

  Aftermath. The arrangement remained the basis of Camco's operations until the company's acquisition by Huntington Bancshares.

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• 2013Camco Financial reports termination of regulatory consent order

  Camco declared the termination of a consent order issued in February 2012 by the Federal Deposit Insurance Corporation and the Ohio Department of Commerce's Division of Financial Institutions.

  Regulation
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• 2013Huntington Bancshares agrees to acquire Camco Financial

  Huntington Bancshares purchased Camco Financial, ending Camco's independent corporate existence after the transaction was completed in March 2014.

  M&A
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1. Camco Financial