Camco Financial Corporation Completes Acquisition of Westwood Homestead Financial Corporation

Strategic Insights -

Camco Financial Corporation, a multiple savings and loan holding company based in Cambridge, Ohio, has completed its acquisition of Westwood Homestead Financial Corporation, expanding its presence in the Cincinnati market. As a result of this acquisition, Camco gains access to Westwood Homestead Savings Bank's two offices in Cincinnati, Ohio, and becomes the owner of WHFC's assets valued at $149.7 million. WHFC shareholders will receive a combination of cash and Camco shares for each share held. The acquisition brings Camco's consolidated assets to $928.1 million at September 30, 1999, with stockholders' equity of $62.1 million.

Key Takeaways:

  • Camco Financial Corporation, a multiple savings and loan holding company, completed the acquisition of Westwood Homestead Financial Corporation, expanding its presence in the Cincinnati market.
  • The acquisition adds $149.7 million in assets and $22.9 million in stockholders' equity from WHFC to Camco's consolidated financials at September 30, 1999.
  • WHFC shareholders will receive $5.20 in cash and 0.611 Camco shares for each WHFC share outstanding.
  • At September 30, 1999, Camco had consolidated assets of $778.4 million and stockholders' equity of $62.1 million.
  • The acquisition increases Camco's total offices to 32, covering 24 communities in Ohio, Kentucky, and West Virginia.
  • Camco plans to maintain Westwood Homestead's local management and board of directors, led by President Michael P. Brennan, under its "Advantage Banking" brand of products and services.
  • The acquisition marks Camco's entrance into the Cincinnati market, which is expected to expand its customer base and influence.

Statistics:

  • Total assets acquired from Westwood Homestead Financial Corporation: $149.7 million (as of September 30, 1999)
  • Stockholders' equity acquired from Westwood Homestead Financial Corporation: $22.9 million (as of September 30, 1999)
  • Total offices following the acquisition: 32
  • Communities served through Camco's offices: 24 (Ohio, Kentucky, and West Virginia)
  • Consoldiated assets at September 30, 1999 (pre-acquisition): $778.4 million
  • Consoldiated assets at September 30, 1999 (post-acquisition): $928.1 million
  • Camco's publicly traded shares following the acquisition: approximately 6.9 million

Sources:

  • Business Wire, January 7, 2000 (exact reference: BUSINESS WIRE, 7 Jan. 2000)