Archive for November, 2011

Saginaw man charged in robbery at cash advance store; second suspect still at …

Tuesday, November 22nd, 2011

SAGINAW Saginaw County sheriffs deputies have arrested one of two men suspected in the Sept. 29 robbery of a cash advance store in Kochville Township.

Andre L. Jackson Jr., 19, of 2315 Congress was lodged in the Saginaw County Jail late Wednesday in connection with the incident at Advance America Cash Advance, 2822 Tittabawassee.

Jackson is charged with armed robbery and possessing a firearm during the commission of a felony.

Sheriffs Detective Sgt. Randy Pfau said that detectives investigation identified Jackson as one of two men who entered the store about 1 pm One of the men produced a firearm and robbed the clerk of an undisclosed amount of money before tying the clerk up with zip ties and leaving her in the back of the store, Pfau said.

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Monday, November 21st, 2011 Announces New Sign Up Form For Cash Advance Loans
Because oil prices have climbed, has announced that it has made its sign up form for its cash advance loans easier to use. wants people who are struggling to be able to get cash faster.

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Sunday, November 20th, 2011

Payday loans refer to loans to help individuals take care of unforeseen expenses as they wait for their next paycheck to arrive. Payday loans online are usually sought out by people as the final attempt of making ends meet. A payday loan online is a small-term cash loan that is often obtained by people who wish to avoid late payment penalties or who find themselves faced with an unavoidable payment to be made. Even the most frugal person sometimes finds himself in a fix with a bill to be cleared or an unexpected expenditure.

Borrowers can obtain cash values ranging between $100 and $1,500. Among the leading sites that provide payday loans online, the website requires applicants to fill out simple forms and submit proof of employment and earnings that the applicant earns at least $1,000 per month.

The website features an easy, secure application process and requests applicants with only details that are required to facilitate the transaction. The website uses strong 256-bit Secure Socket Layer (SSL) encryption technology to communicate sensitive information.

The use of the website is free. However, fees are charged by the payday loan lender for the amount loaned. The fees charged should conform with existing state and federal laws that govern payday loans.



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Conspiracy-driven film ahead of its ‘Time’

Saturday, November 19th, 2011

Sometime in the distant future, you are part of a global conspiracy; whether you know it or not, everyone is stuck fulfilling their roles as genetically mutated inhabitants of a new era time crisis.

The premise of “In Time” is simple yet complicated — the currency of the future is time. That’s right, minutes and seconds determine your wealth and, as it turns out, whether you live to see another day.

However, once you reach 25, you never age physically beyond that. This means that Will Salas (Justin Timberlake) can have a mom played by Olivia Wilde (13 from House) and it works. Unfortunately, after turning 25, the clock starts and you only have one year to live.

Each day, the poor of the world run to work because they can’t afford to waste a single second while the wealthy eat, walk and drive as slow as possible because they have all the time in the world.

Time can be added to that one year by working, borrowing at 35 percent interest, trading or stealing. The plot begins to take shape when wealthy, New Greenwich resident, Henry Hamilton, gives Salas more than a century. Hamilton “times himself out”, dying on the side of a bridge. Before he dies, however, he tells Salas, “don’t waste my time.

Salas naturally seeks to fix the injustice of the time dichotomy, which is where the action of this science fiction/action thriller starts rolling — car chases, gun fights, time fights and last-second time transfers all make for a thrill-a-minute rollercoaster ride.

I would tell you more, but I dislike spoilers.

As far as scenery, costumes and props go, “In Time” defies the convention of other futuristic films.

The actors in the movie wear clothes that would be appropriate for the 21st century, especially given the movie’s focus on class structure. Mobsters wear purple, orange or light blue three-piece suits while the poor wear sweat pants, T-shirts and gym shoes.

Since the film utilizes several car chase scenes, one would think that Audi or Mercedes place futuristic rides like other sci-fi thrillers, but, once again, “In Time” bucks trends while providing something for all kinds of automotive tastes.

Although there are no badges signifying manufacturer, the film employs a 1950s Jaguarish roadster, police (called Timekeepers in this case) drive what appear to be early ’70s Dodge Chargers, and limousines mirror a more tricked out Chrysler 300 from the last several years.

The entire film appears to take place in what could easily be Los Angeles circa 2001, and the only structures that appear out of place are the “99 second” stores and “time loan” banks instead of payday advance businesses.

“In Time” is clever in that it lets you know it takes place in the future but doesn’t try to overload your senses with gaudy CGI and wire-guided fight scenes.

It also delivers its commentary on the state of wealth and poverty while telling a captivating story.

Salas sums up the strife of the poor and the cautionary lifestyle lived by the rich when he says, “The rich never truly get to live and the poor die too soon to enjoy life.

As a movie released in an era where animation, CGI and 3-D technology rule the market, “In Time” is refreshing and definitely worth your time — and money.

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Spartanburg-based Advance America reports tenfold increase in earnings

Saturday, November 19th, 2011

Spartanburg-based Advance America, Cash Advance Centers Inc. reported Thursday its earnings increased almost tenfold during the third quarter.

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Suspected Cash Advance robber’s arrest likely to solve other recent Alpine …

Friday, November 18th, 2011

ALPINE TOWNSHIP — Kent County Undersheriff Jon Hess today said an arrest Monday of a man suspected of robbing the Advance America Cash Advance store is likely to solve other recent robberies along Alpine Avenue NW.

Investigators took four people into custody Monday not long after the 2:15 pm robbery at Cash Advance, 3730 Alpine Ave. NW.

After questioning the people, however, detectives determined there was enough evidence to charge only one person, Hess said.

Police took the four people into custody at the York Creek apartment complex after a witness saw the robber get into a vehicle near the Cash Advance store, then police located the vehicle at York Creek.

The vehicle matched a description given of a get-away car used in other recent robberies along Alpine Avenue, Hess said.

Hess said he believes the arrest will solve at least some of the recent Alpine Avenue robberies — Jimmy Johns, Subway, 7-Eleven, Admiral gas station, a Fifth Third Bank ATM.

He said investigators executed a search warrant Monday and found evidence from the Cash Advance robbery. He did not disclose if a weapon was found.

The Cash Advance robber used a small handgun in the holdup. He took the stores cash drawer.

E-mail John Tunison: and follow him on Twitter at

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Camco Financial Announces Third Quarter 2011 Earnings

Friday, November 18th, 2011

CAMBRIDGE, Ohio, Oct 28, 2011 (GlobeNewswire via COMTEX) —
Camco Financial Corporation

/quotes/zigman/58071/quotes/nls/cafi CAFI

, the bank holding company for Advantage Bank, today announced third quarter financial results for 2011, reporting net earnings of $163,000 or $0.02 per share for the quarter ended September 30, 2011. These results represent an improvement of $11.8 million or $1.63 per share over results from the comparable quarter a year ago. Year-to-date results reflect net earnings of $952,000 or $0.13 per share for the nine months ended September 30, 2011.

“These results mark a fourth consecutive quarter with positive earnings, as we continue to improve the overall profitability of the company,” said James E. Huston, President and CEO. “Our commitment and perseverance to generating profitable results is paying off. We are weathering the economic storm plaguing our nation by continuing to decrease non-performing loans and by increasing core deposits.”

The Company’s classified loans decreased $504,000 in the third quarter 2011 and $8.2 million since year-end 2010. Core deposits (defined as checking, savings and money-market deposits) increased $5.9 million, or 2.2%, when compared to June 30, 2011 and $29.3 million, or 11.8% since December 31, 2010.

Huston continued, “We are cognizant of the time and effort it takes to effect change and we are continuously looking for new opportunities for growth. One example of this is our recent partnership with Stratos Wealth Partners to provide wealth and financial advisory services under the name Advantage Wealth Partners. This alliance allows us to position ourselves as the local provider of choice for financial solutions.”

Review of Financial Performance


The following items summarize key activities of the Company during the quarter ended September 30, 2011:

— Total assets decreased $55.6 million from the same quarter a year ago,
which reflects cash and cash equivalents being used to pay down higher
cost brokered, public, and single-service CD deposits and borrowed
— Core deposits (defined as checking, savings and money market deposits)
increased $5.9 million, or 2.2%, when compared to June 30, 2011.
— Net Interest Margin increased by 0.12% from the linked quarter primarily
due to lower cost of funds.
— Noninterest income increased $157,000 from the linked quarter, largely
driven by higher gain on sale of loans and higher loan fees.
— Noninterest expense increased $114,000 compared to the linked quarter
due to additional expenses related to real estate owned as we continue
to work through some older troubled credits.
— Classified loans (which includes substandard, doubtful, and loss)
decreased by $504,000 in the third quarter.

Net Interest Margin:

Net interest margin increased to 3.73% in the current quarter compared to 3.61% for the quarter ended June 30, 2011. The margin has also increased from 3.59% for the same period a year ago, driven by a reduction in the bank’s cost of funds. Management expects the Company’s net interest margin to stabilize or decrease slightly as we continue to be in an environment of low interest rates and slow economic growth. The improvement in our net interest margin for the quarter is notable, especially in this extended low rate environment. We will continue to look for pricing opportunities, further improvement in credit quality, and other ways to maintain our margin going forward.

Net Interest Income:

Net interest income before the provision for loan losses increased $30,000, or 0.5%, to $6.5 million for the quarter ended September 30, 2011, compared to the prior quarter. The increase was attributable to reductions in certificates of deposits, borrowings and the cost of funds.

The Company’s yield on earning assets was relatively stable at 5.12% in the current quarter compared to 5.09% in the linked quarter. The cost of funds for the quarter ended September 30, 2011 was 1.46% compared to 1.57% for the quarter ended June 30, 2011. Planned continued runoff in certificates of deposits and borrowings combined with growth in core deposits resulted in this reduced cost of funds. The Company anticipates continued declines in certificates of deposit balances over the next few quarters as it expects that some maturities of single product relationship accounts will not be renewed.

Provision Expense and Allowance for Loan Losses:

The allowance for loan and lease losses was $16.0 million at September 30, 2011, compared to $16.8 million at June 30, 2011. A provision for loan losses of $228,000 was recorded for the quarter ended September 30, 2011, compared to $11.4 million for the same period of the prior year and $197,000 for the linked quarter. The allowance for loan and lease losses was strengthened in previous quarters, with relatively little additional provision required in the current quarter. In addition, the successful resolution of a large classified loan resulted in the release of the related specific reserve for previously expected losses on that loan, which reduced the amount of provision expense required. Non-performing assets decreased $2.0 million since June 30, 2011 to $38.5 million at September 30, 2011. The allowance for loan and lease losses as a percentage of non-performing loans was 61.7% at September 30, 2011 compared to 49.6% at September 30, 2010.

Noninterest Income:

Noninterest income was $1.2 million for the third quarter of 2011, which represents a decrease of $257,000 when compared to the quarter ended September 30, 2010 and an increase of $157,000 when compared to the linked quarter. The increased income in the current quarter over the linked quarter was driven by an increase in gain on sale of loans, higher loan fees, and additional income from the renegotiation of a vendor contract.

Noninterest Expense:

Noninterest expense for the quarter ended September 30, 2011, decreased $556,000, or 7.1% , to $7.3 million from the comparable period a year earlier and increased by $114,000 when compared to the linked quarter. Noninterest expense was lower during the current quarter 2011 compared to the previous 2010 quarter primarily as a result of lower staffing expense. The increase compared to the linked quarter was the result of additional expenses related to real estate owned.

Balance Sheet:

Total assets were $793.6 million, which is a decrease of $55.6 million, or 6.6% compared to $849.3 million a year earlier. The decrease was primarily attributable to using cash and cash equivalents to reduce brokered, public, and single-service CD deposits, as well as pay down borrowed funds, as we continue to restructure our balance sheet to rely less on non core funding. We also continue to focus on profitable lending opportunities as a means of employing any excess cash.

Asset Quality:

Loan quality has improved but the economic recovery within our market areas continues to be slow and has caused declines in the underlying value of collateral both in commercial and residential real estate as well as deterioration in the financial condition of some of our borrowers. These factors have made it difficult to sustain a steady reduction in classified assets and non-performing loans.

A summary of certain key factors follows:

(in thousands) 9/30/2011 6/30/2011 3/31/2011
————————- ——— ——— ———

Classified Loans* 47,167 47,671 50,878
————————- ——— ——— ———

Non-Performing Loans 25,950 26,069 32,298
————————- ——— ——— ———

Loan Loss Reserve 16,015 16,751 17,410
————————- ——— ——— ———

Loan Loss Reserve / Total
Loans 2.45% 2.55% 2.61%
————————- ——— ——— ———

*Includes substandard, doubtful and loss (including homogeneous loans).

Deposits and Borrowings:

Core deposits (defined as checking, savings, and money market deposits) increased by $5.9 million, or 2.2% compared to June 30, 2011. Total deposits decreased $7.3 million, or 1.2% during this period. The decrease was due to a reduction in brokered, public, and certificates of deposit of $16.2 million. Contraction in these balances was planned as the Company works to reduce the level of non core deposits, particularly higher single product certificates of deposits relating to rate sensitive shoppers.

FHLB advances and other borrowings have decreased by $31.8 million, or 22.1% from September 30, 2010. The planned decrease from the year ago quarter resulted from continued repayment and prepayment of FHLB advances with excess liquidity.


Stockholders’ equity increased $209,000, or 0.5%, to $46.3 million at September 30, 2011, compared to $46.1 million at June 30, 2011. Net earnings of $163,000 for the quarter was the main driver of the increase. Camco’s Tier 1 leverage capital ratio increased to 6.59% in 3rd Quarter 2011 compared to 6.49% in 2nd Quarter, 2011.

About Camco Financial Corporation:

Camco Financial Corporation, holding company for Advantage Bank, is a multi-state bank holding company headquartered in Cambridge, Ohio. Advantage Bank and its affiliates offer community banking that includes commercial, business and consumer financial services and internet banking from 22 offices. Additional information about Camco Financial may be found on the Company’s web sites: or .

The Camco Financial Corporation logo is available at

The words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the Company’s market area, changes in policies by regulatory agencies, fluctuations in interest rates, demands for loans in the Company’s market area and competition, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Camco Financial Corporation
Condensed Consolidated Statements of Financial Condition
(In thousands, except for per share data and shares outstanding)

(Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited)

9/30/11 6/30/11 3/31/11 12/31/10 9/30/10
———– ———– ———– ———- ———–
Cash and Cash
Equivalents 69,707 42,382 61,777 29,114 35,328
Investments 14,489 14,584 17,206 34,716 39,074

Loans Held for Sale 10,445 3,699 1,249 2,208 12,143

Loans Receivable 652,403 658,034 665,500 684,710 693,387
Allowance for Loan Loss (16,015) (16,751) (17,410) (16,870) (16,854)
Loans Receivable, Net 636,388 641,283 648,090 667,840 676,533

Other Assets 62,577 65,578 63,245 81,088 86,172

Total Assets $ 793,606 $ 767,526 $ 791,567 $ 814,966 $ 849,250
———– ———– ———– ———- ———–

Deposits 624,327 631,647 655,597 651,816 647,937
Borrowed Funds 111,858 80,480 79,675 104,464 143,665
Other Liabilities 11,117 9,304 10,406 12,583 12,436

Total Liabilities 747,302 721,431 745,678 768,863 804,038

Stockholders’ Equity 46,304 46,095 45,889 46,103 45,212

Total Liabilities and
Stockholders’ Equity $ 793,606 $ 767,526 $ 791,567 $ 814,966 $ 849,250
———– ———– ———– ———- ———–

Stockholders’ Equity to
Total Assets 5.83% 6.01% 5.80% 5.66% 5.32%

Total Shares Outstanding 7,205,595 7,205,595 7,205,595 7,205,595 7,205,595

Book Value Per Share $6.43 $6.40 $6.37 $6.40 $6.27

Camco Financial Corporation
Condensed Consolidated Statements of Earnings
Year to Date Information
(In thousands, except for per share data and shares

9 Months 9 Months
Ended Ended
9/30/11 9/30/10

(Unaudited) (Unaudited)
———– ———–
Interest Income:
Loans 26,455 28,074
securities 359 1,291
Investment securities 152 224
Interest-bearing deposits
and other 602 1,010
———– ———–

Total Interest Income 27,568 30,599
———– ———–

Interest Expense:
Deposits 5,841 8,259

Borrowings 2,215 2,961
———– ———–

Total Interest Expense 8,056 11,220
———– ———–
Net Interest Income 19,512 19,379

Provision for Losses on
Loans 1,438 17,524
———– ———–
Net Interest Income After
Provision for Loan Losses 18,074 1,855
———– ———–

Noninterest Income:
Late charges, rent and
other 901 1,234
Loan servicing fees 905 952
Service charges and other
fees on deposits 1,580 1,719
Gain on sale of loans 129 822
Mortgage servicing rights (213) (622)
Gain (loss) on sale of
investment, mbs & fixed
assets 1,282 1
Income on cash surrender
value life insurance 659 656
———– ———–
Total noninterest
income 5,243 4,762
———– ———–

Noninterest expense:
Employee compensation and
benefits 9,565 10,121
Occupancy and equipment 2,219 2,219
FDIC premium and other
insurances 1,541 1,574
Data processing 834 842
Advertising 277 275
Franchise taxes 514 814

Other operating 6,873 5,883
———– ———–
Total noninterest
expense 21,823 21,728
———– ———–

Earnings (loss) before
provision for inome taxes 1,494 (15,111)

Provision for income
taxes 542 457
———– ———–

Net Earnings (Loss) 952 (15,568)
=========== ===========

Earnings (Loss) Per Share:
Basic $0.13 ($2.16)
Diluted $0.13 ($2.16)

Basic Weighted Number of
Shares Outstanding 7,205,595 7,205,595
Diluted Weighted Number of
Shares Outstanding 7,205,595 7,205,595

Camco Financial Corporation
Condensed Consolidated Statements of Operations
Quarterly Information
(In thousands, except for per share data and shares outstanding)

3 Months 3 Months 3 Months 3 Months 3 Months
Ended Ended Ended Ended Ended
9/30/11 6/30/11 3/31/11 12/31/10 9/30/10

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
———– ———– ———– ———– ———–
Interest Income:
Loans 8,715 8,839 8,901 9,528 9,513
securities 19 24 316 354 388
Investment securities 53 60 39 37 54
Interest-bearing deposits
and other 99 157 346 303 337
———– ———– ———– ———– ———–

Total Interest Income 8,886 9,080 9,602 10,222 10,292
———– ———– ———– ———– ———–

Interest Expense:
Deposits 1,734 1,918 2,189 2,316 2,570

Borrowings 686 726 803 898 972
———– ———– ———– ———– ———–

Total Interest Expense 2,420 2,644 2,992 3,214 3,542
———– ———– ———– ———– ———–
Net Interest Income 6,466 6,436 6,610 7,008 6,750

Provision for Losses on
Loans 228 197 1,013 936 11,407
———– ———– ———– ———– ———–
Net Interest Income After
Provision for Loan Losses 6,238 6,239 5,597 6,072 (4,657)
———– ———– ———– ———– ———–

Noninterest Income:
Rent and other 336 203 362 418 497
Loan servicing fees 300 298 307 317 315
Service charges and other
fees on deposits 548 529 503 557 603
Gain on sale of loans 129 (92) 92 1,060 332
Mortgage servicing rights (352) (132) 271 29 (528)
Gain (loss) on sale of
investment, mbs & fixed
assets 2 2 1,278 — 2

Income on CSVL (BOLI) 222 220 217 221 221
———– ———– ———– ———– ———–
Total noninterest
income 1,185 1,028 3,030 2,602 1,442
———– ———– ———– ———– ———–

Noninterest expense:
Employee compensation and
benefits 3,034 3,153 3,378 2,814 3,467
Occupancy and equipment 767 691 761 784 734
Data processing 273 277 284 285 276
Advertising 95 96 86 83 105
Franchise taxes 166 178 170 114 280

Other operating 2,920 2,746 2,748 3,524 2,949
———– ———– ———– ———– ———–
Total noninterest
expense 7,255 7,141 7,427 7,604 7,811
———– ———– ———– ———– ———–

Earnings (loss) before
provision for income taxes 168 126 1,200 1,070 (11,026)

Provision for income
taxes 5 (11) 548 61 572
———– ———– ———– ———– ———–

Net Earnings (loss) 163 137 652 1,009 (11,598)
=========== =========== =========== =========== ===========

Earnings (Loss) Per Share:
Basic $0.02 $0.02 $0.09 $0.14 ($1.61)
Diluted $0.02 $0.02 $0.09 $0.14 ($1.61)

Basic Weighted Number of
Shares Outstanding 7,205,595 7,205,595 7,205,595 7,205,595 7,205,595
Diluted Weighted Number of
Shares Outstanding 7,205,595 7,205,595 7,205,595 7,205,595 7,205,595

Camco Financial Corporation
Selected Ratios and Statistics
(In thousands, except for per share data and shares outstanding)

3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
9/30/11 9/30/10 9/30/11 9/30/10

(Unaudited) (Unaudited) (Unaudited) (Unaudited)
———– ———– ———– ———–

Return on average equity 1.41% -85.94% 2.75% -35.75%

Return on average assets 0.08% -5.48% 0.16% -2.44%

Interest rate spread 3.66% 3.55% 3.59% 3.35%

Net interest margin 3.73% 3.59% 3.66% 3.41%

Yield on earning assets 5.12% 5.47% 5.17% 5.38%

Cost of deposits 1.21% 1.69% 1.32% 1.80%

Cost of borrowings 3.07% 3.00% 3.26% 3.11%

Total cost of interest bearing
liabilities 1.46% 1.92% 1.58% 2.03%

Noninterest expense to average
assets 3.75% 3.69% 3.69% 3.40%

Efficiency ratio 94.82% 95.35% 88.16% 90.00%

Nonperforming assets to total
assets 4.83% 5.25% 4.83% 5.25%

Non performing loans to total
net loans including 3.88% 4.94% 3.88% 4.94%
loans held for sale

Allowance for loan losses to
total loans 2.45% 2.39% 2.45% 2.39%

Ratios are based upon the mathematical average of the balances at the end of each
month for the quarter and were annualized where appropriate

Camco Financial Corporation
Averages for Quarters Ended
(In thousands, except for per share data and shares outstanding)

——– ——— —— ——– ——— ——

September September
30, 2011 30, 2010
——– ——— —— ——– ——— ——
Average Yield/ Average 0 Yield/

Balance Interest Rate Balance Interest Rate
——– ——— —— ——– ——— ——
Interest – Earning Assets:
Loans receivable – net (1) 635,662 8,715 5.48% 661,778 9,513 5.75%
Securities (2) 15,216 72 1.89% 40,154 442 4.40%
FHLB Stock 9,888 98 3.96% 29,888 335 4.48%
Other interest bearing accounts 33,218 1 0.01% 21,301 2 0.04%
Total interest earning
assets 693,984 8,886 5.12% 753,121 10,292 5.47%
——– ——— —— ——– ——— ——

Noninterest-earning assets 79,019 94,118

Total Average Assets 773,003 847,239
======== ========

Interest-Bearing Liabilities:
Deposits 574,338 1,734 1.21% 608,661 2,570 1.69%

Advances & Borrowings 89,295 686 3.07% 129,429 972 3.00%
——– ——— —— ——– ——— ——
Total interest-bearing
liabilities 663,633 2,420 1.46% 738,090 3,542 1.92%
——– ——— —— ——– ——— ——

Noninterest-bearing sources:
Noninterest-bearing liabilities 63,155 55,165

Shareholders’ equity 46,215
——– 53,984
Total Liabilities and
Shareholders’ Equity 773,003 847,239
======== ========

—— ——

Net Interest margin 3.73% 3.59%
====== ======

——— —— ——— ——

Net Interest Income & Spread 6,466 3.66% 6,750 3.55%
========= ====== ========= ======

(1) Includes LHFS but does not include ALLL and
Non-Accrual Loans
(2) Includes securities designated as available for
sale and held to maturity

This news release was distributed by GlobeNewswire,

SOURCE: Camco Financial Corporation

CONTACT: James E. Huston, CEO
John E. Kirksey, CFO
Phone: 740-435-2020

(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.


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Camco Financial Corp.



Volume: 3,550
Nov. 17, 2011 10:25a

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Mortgage relief for AZ jobless available

Thursday, November 17th, 2011

Mortgage relief for AZ jobless available

Nov 06, 2011 (The Arizona Daily Star – McClatchy-Tribune Information Services via COMTEX) —
The states Housing Department is looking to help thousands of Arizona homeowners struggling to pay their mortgages.

The department received $267 million from the federal government to keep people in their houses, and the bulk of that money is still up for grabs, said Reginald Givens, the Housing Departments foreclosure assistance administrator.

So far, it has doled out a little more than $10 million, Givens said.

The state planned to use the money to pay down the principal for homeowners who are underwater on their mortgage, meaning they owe more than their home is worth. But it encountered resistance from lenders that werent interested in matching the government contribution with a principal reduction.

Financial institutions are reluctant to lower principals because it could chill future lending, said Brad German, a spokesman for Freddie Mac. A bank isnt going to jump into writing a $100,000 loan if it fears itll only get paid $50,000 if property values drop, he said.

Because of the challenges with principal reduction, the state has broadened the program, called Save Our Home AZ. It now provides assistance to unemployed and — since the beginning of October — under-employed individuals facing foreclosure. That assistance provides up to $50,000 to qualifying homeowners to help them pay up to two years of mortgage payments.

Those whove quit their job and cant find a new one wont qualify for the help, Givens said.

It has to be a true hardship, meaning not self-inflicted, he said.

I started letting go

The states aim is to help 1,400 unemployed or under-employed homeowners, Givens said.

So far, it has helped 216 homeowners, Givens said. One of them is Victor Del Cid, a 46-year-old Tucson resident. Del Cid, a mason, had his hours cut when housing crashed and construction slowed.

Then his pay was cut.

Then, in December 2009, he was laid off. He burned through his savings to stay current on his mortgage. When he first had his hours and wages cut he struggled to pay his mortgage but his lender, Bank of America, told him he couldnt get a loan modification because he was current on his payments.

By the time he stopped making payments, hed lost his job and BofA told him he couldnt qualify for a modification because he was unemployed. He then received notice he was delinquent on his loan, which had an original balance of $134,000, and his home near South Kolb and East Irvington roads had been scheduled for auction March 18, Pima County Recorders Office documents show.

Though hed fought to keep his home, the reality of losing it began to settle in. I started letting go, little by little, Del Cid said.

Through the Pio Decimo Center, a Catholic housing counseling agency, Givens said he learned he might qualify for assistance through Save Our Home AZ. With that help, he was able to get current on his payments and the auction was canceled.

They took a ton of weight off my shoulders, Givens said.

Have application ready

Another homeowner, Crystal Basile, 37, said when she first heard about the program she thought it sounded too good to be true.

As of yet, for Basile, her instinct has proven right.

Basile, who lives in Oro Valley, owned a tile installation company with her husband, Mark. They ran the company for almost a decade, but with the slowdown in construction, they were forced to shut down the business.

The Basiles, who have two young daughters, also struggled with medical issues.

We were still paying our mortgage … but we knew foreclosure was inevitable, Basile said.

The couple worked with a housing counselor, who told them they might qualify for assistance through Save Our Home AZ.

But after not hearing back from the counselor for weeks, they learned they couldnt yet apply for assistance because theyd been working toward a temporary loan modification through the federal Home Affordable Modification Program.

Givens, of the Arizona Housing Department, confirmed that those in the temporary modification program cannot qualify for the assistance. But homeowners who are denied a permanent modification can qualify, so its good to have that application ready for submittal, he said. Also, homeowners approved for a modification who experience an additional hardship might still qualify for the program, he said.

So far, most homeowners whove applied for assistance through the unemployment program have received it, Givens said. In the cases where the applicant is denied, its because another member of the household has a job or the homeowner refinanced the home to get a cash loan.

Goal: Pay down principals

Save Our Homes AZ hasnt found an effective way to pay down cash-strapped homeowners principal balances to levels that better reflect property values, but Givens said theyre working toward that goal.

The program plans to help 4,000 homeowners with principal reduction, he said. So far its only been able to do so for a handful of homeowners.

For its part, Freddie Mac will accept money to pay down principals as long as its not required to match the payment, said German, the lenders spokesman. The principal payment also shouldnt come with the requirement that Freddie Mac approve a modification it otherwise wouldnt, he said.

Lenders are trying to accept principal reduction, but in a way that wont continue to drive down property values, German said.

Do you qualify?

To find out if youre eligible for the Save Our Home AZ program, go to and complete the self assessment. After filling out the application, you will be contacted by a housing counselor approved by the US Department of Housing and Urban Development.

For more information — or if you dont have access to the Internet — contact the Arizona Foreclosure Help Line at 877-448-1211.

Available programs include:

–Principal reduction up to $50,000 for homeowners who owe more than their home is worth.

–Mortgage payment assistance up to $50,000 for those who are unemployed and under-employed.

–Short-sale assistance to help pay closing costs if a qualified homeowner wants to sell rather than stay in a house.

Contact reporter Dale Quinn at or 573-4197.

___ (c)2011 The Arizona Daily Star (Tucson, Ariz.) Visit The Arizona Daily Star
(Tucson, Ariz.) at Distributed by MCT Information Services

Copyright (C) 2011, The Arizona Daily Star, Tucson

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Huntsman doesn’t rule out giving campaign more money

Tuesday, November 15th, 2011

Manchester, New Hampshire (CNN) – When asked if he would inject any more of his own money into his cash-strapped presidential campaign, former Utah Gov. Jon Huntsman would not draw any lines in the sand Sunday.

A reporter asked Huntsman, the son of a chemicals tycoon, if he would consider making another cash loan to his campaign.

Its not about putting money in, its about messaging, Huntsman responded during a media availability in Laconia, New Hampshire.

Huntsman loaned more than $2 million to his campaign last quarter.

He said the campaign has reaped some financial success since climbing out of the low single digits in New Hampshire polling.

As we go up, we get traction in New Hampshire, our fundraising goes up 250%, he said. Its the marketplace at work. If we do well here and if the polls ahead are showing signs of life, money will come.

The campaign has previously said fundraising has risen since late September, when Huntsman rose in the polls in New Hampshire.

Huntsman originally planned to pursue a three-state campaign strategy in Florida, South Carolina and New Hampshire, but was forced to reevaluate. The campaign moved its headquarters from Florida to New Hampshire in early fall.

The presidential hopefuls campaign raised over $4 million in the third quarter, with Huntsman contributing roughly half that sum. Of that, the campaign only had about $300,000 cash on hand at the end of the quarter.

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