Camco Financial Corp., Cambridge, Ohio, has announced that its subsidiary Advantage Bank has prepaid and restructured $144.1 million in convertible fixed-rate borrowings from the Federal Home Loan Bank of Cincinnati.The early repayment will result in a pretax penalty charge of $18.88 million. The convertible advances had a weighted average interest rate of 6.25% and an average term to maturity of approximately 5.6 years, Camco said. The bank replaced the advances plus the penalty with a structure of maturities ranging up to five years. "The transaction positions itself well in our balance sheet as a result of our recent and continuing efforts to manage towards shorter-duration assets generated from commercial/commercial real estate and consumer loans," said Richard C. Baylor, Camco's president and chief executive officer. The bank can be found online at http://www.advantagebank.com.

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