<PAGE>

                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

(Mark One)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
       OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005

                                       OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
       OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to _______________

Commission File Number 0-25196

                           CAMCO FINANCIAL CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                                        51-0110823
-------------------------------          ---------------------------------------
(State or other jurisdiction of          (I.R.S. Employer Identification Number)
incorporation or organization)

                 6901 Glenn Highway, Cambridge, Ohio 43725-9757
--------------------------------------------------------------------------------
               (Address of principal executive office) (Zip code)

Registrant's telephone number, including area code: (740) 435-2020

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

Yes [X]    No [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

Yes [X]    No [ ]

As of May 4, 2005, the latest practicable date, 7,678,747 shares of the
registrant's common stock, $1.00 par value, were issued and outstanding.

                                  Page 1 of 23

<PAGE>

                           Camco Financial Corporation

                                      INDEX

<TABLE>
<CAPTION>
                                                              Page
                                                              ----
<S>                                                           <C>
PART I -   FINANCIAL INFORMATION

           Consolidated Statements of Financial Condition       3

           Consolidated Statements of Earnings                  4

           Consolidated Statements of Comprehensive Income      5

           Consolidated Statements of Cash Flows                6

           Notes to Consolidated Financial Statements           8

           Management's Discussion and Analysis of
           Financial Condition and Results of
           Operations                                          14

           Quantitative and Qualitative Disclosures about
           Market Risk                                         19

           Controls and Procedures                             20

PART II -  OTHER INFORMATION                                   21

SIGNATURES                                                     22
</TABLE>

                                       2
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                        (In thousands, except share data)

<TABLE>
<CAPTION>
                                                                                     MARCH 31,    DECEMBER 31,
                                                                                       2005          2004
                                                                                    -----------   ------------
<S>                                                                                 <C>           <C>
         ASSETS
Cash and due from banks                                                             $    24,551   $    25,849
Interest-bearing deposits in other financial institutions                                15,244        17,045
                                                                                    -----------   -----------
         Cash and cash equivalents                                                       39,795        42,894

Investment securities available for sale - at market                                     26,539        19,839
Investment securities held to maturity - at cost, approximate market
  value of $1,162 and $4,174 as of March 31, 2005 and December 31,
  2004, respectively                                                                      1,123         4,123
Mortgage-backed securities available for sale - at market                                77,538        80,321
Mortgage-backed securities held to maturity - at cost, approximate market
  value of $3,952 and $4,188 as of March 31, 2005 and December 31,
  2004, respectively                                                                      3,979         4,146
Loans held for sale - at lower of cost or market                                          4,616         2,837
Loans receivable - net                                                                  837,140       833,829
Office premises and equipment - net                                                      11,448        11,647
Real estate acquired through foreclosure                                                  2,087         2,280
Federal Home Loan Bank stock - at cost                                                   26,083        25,797
Accrued interest receivable                                                               4,416         4,503
Prepaid expenses and other assets                                                         1,369         1,530
Cash surrender value of life insurance                                                   20,227        20,042
Goodwill - net of accumulated amortization                                                6,683         6,736
Prepaid federal income taxes                                                              1,591         5,299
                                                                                    -----------   -----------

         Total assets                                                               $ 1,064,634   $ 1,065,823
                                                                                    ===========   ===========

         LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits                                                                            $   674,853   $   667,778
Advances from the Federal Home Loan Bank                                                289,302       295,310
Advances by borrowers for taxes and insurance                                             2,024         3,030
Accounts payable and accrued liabilities                                                  4,402         5,391
Dividends payable                                                                         1,114         1,109
Deferred federal income taxes                                                             3,360         3,884
                                                                                    -----------   -----------
         Total liabilities                                                              975,055       976,502

Commitments                                                                                   -             -

Stockholders' equity
  Preferred stock - $1 par value; authorized 100,000 shares; no shares outstanding            -             -
  Common stock - $1 par value; authorized 14,900,000 shares; 8,775,272 and
    8,759,676 shares issued at March 31, 2005 and December 31, 2004, respectively         8,775         8,760
  Additional paid-in capital                                                             59,078        58,935
  Retained earnings - substantially restricted                                           39,335        38,234
  Accumulated other comprehensive income (loss) - unrealized gains on securities
    designated as available for sale, net of related tax effects                         (1,264)         (263)
  Less 1,096,525 and 1,096,523 shares of treasury stock at March 31, 2005
    and December 31, 2004, respectively - at cost                                       (16,345)      (16,345)
                                                                                    -----------   -----------
         Total stockholders' equity                                                      89,579        89,321
                                                                                    -----------   -----------

         Total liabilities and stockholders' equity                                 $ 1,064,634   $ 1,065,823
                                                                                    ===========   ===========
</TABLE>

                                       3
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                       CONSOLIDATED STATEMENTS OF EARNINGS

                      For the three months ended March 31,
                      (In thousands, except per share data)

<TABLE>
<CAPTION>
                                                                         2005       2004
                                                                       --------   --------
<S>                                                                    <C>        <C>
Interest income
  Loans                                                                $ 11,962   $ 11,415
  Mortgage-backed securities                                                751        607
  Investment securities                                                     185        182
  Interest-bearing deposits and other                                       607        525
                                                                       --------   --------
         Total interest income                                           13,505     12,729

Interest expense
  Deposits                                                                3,503      3,349
  Borrowings                                                              2,634      3,309
                                                                       --------   --------
         Total interest expense                                           6,137      6,658
                                                                       --------   --------

         Net interest income                                              7,368      6,071

Provision for losses on loans                                               240        255
                                                                       --------   --------

         Net interest income after provision for losses on loans          7,128      5,816

Other income
  Late charges, rent and other                                              745        640
  Loan servicing fees                                                       378        386
  Service charges and other fees on deposits                                334        272
  Gain on sale of loans                                                     170        276
  Increase (decrease) in valuation of mortgage servicing rights - net        51       (102)
  Gain (loss) on sale of real estate acquired through foreclosure             9        (13)
  Gain on sale of mortgage-backed securities and fixed assets                19         77
                                                                       --------   --------
         Total other income                                               1,706      1,536

General, administrative and other expense
  Employee compensation and benefits                                      3,446      3,480
  Deferred loan origination costs - SFAS No. 91                            (482)      (484)
  Occupancy and equipment                                                   797        874
  Data processing                                                           331        342
  Advertising                                                               229        254
  Franchise taxes                                                            79        214
  Other operating                                                         1,165      1,190
                                                                       --------   --------
         Total general, administrative and other expense                  5,565      5,870
                                                                       --------   --------

         Earnings before federal income taxes                             3,269      1,482

Federal income taxes
  Current                                                                 1,059        412
  Deferred                                                                   (8)        36
                                                                       --------   --------
         Total federal income taxes                                       1,051        448
                                                                       --------   --------

         NET EARNINGS                                                  $  2,218   $  1,034
                                                                       ========   ========

EARNINGS PER SHARE
         Basic                                                         $    .29   $    .14
                                                                       ========   ========

         Diluted                                                       $    .29   $    .14
                                                                       ========   ========

         Dividends declared per share                                  $   .145   $   .145
                                                                       ========   ========
</TABLE>

                                       4
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                      For the three months ended March 31,
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                  2005      2004
                                                                                 -------   -------
<S>                                                                              <C>       <C>
Net earnings                                                                     $ 2,218   $ 1,034

Other comprehensive income, net of tax:
  Unrealized holding gains (losses) on securities during the period, net of tax
    effects (benefits) of $(511) and $167 in 2005 and 2004, respectively            (992)      325

Reclassification adjustment for realized gains included in earnings net
of taxes of $4 and $26 in 2005 and 2004, respectively                                 (9)      (51)
                                                                                 -------   -------

Comprehensive income                                                             $ 1,217   $ 1,308
                                                                                 =======   =======

Accumulated comprehensive income                                                 $(1,264)  $   480
                                                                                 =======   =======
</TABLE>

                                       5
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                      For the three months ended March 31,
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                                       2005       2004
                                                                                     --------   --------
<S>                                                                                  <C>        <C>
Cash flows from operating activities:
  Net earnings for the period                                                        $  2,218   $  1,034
  Adjustments to reconcile net earnings to net cash
  provided by (used in) operating activities:
    Amortization of deferred loan origination fees                                         19        (43)
    Amortization of premiums and discounts on investment and
      mortgage-backed securities - net                                                    135        346
    Amortization of mortgage servicing rights - net                                       151        438
    Depreciation and amortization                                                         320        365
    Amortization of loan purchase accounting adjustments, net                             (22)       (22)
    Provision for losses on loans                                                         240        255
    Loss (gain) on sale of real estate acquired through foreclosure                        (9)        13
    Gain on sale of mortgage-backed securities                                            (13)       (77)
    Federal Home Loan Bank stock dividends                                               (286)      (244)
    Gain on sale of loans                                                                (170)      (276)
    Loans originated for sale in the secondary market                                 (16,150)   (29,927)
    Proceeds from sale of loans in the secondary market                                14,541     26,752
    Net increase in cash surrender value of life insurance                               (185)      (172)

    Tax benefits related to exercise of stock options                                      32          -
    Increase (decrease) in cash due to changes in:
      Accrued interest receivable                                                          87        (83)
      Prepaid expenses and other assets                                                   214       (190)
      Accrued interest and other liabilities                                             (989)        97
      Federal income taxes
        Current                                                                         3,708        412
        Deferred                                                                           (8)        36
                                                                                     --------   --------
         Net cash provided by (used in) operating activities                            3,833     (1,286)

Cash flows provided by (used in) investing activities:
  Purchases of investment securities designated as available for sale                  (8,978)    (8,000)
  Proceeds from sale of investments designated as available for sale                       27          -
  Proceeds from maturities of investment securities                                     5,000      6,000
  Proceeds from sale of mortgage-backed securities designated as available for sale         -     12,571
  Principal repayments on mortgage-backed securities                                    4,911      6,095
  Purchases of mortgage-backed securities designated as available for sale             (3,349)   (32,371)
  Loan principal repayments                                                            67,526     53,803
  Additions to real estate acquired through foreclosre                                     (6)         -
  Loan disbursements                                                                  (71,156)   (62,388)
  Purchases of loans                                                                     (854)    (6,117)
  Additions to office premises and equipment                                             (121)      (169)
  Proceeds from sale of real estate acquired through foreclosure                          993        586
                                                                                     --------   --------
         Net cash used in investing activities                                         (6,007)   (29,990)
                                                                                     --------   --------
Net cash (used in) provided by operating and investing
           activities balance carried forward                                          (2,174)   (31,276)
                                                                                     --------   --------
</TABLE>

                                       6
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

                      For the three months ended March 31,
                                 (In thousands)

<TABLE>
<CAPTION>
                                                                               2005       2004
                                                                             ---------  ---------
<S>                                                                          <C>        <C>
         Net cash (used in) provided by operating and investing
           activities (balance brought forward)                              $ (2,174)  $(31,276)

Cash flows provided by (used in) financing activities:
  Net increase (decrease) in deposits                                           7,075     (2,228)
  Proceeds from Federal Home Loan Bank advances                                     -     25,650
  Repayment of Federal Home Loan Bank advances                                 (6,008)    (5,106)
  Dividends paid on common stock                                               (1,112)    (1,064)
  Proceeds from exercise of stock options                                         126        210
  Decrease in advances by borrowers for taxes and insurance                    (1,006)    (1,136)
                                                                             --------   --------
         Net cash provided by (used in) financing activities                     (925)    16,326
                                                                             --------   --------

Increase (decrease) in cash and cash equivalents                               (3,099)   (14,950)

Cash and cash equivalents at beginning of period                               42,894     53,711
                                                                             --------   --------

Cash and cash equivalents at end of period                                   $ 39,795   $ 38,761
                                                                             ========   ========

Supplemental disclosure of cash flow information: Cash paid
  during the period for: Interest on deposits and borrowings                 $  6,190   $  6,787
                                                                             ========   ========

Supplemental disclosure of noncash investing activities:
  Unrealized gains (losses) on securities designated as available
    for sale, net of related tax effects                                     $   (992)  $    325
                                                                             ========   ========

  Transfers from mortgage loans to real estate acquired through foreclosure  $  1,200   $  1,907
                                                                             ========   ========

  Dividends declared but unpaid                                              $  1,114   $  1,067
                                                                             ========   ========
</TABLE>

                                       7
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            For the three-month periods ended March 31, 2005 and 2004

1.    Basis of Presentation

      The accompanying unaudited consolidated financial statements were prepared
      in accordance with instructions for Form 10-Q and, therefore, do not
      include information or footnotes necessary for a complete presentation of
      financial position, results of operations and cash flows in conformity
      with accounting principles generally accepted in the United States of
      America ("US GAAP"). Accordingly, these financial statements should be
      read in conjunction with the consolidated financial statements and notes
      thereto of Camco Financial Corporation ("Camco" or the "Corporation")
      included in Camco's Annual Report on Form 10-K for the year ended December
      31, 2004. However, all adjustments (consisting only of normal recurring
      accruals) which, in the opinion of management, are necessary for a fair
      presentation of the consolidated financial statements, have been included.
      The results of operations for the three month period ended March 31, 2005,
      are not necessarily indicative of the results which may be expected for
      the entire year.

2.    Principles of Consolidation

      The accompanying consolidated financial statements include the accounts of
      Camco and its two wholly-owned subsidiaries: Advantage Bank ("Advantage"
      or the "Bank") and Camco Title Agency, Inc.

3.    Critical Accounting Policies

      "Management's Discussion and Analysis of Financial Condition and Results
      of Operations," as well as disclosures found elsewhere in this quarterly
      report, are based upon Camco's consolidated financial statements, which
      are prepared in accordance with US GAAP. The preparation of these
      financial statements requires Camco to make estimates and judgments that
      affect the reported amounts of assets, liabilities, revenues and expenses.
      Several factors are considered in determining whether or not a policy is
      critical in the preparation of financial statements. These factors
      include, among other things, whether the estimates are significant to the
      financial statements, the nature of the estimates, the ability to readily
      validate the estimates with other information including third parties or
      available prices, and sensitivity of the estimates to changes in economic
      conditions and whether alternative accounting methods may be utilized
      under US GAAP.

      Material estimates that are particularly susceptible to significant change
      in the near term relate to the determination of the allowance for loan
      losses, the valuation of mortgage servicing rights and goodwill
      impairment. Actual results could differ from those estimates.

      ALLOWANCE FOR LOAN LOSSES

      The procedures for assessing the adequacy of the allowance for loan losses
      reflect our evaluation of credit risk after careful consideration of all
      information available to us. In developing this assessment, we must rely
      on estimates and exercise judgment regarding matters where the ultimate
      outcome is unknown such as economic factors, developments affecting
      companies in specific industries and issues with respect to single
      borrowers. Depending on changes in circumstances, future assessments of
      credit risk may yield materially different results, which may require an
      increase or a decrease in the allowance for loan losses.

                                       8
<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

3.    Critical Accounting Policies (continued)

      ALLOWANCE FOR LOAN LOSSES (continued)

      The allowance is regularly reviewed by management to determine whether the
      amount is considered adequate to absorb probable losses. This evaluation
      includes specific loss estimates on certain individually reviewed loans,
      statistical loss estimates for loan pools that are based on historical
      loss experience, and general loss estimates that are based upon the size,
      quality, and concentration characteristics of the various loan portfolios,
      adverse situations that may affect a borrower's ability to repay, and
      current economic and industry conditions. Also considered as part of that
      judgement is a review of the Bank's trends in delinquencies and loan
      losses, as well as trends in delinquencies and losses for the region and
      nationally, and economic factors.

      The allowance for loan losses is maintained at a level believed adequate
      by management to absorb probable losses inherent in the loan portfolio.
      Management's evaluation of the adequacy of the allowance is an estimate
      based on management's current judgement about the credit quality of the
      loan portfolio. While the Corporation strives to reflect all known risk
      factors in its evaluations, judgment errors may occur.

      During the year end audit, Camco's previous auditors identified a lack of
      comprehensive procedural documentation concerning the asset classification
      of specific loans in accordance with FAS No. 114. Management has taken
      corrective actions, which it has discussed with the Audit Committee and
      the current auditors, and, as of the date of this report, management has
      tested Camco's internal control over financial reporting relating to the
      FAS No. 114 deficiency and believes that the deficiency that was
      considered to be a material weakness as of December 31, 2004 has been
      corrected. See Item 4 "Controls and Procedures" for a discussion of the
      corrective actions taken.

      MORTGAGE SERVICING RIGHTS

      To determine the fair value of its mortgage servicing rights ("MSRs") each
      reporting quarter, the Corporation transmits information to a third party
      provider, representing individual loan information in each pooling period
      accompanied by escrow amounts. The third party then evaluates the possible
      impairment of MSRs as described below.

      Servicing assets are recognized as separate assets when loans are sold
      with servicing retained. A pooling methodology in which loans with similar
      characteristics are "pooled" together is applied for valuation purposes.
      Once pooled, each grouping of loans is evaluated on a discounted earnings
      basis to determine the present value of future earnings that a purchaser
      could expect to realize from the portfolio. Earnings are projected from a
      variety of sources including loan service fees, interest earned on float,
      net interest earned on escrow balances, miscellaneous income and costs to
      service the loans. The present value of future earnings is the estimated
      market value for the pool, calculated using consensus assumptions that a
      third party purchaser would utilize in evaluating a potential acquisition
      of the servicing. Events that may significantly affect the estimates used
      are changes in interest rates and the related impact on mortgage loan
      prepayment speeds and the payment performance of the underlying loans. The
      interest rate for float, which is supplied by management, takes into
      consideration the investment portfolio average yield as well as current
      short duration investment yields. Management believes this methodology
      provides a reasonable estimate. Mortgage loan prepayment speeds are
      calculated by the third party provider utilizing the Economic Outlook as
      published by the Office of Chief Economist of Freddie Mac in estimating
      prepayment speeds and provides a specific scenario with each evaluation.
      Based on the assumptions discussed, pre-tax projections are prepared for
      each pool of loans serviced. These earning figures approximate the cash
      flow that could be received from the servicing portfolio. Valuation
      results are presented quarterly to management.

                                       9
<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

3.    Critical Accounting Policies (continued)

      At that time, management reviews the information and mortgage servicing
      rights are marked to lower of amortized cost or market for the current
      quarter.

      GOODWILL

      We have developed procedures to test goodwill for impairment on an annual
      basis using June 30 financial information. This testing procedure is
      outsourced to a third party that evaluates possible impairment based on
      the following:

      The test involves assigning tangible assets and liabilities, identified
      intangible assets and goodwill to reporting units and comparing the fair
      value of each reporting unit to its carrying value including goodwill. The
      value is determined assuming a freely negotiated transaction between a
      willing buyer and a willing seller, neither being under any compulsion to
      buy or sell and both having reasonable knowledge of relevant facts.
      Accordingly, to derive the fair value of the reporting unit, the following
      common approaches to valuing business combination transactions involving
      financial institutions are utilized by a third party selected by Camco:
      (1) the comparable transactions approach - specifically based on earnings,
      book, assets and deposit premium multiples received in recent sales of
      comparable thrift franchises; and (2) the discounted cash flow approach.
      The application of the valuation techniques take into account the
      reporting unit's operating history, the current market environment and
      future prospects. As of the most recent quarter, the only reporting unit
      carrying goodwill is the Bank.

      If the fair value of a reporting unit exceeds its carrying amount,
      goodwill of the reporting unit is considered not impaired and no second
      step is required. If not, a second test is required to measure the amount
      of goodwill impairment. The second test of the overall goodwill impairment
      compares the implied fair value of the reporting unit goodwill with the
      carrying amount of the goodwill. The impairment loss shall equal the
      excess of carrying value over fair value.

      After each testing period, the third party compiles a summary of the test
      that is then provided to the Audit Committee and management for review.

      SUMMARY

      Management believes the accounting estimates related to the allowance for
      loan losses, the capitalization, amortization, and valuation of mortgage
      servicing rights and the goodwill impairment test are "critical accounting
      estimates" because: (1) the estimates are highly susceptible to change
      from period to period because they require management to make assumptions
      concerning the changes in the types and volumes of the portfolios, rates
      of future prepayments, and anticipated economic conditions, and (2) the
      impact of recognizing an impairment or loan loss could have a material
      effect on Camco's assets reported on the balance sheet as well as its net
      earnings. Management has discussed the development and selection of these
      critical accounting estimates with the Audit Committee of the Board of
      Directors and the Audit Committee has reviewed Camco's disclosures
      relating to such matters in the quarterly Management's Discussion and
      Analysis.

                                       10
<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

4.    Earnings Per Share

      Basic earnings per common share is computed based upon the
      weighted-average number of common shares outstanding during the period.
      Diluted earnings per common share include the dilutive effect of
      additional potential common shares issuable under the Corporation's stock
      option plans. The computations are as follows:

<TABLE>
<CAPTION>
                                     FOR THE THREE MONTHS
                                       ENDED MARCH 31,
                                     --------------------
                                       2005       2004
                                     ---------  ---------
<S>                                  <C>        <C>
Weighted-average common shares
  outstanding (basic)                7,677,795  7,345,340
Dilutive effect of assumed exercise
  of stock options                      33,638     62,276
                                     ---------  ---------
Weighted-average common shares
  outstanding (diluted)              7,711,433  7,414,616
                                     =========  =========
</TABLE>

      Anti-dillutive options to purchase 167,879 and 17,705 shares of common
      stock with respective weighted-average exercise prices of $16.46 and
      $17.17 were outstanding at March 31, 2005 and 2004, respectively, but were
      excluded from the computation of common share equivalents for those
      respective periods because the exercise prices were greater than the
      average market price of the common shares.

5.    Stock Option Plans

      Under the 1995 Plan, 161,488 shares were reserved for issuance. Under the
      2002 Plan, 400,000 shares were reserved for issuance. Additionally, in
      connection with the acquisition of First Savings, the stock options of
      First Savings were converted into options to purchase 174,421 shares of
      the Corporation's stock at an exercise price of $7.38 per share, which
      expire in 2005. In connection with the 2000 acquisition of Westwood
      Homestead, the stock options of Westwood Homestead were converted into
      options to purchase 311,794 shares of the Corporation's stock at a
      weighted-average exercise price of $11.89 per share, which expire in 2008.

      The Corporation accounts for its stock option plans in accordance with
      SFAS No. 123, "Accounting for Stock-Based Compensation," which contains a
      fair-value based method for valuing stock-based compensation that entities
      may use, that measures compensation cost at the grant date based on the
      fair value of the award. Alternatively, SFAS No. 123 permits entities to
      continue to account for stock options and similar equity instruments under
      Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock
      Issued to Employees." Entities that continue to account for stock options
      using APB Opinion No. 25 are required to make pro forma disclosures of net
      earnings and earnings per share, as if the fair-value based method of
      accounting defined in SFAS No. 123 had been applied.

                                       11
<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

5.    Stock Option Plans (continued)

      The Corporation utilizes APB Opinion No. 25 and related Interpretations in
      accounting for its stock option plans. Accordingly, no compensation cost
      has been recognized for the plans. Had compensation cost for the
      Corporation's stock option plans been determined based on the fair value
      at the grant dates for awards under the plans consistent with the
      accounting method utilized in SFAS No. 123, the Corporation's net earnings
      and earnings per share for the three-month periods ended March 31, 2005
      and 2004, would have been reported as the pro forma amounts indicated
      below:

<TABLE>
<CAPTION>
                                                     2005                      2004
                                                  -----------              -----------
                                                  (In thousands, except per share data)
<S>                                               <C>                      <C>
NET EARNINGS                         As reported  $     2,218              $     1,034
            Stock-based compensation, net of tax          (21)                      (7)
                                                  -----------              -----------

                                       Pro-forma  $     2,197              $     1,027
                                                  ===========              ===========

EARNINGS PER SHARE

  BASIC                              As reported  $       .29              $       .14
            Stock-based compensation, net of tax            -                        -
                                                  -----------              -----------

                                       Pro-forma  $       .29              $       .14
                                                  ===========              ===========

  DILUTED                            As reported  $       .29              $       .14
            Stock-based compensation, net of tax         (.01)                       -
                                                  -----------              -----------
                                       Pro-forma  $       .28              $       .14
                                                  ===========              ===========
</TABLE>

      The fair value of each option grant is estimated on the date of grant
      using the modified Black-Scholes options-pricing model with the following
      assumptions used for grants during 2005 and 2004: dividend yield of 3.80%
      and 3.40%, respectively; expected volatility of 18.76% and 21.44%
      respectively; a risk-free interest rate of 4.22% and 4.11% respectively,
      and an expected life of ten years for all grants.

                                       12
<PAGE>

                           CAMCO FINANCIAL CORPORATION

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

5.    Stock Option Plans (continued)

      A summary of the status of the Corporation's stock option plans as of
      March 31, 2005 and December 31, 2004, and changes during the periods
      ending on those dates is presented below:

<TABLE>
<CAPTION>
                                   THREE MONTHS ENDED        YEAR ENDED
                                        MARCH 31,           DECEMBER 31,
                                          2005                 2004
                                        WEIGHTED-            WEIGHTED-
                                         AVERAGE              AVERAGE
                                   -------------------  -------------------
                                   EXERCISE             EXERCISE
                                    SHARES     PRICE     SHARES     PRICE
                                   --------   --------  --------   --------
<S>                                <C>        <C>       <C>        <C>
Outstanding at beginning of year    218,324   $  12.91   257,072   $  12.11
Granted                              87,240      16.51    17,705      17.17
Exercised                           (15,595)      8.11   (52,911)      8.83
Forfeited                              (150)     17.17    (3,542)     15.03
                                   --------             --------   --------

Outstanding at end of year          289,819   $  11.08   218,324   $  12.91
                                   ========   ========  ========   ========

Options exercisable at year-end     200,483   $  13.27   175,542   $  12.05
                                   ========   ========  ========   ========
Weighted-average fair value of
  options granted during the year             $   2.89             $   3.59
                                              ========             ========
</TABLE>

      The following information applies to options outstanding at March 31,
      2005:

<TABLE>
<S>                                            <C>
Number outstanding                                 31,911
Range of exercise prices                     $  7.40-8.94

Number outstanding                                 38,575
Range of exercise prices                     $ 9.75-11.36

Number outstanding                                 51,454
Range of exercise prices                     $12.50-14.65

Number outstanding                                167,879
Range of exercise prices                     $16.13-17.17

Weighted-average exercise price              $      11.08
Weighted-average remaining contractual life     6.9 years
</TABLE>

6.    Forward Looking Statements

      Certain statements contained in this report that are not historical facts
      are forward looking statements that are subject to certain risks and
      uncertainties. When used herein, the terms "anticipates," "plans,"
      "expects," "believes," and similar expressions as they relate to Camco or
      its management are intended to identify such forward looking statements.
      Camco's actual results, performance or achievements may materially differ
      from those expressed or implied in the forward-looking statements. Risks
      and uncertainties that could cause or contribute to such material
      differences include, but are not limited to, general economic conditions,
      interest rate environment, competitive conditions in the financial
      services industry, changes in law, governmental policies and regulations,
      and rapidly changing technology affecting financial services.

                                       13
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

            For the three-month periods ended March 31, 2005 and 2004

Discussion of Financial Condition Changes from December 31, 2004 to March 31,
2005

At March 31, 2005, Camco's consolidated assets totaled $1.1 billion, a decrease
of $1.2 million, or .1%, from the December 31, 2004 total. The decrease in total
assets was comprised primarily of decreases in prepaid federal income taxes,
mortgage-backed securities available for sale, cash and cash equivalents and
investments held to maturity which were partially offset by an increase in
investments available for sale, loans receivable and loans held for sale.

Cash and interest-bearing deposits in other financial institutions totaled $39.8
million at March 31, 2005, a decrease of $3.1 million, or 7.2%, from December
31, 2004 levels. Investment securities totaled $27.7 million at March 31, 2005,
an increase of $3.7 million, or 15.4%, from the total at December 31, 2004.
Investment securities purchases of $9.0 million were comprised primarily of
intermediate-term callable U.S. Government agency obligations with an average
yield of 3.87%, which were partially offset by $5.0 million of investment
maturities.

Mortgage-backed securities totaled $81.5 million at March 31, 2005, a decrease
of $3.0 million, or 3.5%, from December 31, 2004. Mortgage-backed securities
purchases totaled $3.3 million, while principal repayments totaled $4.9 million
coupled with a decrease in market value of $1.3 million for the three-month
period ended March 31, 2005. Purchases of mortgage-backed securities during the
period were comprised primarily of short duration mortgage-backed securities
yielding 4.17%, all of which were classified as available for sale.

Loans receivable, including loans held for sale, totaled $841.8 million at March
31, 2005, an increase of $5.1 million, or .6%, from December 31, 2004. The
increase resulted primarily from loan disbursements and purchases totaling $88.2
million, which were partially offset by principal repayments of $67.5 million
and loan sales of $14.4 million. The volume of loans originated and purchased
during the first three months of 2005 decreased compared to the 2004 period by
$10.3 million, or 10.4%, while the volume of loan sales decreased by $12.1
million or 45.7% year to year. As interest rates have moved off their historical
lows, loans originated and purchased moved away from fixed rate lending to
adjustable rate lending. Camco has typically held adjustable-rate mortgage loans
in its portfolio as part of its strategy to maintain an asset-sensitive
interest-rate risk position; however as of March 31, 2005 we are slightly
liability sensitive. Loan originations during the three-month period ended March
31, 2005, were comprised primarily of $38.4 million of loans secured by one- to
four-family residential real estate, $30.8 million in loans secured by
commercial real estate and $19.0 million in consumer and other loans. Management
will continue to expand its consumer and commercial real estate lending in
future periods as a means of increasing the yield on its loan portfolio.

The allowance for loan losses totaled $6.6 million and $6.5 million at March 31,
2005 and December 31, 2004, respectively, representing 61.8% and 66.1% of
nonperforming loans, respectively, at those dates. Nonperforming loans (90 days
or more delinquent plus nonaccrual loans) totaled $10.7 million and $9.8 million
at March 31, 2005 and December 31, 2004, respectively, constituting 1.28% and
1.17% of total net loans, including loans held for sale, at those dates. At
March 31, 2005, nonperforming loans were comprised of $6.3 million in one- to
four-family residential real estate loans, $1.9 million in commercial and
multi-family real estate loans and $2.3 million of consumer and non-residential
loans. Management believes all nonperforming loans are adequately collateralized
and no loss is expected over and above allocated reserves on such loans. Loans
delinquent greater than 30 days but less than 90 days totaled $4.0 million at
March 31, 2005, compared to $12.3 million at December 31, 2004, a decrease of
$8.3 million, or 67.3%. The decrease was primarily due to commercial loans of
approximately $6.0 million being paid current in the first quarter of 2005.
Although management believes that its allowance for loan losses is adequate
based upon the available facts and circumstances at March 31, 2005, there can be
no assurance that increased provisions will not be necessary in future periods,
which could adversely affect Camco's results of operations.

                                       14
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

Discussion of Financial Condition Changes from December 31, 2004 to March 31,
2005 (continued)

Deposits totaled $674.9 million at March 31, 2005, an increase of $7.1 million,
or 1.1%, from the total at December 31, 2004. The increase in deposits was
primarily due to a $15.6 million increase of certificates of deposit resulting
from competitive pricing, which was partially offset by the decrease of $5.2
million in interest bearing checking and $3.1 million of money market and
savings accounts primarily due to the movement to higher yielding certificates
of deposit. FHLB advances totaled $289.3 million at March 31, 2005, a decrease
of $6.0 million, or 2.0%, from the total at December 31, 2004. The decrease in
advances was primarily due to the paydown of repurchase based advances of $3.0
million, a $2.0 million fixed rate advance maturing in March 2005 and continued
amoritization.

Stockholders' equity totaled $89.6 million at March 31, 2005, an increase of
$258,000, or .3%, from December 31, 2004. The increase resulted primarily from
net earnings of $2.2 million, proceeds from the exercise of stock options of
$158,000 which were partially offset by dividends of $1.1 million and a decrease
in the unrealized gains on available for sale securities of $1.0 million.

Camco and the Bank are required to maintain minimum regulatory capital pursuant
to federal regulations. During the first quarter of 2005, management was
notified by its primary regulators that Advantage was categorized as
well-capitalized under the regulatory framework. At March 31, 2005, the
regulatory capital of Camco and the Bank exceeded all regulatory capital
requirements.

      The following tables present certain information regarding compliance by
Advantage with applicable regulatory capital requirements at March 31, 2005:

<TABLE>
<CAPTION>
     Camco:                                     As of March 31, 2005
                                                                             TO BE "WELL-
                                                                          CAPITALIZED" UNDER
                                                     FOR CAPITAL           PROMPT CORRECTIVE
                                  ACTUAL           ADEQUACY PURPOSES      ACTION PROVISIONS
                             ---------------  --------------------------  ------------------
                             AMOUNT   RATIO       AMOUNT       RATIO       AMOUNT      RATIO
                             ------   -----   -------------- -----------  -------      -----
                                              (Dollars in thousands)
<S>                          <C>      <C>     <C>            <C>          <C>          <C>
Total capital
  (to risk-weighted assets)  $90,096  12.54%  > or = $57,468 > or = 8.0%    N/A         N/A

Tier I capital
  (to risk-weighted assets)  $83,460  11.62%  > or = $28,734 > or = 4.0%    N/A         N/A

Tier I leverage              $83,460   7.89%  > or = $42,308 > or = 4.0%    N/A         N/A
</TABLE>

<TABLE>
<CAPTION>
     Advantage:                                     At March 31, 2005
                                                                                  To be "well-
                                                                              capitalized" under
                                                      For capital              prompt corrective
                                  Actual           adequacy purposes          action provisions
                             ---------------  --------------------------  ---------------------------
                              Amount  Ratio       Amount        Ratio         Amount        Ratio
                             -------  -----   -------------- -----------  -------------- ------------
                                              (Dollars in thousands)
<S>                          <C>      <C>     <C>            <C>          <C>            <C>
Total capital
  (to risk-weighted assets)  $80,942  11.29%  > or = $57,353 > or = 8.0%  > or = $71,691 > or = 10.0%

Tier I capital
  (to risk-weighted assets)  $74,306  10.36%  > or = $28,677 > or = 4.0%  > or = $43,015 > or =  6.0%

Tier I leverage              $74,306   7.09%  > or = $41,912 > or = 4.0%  > or = $52,390 > or =  5.0%
</TABLE>

                                       15
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

Discussion of Financial Condition Changes from December 31, 2004 to March 31,
2005 (continued)

      Federal law prohibits a financial institution from making a capital
distribution to anyone or paying management fees to any person having control of
the institution if, after such distribution or payment, the institution would be
undercapitalized. In addition, each company controlling an undercapitalized
institution must guarantee that the institution will comply with its capital
restoration plan until the institution has been adequately capitalized on
average during each of the four preceding calendar quarters and must provide
adequate assurances of performance.

Comparison of Results of Operations for the Three Months Ended March 31, 2005
and 2004

General

Camco's net earnings for the three months ended March 31, 2005 totaled $2.2
million, an increase of $1.2 million, or 114.5%, from the $1.0 million of net
earnings reported in the comparable 2004 period. The increase in earnings was
primarily attributable to a $1.3 million, or 21.4% increase in net interest
income and a decrease of $305,000, or 5.2% in general, administrative and other
expenses, which were partially offset by an increase in federal income tax
expense of $603,000.

Net Interest Income

Total net interest income amounted to $7.4 million for the three months ended
March 31, 2005, an increase of $1.3 million, or 21.4%, compared to the
three-month period ended March 31, 2004, generally reflecting the effects of an
increase in yield on total interest-earning assets of 21 basis points, from
5.15% in the 2004 period to 5.36% in 2005, and a $18.6 million, or 1.9%,
increase in the average balance of interest-earning assets outstanding year to
year.

Interest income on loans totaled $12.0 million for the three months ended March
31, 2005, an increase of $547,000, or 4.8% from the comparable 2004 period. The
increase resulted primarily from an increase of average balance outstanding of
$28.4 million or 3.5% in the 2005 quarter coupled with a 7 basis point increase
in the average yield to 5.69% from 5.62% in 2004. Interest income on
mortgage-backed securities totaled $751,000 for the three months ended March 31,
2005, a $144,000, or 23.7% increase from the 2004 quarter. The increase was due
primarily to a 78 basis point increase in the average yield, to 3.65% for the
2005 period, offset partially by a $2.3 million, or 2.7%, decrease in the
average balance outstanding in the 2005 period. Interest income on investment
securities increased by $3,000, or 1.7%, due primarily to a 40 basis point
increase in the average yield, to 3.04% in the 2005 period offset partially by a
$3.2 million or 11.8% decrease in the average balance outstanding in the 2005
period. Interest income on other interest-earning assets increased by $82,000,
or 15.6%, due primarily to a 78 basis point increase in the average yield, to
4.04% in 2005 partially offset by a decrease of $4.3 million, or 6.7%, in the
average balance outstanding in the 2005 period.

Interest expense on deposits totaled $3.5 million for the three months ended
March 31, 2005, an increase of $154,000, or 4.6%, compared to the same quarter
in 2004, due primarily to a 10 basis point increase in the average cost of
deposits to 2.18% in the current quarter, offset partially by a $1.9 million, or
..3%, decrease in average deposits outstanding. Interest expense on borrowings
totaled $2.6 million for the three months ended March 31, 2005, a decrease of
$675,000, or 20.4%, from the same 2004 three-month period. The decrease resulted
primarily from a 142 basis point decrease in the average cost of borrowings to
3.59%, and a $29.4 million, or 11.1%, decrease in the average

                                       16
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

Comparison of Results of Operations for the Three Months Ended March 31, 2005
and 2004 (continued)

balance outstanding year to year. Increases in the level of average yields on
interest-earning assets and average costs of interest-bearing liabilities
(deposits) were due primarily to the overall increase in interest rates in the
economy offset partially by a December restructuring of $144.1 million of FHLB
borrowings which carried an average fixed rate of 6.25%. The borrowings were
replaced with various fixed-rate advances having a weighted average rate of
approximately 3.7% as of December 31, 2004. The restructuring transaction
positioned itself well in our balance sheet as a result of our recent and
continuing efforts to manage towards shorter duration assets generated from
commercial and consumer loans.

As a result of the foregoing changes in interest income and interest expense,
net interest income increased by $1.3 million, or 21.4%, to a total of $7.4
million for the three months ended March 31, 2005. The interest rate spread
increased to approximately 2.74% at March 31, 2005, from 2.22% at March 31,
2004, while the net interest margin increased to approximately 2.93% for the
three months ended March 31, 2005, compared to 2.46% for the 2004 period.

Provision for Losses on Loans

A provision for losses on loans is charged to earnings to bring the total
allowance for loan losses to a level considered appropriate by management based
on historical experience, the volume and type of lending conducted by the Bank,
the status of past due principal and interest payments, general economic
conditions, particularly as such conditions relate to the Bank's market areas,
and other factors related to the collectibility of the Bank's loan portfolio.
Based upon an analysis of these factors, management recorded a provision for
losses on loans totaling $240,000 for the three months ended March 31, 2005, a
decrease of $15,000, or 5.9%, from the comparable period in 2004. Management
believes all classified loans are adequately collateralized, however, there can
be no assurance that the loan loss allowance will be adequate to absorb losses
on known classified assets or that the allowance will be adequate to cover
losses on classified assets in the future.

Other Income

Other income totaled $1.7 million for the three months ended March 31, 2005, an
increase of $170,000, or 11.1%, from the comparable 2004 period. The increase in
other income was primarily attributable to a $153,000 increase in the valuation
of mortgage servicing rights, a $106,000 increase in late charges, rent and
other. Which was offset partially by a decrease of $106,000 in gain on sale of
loans. The increase in mortgage servicing rights was attributable to slowed
amortization related to the reduction of loan prepayments in the servicing
portfolio in 2005. The increase in late charges, rent and other was due to
prepayment penalty fees, late charge income, offset partially by a decrease in
title premium at Camco Title Agency, Inc. The decrease in gain on sale of loans
was due primarily to a decrease in the volume of loans sold of $12.1 million or
45.7%, from the volume of loans sold in the 2004 period.

                                       17
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

Comparison of Results of Operations for the Three Months Ended March 31, 2005
and 2004 (continued)

General, Administrative and Other Expense

General, administrative and other expense totaled $5.6 million for the three
months ended March 31, 2005, a decrease of $305,000, or 5.2%, from the
comparable period in 2004. The decrease in general, administrative and other
expense was due primarily to a decrease of $135,000, or 63.1%, in franchise
taxes and a $77,000, or 8.8%, decrease in occupancy and equipment. The decrease
in franchise tax was primarily due to acquiring London Financial Corporation in
August of 2004 and changing charters to a state chartered commercial bank. This
is a one time savings which will only occur in 2005. The decrease in occupancy
and equipment was due primarily to the sale of the Kentucky division, consisting
of two branches, in December of 2004 and a decrease in depreciation expense.

Federal Income Taxes

The provision for federal income taxes totaled $1.1 million for the three months
ended March 31, 2005, an increase of $603,000, or 134.6%, compared to the three
months ended March 31, 2004. This increase was primarily attributable to a $1.8
million, or 120.6%, increase in pre-tax earnings. The Corporation's effective
tax rates amounted to 32.2% and 30.2% for the three-month periods ended March
31, 2005 and 2004, respectively. Due to the FHLB restructuring of advances in
2004, a net loss was recorded. The tax credit relating to the loss will be
utilized toward 2005 estimated payments.

Liquidity and Capital Resources

Camco, like other financial institutions, is required under applicable federal
regulations to maintain sufficient funds to meet deposit withdrawals, loan
commitments and expenses. Liquid assets consist of cash and interest-bearing
deposits in other financial institutions, investments and mortgage-backed
securities. Management monitors and assesses liquidity needs daily in order to
meet deposit withdrawals, loan commitments and expenses.

The primary sources of funds include deposits, borrowings and principal and
interest repayments on loans. The deposit base includes local and state
deposits. State of Ohio deposits equated to $30.0 million at March 31, 2005 and
December 31, 2004. Other funding sources include Federal Home Loan Bank advances
of which approximately $85.8 million additional borrowing capacity was available
as of March 31, 2005.

                                       18
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)

            For the three-month periods ended March 31, 2005 and 2004

Comparison of Results of Operations for the Three Months Ended March 31, 2005
and 2004 (continued)

The following table sets forth information regarding the Bank's obligations and
commitments to make future payments under contract as of March 31, 2005.

<TABLE>
<CAPTION>
                                                            PAYMENTS DUE BY PERIOD
                                                ------------------------------------------------
                                                  LESS                         MORE
                                                  THAN       1-3      3-5      THAN
                                                 1 YEAR     YEARS     YEARS   5 YEARS    TOTAL
                                                --------  --------  --------- --------  --------
                                                                 (In thousands)
<S>                                             <C>       <C>       <C>       <C>       <C>
Contractual obligations:
  Operating lease obligations                   $    148  $    208  $     96  $    188  $    640
  Advances from the Federal Home Loan Bank (1)    32,046    76,711    86,004    57,574   252,302
  Certificates of deposit                        203,420   127,866    44,687     1,508   377,481

Amount of commitments expiring per period
  Commitments to originate loans:
    Overdraft lines of credit                        739         -         -         -       739
    Home equity lines of credit                   65,081         -         -         -    65,081
    Commercial lines of credit                     4,107         -         -         -     4,107
    One- to four-family and multi-family loans     3,453         -         -         -     3,453
    Commercial                                     2,646         -         -         -     2,646
    Non-residential real estate and land loans       434         -         -         -       434
                                                --------  --------  --------  --------  --------

         Total contractual obligations          $312,041  $204,785  $130,787  $ 59,270  $706,883
                                                ========  ========  ========  ========  ========
</TABLE>

(1) Fully secured asset borrowings totaling $37.0 million are not included.

ITEM 3: Quantitative and Qualitative Disclosures about Market Risk

There has been no material change in the Corporation's market risk since the
Corporation's Form 10-K filed with the Securities and Exchange Commission for
the year ended December 31, 2004.

                                       19
<PAGE>

                           CAMCO FINANCIAL CORPORATION

                             CONTROLS AND PROCEDURES

            For the three-month periods ended March 31, 2005 and 2004

ITEM 4: Controls and Procedures

      Camco's Chief Executive Officer and Chief Financial Officer evaluated the
effectiveness of the disclosure controls and procedures (as defined under Rules
13a-14(c) and 15d-14(c) of the Securities Exchange Act of 1934, as amended) as
of March 31, 2005. Based upon that evaluation, the Chief Executive Officer and
Chief Financial Officer have concluded that Camco's disclosure controls and
procedures are effective.

      In the first quarter of 2005, Management communicated to appropriate
Company employees detailed written procedures that clearly document in detail
the Company's process for identifying and evaluating non-homogeneous loans under
FAS No. 114. The procedures clearly require that once a loan meets review
criteria and is determined to have a probable loss, such loan will be deemed
impaired and the impairment will be valued using either the fair value of
collateral, present value of future cash flows or an observable market price.
The Company will assure that adequate evidence and documentation exists to
support the decision. These procedures were augmented to assure that adequate
evidence exists to support all decisions made regarding classification of
individual reviewed loans. The Company has tested the actions outlined above and
believes it has corrected the deficiency in internal control that was considered
to be a material weakness at December 31, 2004.

      There were no changes in Camco's internal control over financial reporting
that could have materially affected, or are reasonably likely to materially
affect, Camco's internal control over financial reporting.

                                       20
<PAGE>

                           Camco Financial Corporation

                                     PART II

ITEM 1.     Legal Proceedings

            Not applicable.

ITEM 2.     Unregistered Sales of Equity Securities and Use of Proceeds

            None.

ITEM 3.     Defaults Upon Senior Securities

            Not applicable

ITEM 4.     Submission of Matters to a Vote of Security Holders

            Not applicable

ITEM 5.     Other Information

            Not applicable

ITEM 6.     Exhibits

               Exhibit 31(i)  Section 302 certification by Chief Executive
                              Officer

               Exhibit 31(ii) Section 302 Certification by Chief Financial
                              Officer

               Exhibit 32(i)  Section 1350 certification by Chief Executive
                              Officer

               Exhibit 32(ii) Section 1350 certification by Chief Financial
                              Officer

            :

                                       21
<PAGE>

                                   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.

Date: May 4, 2005                           By: /s/ Richard C. Baylor
                                                --------------------------------
                                                Richard C. Baylor
                                                Chief Executive Officer

Date: May 4, 2005                           By: /s/ Mark A. Severson
                                                --------------------------------
                                                Mark A. Severson
                                                Chief Financial Officer

                                       22