Document:

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                                  EXHIBIT 4.01
                                  ------------

                       FIRST ASHLAND FINANCIAL CORPORATION
                      1995 STOCK OPTION AND INCENTIVE PLAN

         1. PLAN PURPOSE. The purpose of the Plan is to promote the long-term
interests of the Corporation and its stockholders by providing a means for
attracting and retaining directors, officers and employees of the Corporation
and its Affiliates. It is intended that designated Options granted pursuant to
the provisions of this Plan to persons employed by the Corporation or its
Affiliates will qualify as Incentive Stock Options. Options granted to persons
who are not employees will be Non-Qualified Stock Options.

         2.  DEFINITIONS.  The following definitions are applicable to the Plan:

         "Affiliate" - means any "parent corporation" or "subsidiary
corporation" of the Corporation, as such terms are defined in Section 424(e) and
(f), respectively, of the Code.

         "Award" - means the grant of an Incentive Stock Option, a Non-Qualified
Stock Option, a Stock Appreciation Right, a Limited Stock Appreciation Right, or
any combination thereof, as provided in the Plan.

         "Bank" - means First Federal Bank for Savings and any predecessor or
successor entity.

         "Cause" - means personal dishonesty, willful misconduct, any breach of
fiduciary duty involving personal profit, intentional failure to perform stated
duties, or the willful violation of any law, rule, regulation (other than
traffic violations or similar offenses) or a final cease and desist order which
results in a loss to the Bank or any Affiliate.

         "Code" - means the Internal Revenue Code of 1986, as amended.

         "Committee" - means the Committee referred to in Section 3 hereof.

         "Continuous Service" - means the absence of any interruption or
termination of service as a director, director emeritus, advisory director,
officer or employee of the Corporation or an Affiliate, except that when used
with respect to any Options or Rights which at the time of exercise are intended
to be Incentive Stock Options, continuous service means the absence of any
interruption or termination of service as an employee of the Corporation or an
Affiliate. Service shall not be considered interrupted in the case of sick
leave, military leave or any other leave of absence approved by the Corporation
or in the case of transfers between payroll locations of the Corporation or
between the Corporation, its parent, its subsidiaries or its successor. With
respect to any director emeritus or advisory director, continuous service shall
mean availability to perform such functions as may be required of the Bank's
directors emeritus or advisory directors, as the case may be.

         "Corporation" - means First Ashland Financial Corporation, a Delaware
corporation.

         "Disinterested Person" - means any member of the Board of Directors of
the Corporation who within the prior year has not been, and is not being,
granted any awards related to the Shares under this Plan or any other plan of
the Corporation or any of its Affiliates except for awards which (i) are
calculated in accordance with a formula as contemplated in paragraph (c) (ii) of
Rule 16b-3 ("Rule l6b-3") under the Securities Exchange Act of 1934; (ii) result
from participation in an ongoing securities acquisition plan meeting the
conditions of paragraph (d) (2) of Rule 16b-3; or, (iii) arise from an election
by a director to receive all or part of his board fees in securities. No
recipient of a stock award granted pursuant to Section 19 hereof shall be deemed
not to be a Disinterested Person solely by reason of such grant.
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         "Employee" - means any person, including an officer or director, who is
employed by the Corporation or any Affiliate.

         "ERISA" - means the Employee Retirement Income Security Act of 1974, as
amended.

         "Exercise Price" - means (i) in the case of an Option, the price per
Share at which the Shares subject to such Option may be purchased upon exercise
of such Option and (ii) in the case of a Right, the price per Share (other than
the Market Value per Share on the date of exercise and the Offer Price per Share
as defined in Section 10 hereof) which, upon grant, the Committee determines
shall be utilized in calculating the aggregate value which a Participant shall
be entitled to receive pursuant to Sections 9, 10 or 11 hereof upon exercise of
such Right.

         "Incentive Stock Option" - means an option to purchase Shares granted
by the Committee pursuant to Section 6 hereof which is subject to the
limitations and restrictions of Section 8 hereof and is intended to qualify
under Section 422 of the Code.

         "Limited Stock Appreciation Right" - means a stock appreciation right
with respect to Shares granted by the Committee pursuant to Sections 6 and 10
hereof.

         "Market Value" - means the average of the high and low quoted sales
price on the date in question (or, if there is no reported sale on such date, on
the last preceding date on which any reported sale occurred) of a Share on the
Composite Tape for the New York Stock Exchange-Listed Stocks, or, if on such
date the Shares are not quoted on the Composite Tape, on the New York Stock
Exchange, or, if the Shares are not listed or admitted to trading on such
Exchange, on the principal United States securities exchange registered under
the Securities Exchange Act of 1934 on which the Shares are listed or admitted
to trading, or, if the Shares are not listed or admitted to trading on any such
exchange, the mean between the closing high bid and low asked quotations with
respect to a Share on such date on the National Association of Securities
Dealers, Inc., Automated Quotations System, or any similar system then in use,
or, if no such quotations are available, the fair market value on such date of a
Share as the Committee shall determine.

         "Non-Qualified Stock Option" - means an option to purchase Shares
granted by the Committee pursuant to Section 6 hereof, which option is not
intended to qualify under Section 422(b) of the Code.

         "Option" - means an Incentive Stock Option or a Non-Qualified Stock
Option.

         "Participant" - means any director, officer or employee of the
Corporation or any Affiliate who is selected by the Committee to receive an
Award and any director, director emeritus or advisory director of the
Corporation who is granted an Award pursuant to Section 21 hereof.

         "Plan" - means the 1994 Stock Option and Incentive Plan of the
Corporation.

         "Related" - means (i) in the case of a Right, a Right which is granted
in connection with, and to the extent exercisable, in whole or in part, in lieu
of, an Option or another Right and (ii) in the case of an Option, an Option with
respect to which and to the extent a Right is exercisable, in whole or in part,
in lieu thereof has been granted.

         "Right" - means a Limited Stock Appreciation Right or a Stock
Appreciation Right.

         "Senior Officer" - means the Corporation's president, principal
financial officer, or principal accounting officer, any vice president of the
Corporation in charge of a principal business unit, division or function (such
as sales, administration or finance), any other officer who performs a
policy-making function, or any other person

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who performs similar policy-making functions for the Corporation. Officers of
the Corporation's Affiliates shall be deemed Senior Officers of the Corporation
if they perform such policy-making functions for the Corporation.

         "Shares" - means the shares of common stock of the Corporation.

         "Stock Appreciation Right" - means a stock appreciation right with
respect to Shares granted by the Committee pursuant to Sections 6 and 9 hereof.

         "Ten Percent Beneficial Owner" - means the beneficial owner of more
than ten percent of any class of the Corporation's equity securities registered
pursuant to Section 12 of the Securities Exchange Act of 1934.

         3. ADMINISTRATION. The Plan shall be administered by a Committee
consisting of three or more members, each of whom shall be a Disinterested
Person. The members of the Committee shall be appointed by the Board of
Directors of the Corporation. Except as limited by the express provisions of the
Plan, the Committee shall have sole and complete authority and discretion,
subject to OTS regulations, to (i) select Participants and grant Awards; (ii)
determine the number of Shares to be subject to types of Awards generally, as
well as to individual Awards granted under the Plan; (iii) determine the terms
and conditions upon which Awards shall be granted under the Plan pursuant to a
quantifiable formula established by the Board of Directors and based on the
Corporation's performance; (iv) prescribe the form and terms of instruments
evidencing such grants; and (v) establish from time to time regulations for the
administration of the Plan, interpret the Plan, and make all determinations
deemed necessary or advisable for the administration of the Plan. The Committee
may maintain, and update from time to time as appropriate, a list designating
selected directors as Disinterested Persons. The purpose of such list shall be
to evidence the status of such individuals as Disinterested Persons, and the
Board of Directors may appoint to the Committee any individual actually
qualifying as a Disinterested Person, regardless of whether identified as such
on said list.

         A majority of the Committee shall constitute a quorum, and the acts of
a majority of the members present at any meeting at which a quorum is present,
or acts approved in writing by a majority of the Committee without a meeting,
shall be acts of the Committee.

         4. PARTICIPATION IN COMMITTEE AWARDS. The Committee may select from
time to time Participants in the Plan from those directors, advisory directors,
officers, employees and other participants (other than Disinterested Persons),
of the Corporation or its Affiliates who, in the opinion of the Committee, have
the capacity for contributing to the successful performance of the Corporation
or its Affiliates.

         5. SHARES SUBJECT TO PLAN. Subject to adjustment by the operation of
Section 11 hereof, the maximum number of Shares with respect to which Awards may
be made under the Plan is 10% of the total Shares issued in the Bank's
conversion to the capital stock form. The Shares with respect to which Awards
may be made under the Plan may be either authorized and unissued shares or
issued shares heretofore or hereafter reacquired and held as treasury shares.
Shares which are subject to Related Rights and Related Options shall be counted
only once in determining whether the maximum number of Shares with respect to
which Awards may be granted under the Plan has been exceeded. An Award shall not
be considered to have been made under the Plan with respect to any Option or
Right which terminates, and new Awards may be granted under the Plan with
respect to the number of Shares as to which such termination or forfeiture has
occurred. Any award made pursuant to this Plan, which Award is subject to the
requirements of Office of Thrift Supervision Regulations, shall vest in five
equal annual installments with the first installment vesting on the one year
anniversary date of grant, except in the event of death or disability, in which
case all unvested shares shall vest immediately.

         In the event that Office of Thrift Supervision Regulations are amended
(the "Amended Regulations") to permit shorter vesting periods, any Award made
pursuant to this Plan, which Award is subject to the requirements of such
Amended Regulations, may vest, at the sole discretion of the Committee, in
accordance with such Amended Regulations.

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         6. GENERAL TERMS AND CONDITIONS OF OPTIONS AND RIGHTS. The Committee
shall have full and complete authority and discretion, subject to OTS
regulations, except as expressly limited by the Plan, to grant Options and/or
Rights and to provide the terms and conditions (which need not be identical
among Participants) thereof. In particular, the Committee shall prescribe the
following terms and conditions: (i) the Exercise Price of any Option or Right,
which shall not be less than the Market Value per Share at the date of grant of
such Option or Right, (ii) the number of Shares subject to, and the expiration
date of, any Option or Right, which expiration date shall not exceed ten years
from the date of grant, (iii) the manner, time and rate (cumulative or
otherwise) of exercise of such Option or Right, and (iv) the restrictions, if
any, to be placed upon such Option or Right or upon Shares which may be issued
upon exercise of such Option or Right. The Committee may, as a condition of
granting any Option or Right, require that a Participant agree not to thereafter
exercise one or more Options or Rights previously granted to such Participant.

         7.  EXERCISE OF OPTIONS OR RIGHTS.

                  (a) Except as provided herein, an Option or Right granted
under the Plan shall be exercisable during the lifetime of the Participant to
whom such Option or Right was granted only by such Participant and, except as
provided in paragraphs (c) and (d) of this Section 7, no such Option or Right
may be exercised unless at the time such Participant exercises such Option or
Right, such Participant has maintained Continuous Service since the date of
grant of such Option or Right. Cash settlements of Rights may be made only in
accordance with any applicable restrictions pursuant to Rule l6b-3(e) under the
Securities Exchange Act of 1934 or any similar or successor provision.

                  (b) To exercise an Option or Right under the Plan, the
Participant to whom such Option or Right was granted shall give written notice
to the Corporation in form satisfactory to the Committee (and, if partial
exercises have been permitted by the Committee, by specifying the number of
Shares with respect to which such Participant elects to exercise such Option or
Right) together with full payment of the Exercise Price, if any and to the
extent required. The date of exercise shall be the date on which such notice is
received by the Corporation. Payment, if any is required, shall be made either
(i) in cash (including check, bank draft or money order) or (ii) if permitted by
the Committee, by delivering (A) Shares already owned by the Participant and
having a fair market value equal to the applicable exercise price, such fair
market value to be determined in such appropriate manner as may be provided by
the Committee or as may be required in order to comply with or to conform to
requirements of any applicable laws or regulations, or (B) a combination of cash
and such Shares.

                  (c) If a Participant to whom an Option or Right was granted
shall cease to maintain Continuous Service for any reason (including disability
and normal or early retirement, but excluding death and termination of
employment by the Corporation or any Affiliate for cause), such Participant may,
but only within the period of three months immediately succeeding such cessation
of Continuous Service and in no event after the expiration date of such Option
or Right, exercise such Option or Right to the extent that such Participant was
entitled to exercise such Option or Right at the date of such cessation,
provided, however, that such right of exercise after cessation of Continuous
Service shall not be available to a Participant if the Committee otherwise
determines and so provides in the applicable instrument or instruments
evidencing the grant of such Option or Right. Notwithstanding the foregoing, if
a Participant to whom an Option or Right was granted shall cease to maintain
Continuous Service due to normal or early retirement or disability and such
Participant has served the Corporation or the Bank for at least ten years, such
Participant may exercise such Option or Right, but only to the extent vested and
only during the shortest of the following periods: (A) the two-year period
immediately succeeding such cessation of Continuous Service, or (B) the period
remaining until the expiration date of such Option or Right. If the Continuous
Service of a Participant to whom an Option or Right was granted by the
Corporation is terminated for Cause, all rights under any Option or Right of
such Participant shall expire immediately upon the giving to the Participant of
notice of such termination.

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                  (d) In the event of the death of a Participant while in the
Continuous Service of the Corporation or an Affiliate or within the two-year
period referred to in paragraph (c) of this Section 7, the person to whom any
Option or Right held by the Participant at the time of his death is transferred
by will or the laws of descent and distribution, or in the case of an Award
other than an Incentive Stock Option, pursuant to a qualified domestic relations
order, as defined in the Code or Title 1 of ERISA or the rules thereunder may,
but only to the extent such Participant was entitled to exercise such Option or
Right immediately prior to his death, exercise such Option or Right at any time
within a period of one year succeeding the date of death of such Participant,
but in no event later than ten years from the date of grant of such Option or
Right. Following the death of any Participant to whom an Option was granted
under the Plan, irrespective of whether any Related Right shall have theretofore
been granted to the Participant or whether the person entitled to exercise such
Related Right desires to do so, the Committee may, as an alternative means of
settlement of such Option, elect to pay to the person to whom such Option is
transferred by will or by the laws of descent and distribution, or in the case
of an Option other than an Incentive Stock Option, pursuant to a qualified
domestic relations order, as defined in the Code or Title I of ERISA or the
rules thereunder, the amount by which the Market Value per Share on the date of
exercise of such Option shall exceed the Exercise Price of such Option,
multiplied by the number of Shares with respect to which such Option is properly
exercised. Any such settlement of an Option shall be considered an exercise of
such Option for all purposes of the Plan.

         8. INCENTIVE STOCK OPTIONS. Incentive Stock Options may be granted only
to Participants who are Employees. Any provision of the Plan to the contrary
notwithstanding, (i) no Incentive Stock Option shall be granted more than ten
years from the date the Plan is adopted by the Board of Directors of the
Corporation and no Incentive Stock Option shall be exercisable more than ten
years from the date such Incentive Stock Option is granted, (ii) the Exercise
Price of any Incentive Stock Option shall not be less than the Market Value per
Share on the date such Incentive Stock Option is granted, (iii) any Incentive
Stock Option shall not be transferable by the Participant to whom such Incentive
Stock Option is granted other than by will or the laws of descent and
distribution, and shall be exercisable during such Participant's lifetime only
by such Participant, (iv) no Incentive Stock Option shall be granted to any
individual who, at the time such Incentive Stock Option is granted, owns stock
possessing more than ten percent of the total combined voting power of all
classes of stock of the Corporation or any Affiliate unless the Exercise Price
of such Incentive Stock Option is at least 110 percent of the Market Value per
Share at the date of grant and such Incentive Stock Option is not exercisable
after the expiration of five years from the date such Incentive Stock Option is
granted, and (v) the aggregate Market Value (determined as of the time any
Incentive Stock Option is granted) of the Shares with respect to which Incentive
Stock Options are exercisable for the first time by a Participant in any
calendar year shall not exceed $100,000.

         9. STOCK APPRECIATION RIGHTS. A Stock Appreciation Right shall, upon
its exercise, entitle the Participant to whom such Stock Appreciation Right was
granted to receive a number of Shares or cash or combination thereof, as the
Committee in its discretion shall determine, the aggregate value of which (i.e.,
the sum of the amount of cash and/or Market Value of such Shares on date of
exercise) shall equal (as nearly as possible, it being understood that the
Corporation shall not issue any fractional shares) the amount by which the
Market Value per Share on the date of such exercise shall exceed the Exercise
Price of such Stock Appreciation Right, multiplied by the number of Shares with
respect of which such Stock Appreciation Right shall have been exercised. A
Stock Appreciation Right may be Related to an Option or may be granted
independently of any Option as the Committee shall from time to time in each
case determine. At the time of grant of an Option the Committee shall determine
whether and to what extent a Related Stock Appreciation Right shall be granted
with respect thereto; provided, however, and notwithstanding any other provision
of the Plan, that if the Related Option is an Incentive Stock Option, the
Related Stock Appreciation Right shall satisfy all the restrictions and
limitations of Section 8 hereof as if such Related Stock Appreciation Right were
an Incentive Stock Option and as if other rights which are Related to Incentive
Stock Options were Incentive Stock Options. In the case of a Related Option,
such Related Option shall cease to be exercisable to the extent of the Shares
with respect to which the Related Stock Appreciation Right was exercised. Upon
the exercise or termination of a Related Option, any Related Stock Appreciation
Right shall terminate to the extent of the Shares with respect to which the
Related Option was exercised or terminated.

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         10. LIMITED STOCK APPRECIATION RIGHTS. At the time of grant of an
Option or Stock Appreciation Right to any Participant, the Committee shall have
full and complete authority and discretion to also grant to such Participant a
Limited Stock Appreciation Right which is Related to such Option or Stock
Appreciation Right; provided, however and notwithstanding any other provision of
the Plan, that if the Related Option is an Incentive Stock Option, the Related
Limited Stock Appreciation Right shall satisfy all the restrictions and
limitations of Section 8 hereof as if such Related Limited Stock Appreciation
Right were an Incentive Stock Option and as if all other Rights which are
Related to Incentive Stock Options were Incentive Stock Options.

         A Limited Stock Appreciation Right shall, upon its exercise, entitle
the Participant to whom such Limited Stock Appreciation Right was granted to
receive an amount of cash equal to the amount by which the "Offer Price per
Share" (as such term is hereinafter defined) or the Market Value on the date of
such exercise, as shall have been provided by the Committee in its discretion at
the time of grant, shall exceed the Exercise Price of such Limited Stock
Appreciation Right, multiplied by the number of Shares with respect to which
such Limited Stock Appreciation Right shall have been exercised. Upon the
exercise of a Limited Stock Appreciation Right, any Related Option and/or
Related Stock Appreciation Right shall cease to be exercisable to the extent of
the Shares with respect to which such Limited Stock Appreciation Right was
exercised. Upon the exercise or termination of a Related Option or Related Stock
Appreciation Right, any Related Limited Stock Appreciation Right shall terminate
to the extent of the Shares with respect to which such Related Option or Related
Stock Appreciation Right was exercised or terminated.

         For the purposes of this Section 10, the term "Offer" shall mean any
tender offer or exchange offer for Shares other than one made by the
Corporation, provided that the corporation, person or other entity making the
offer acquires pursuant to such offer either (i) 25% of the Shares outstanding
immediately prior to the commencement of such offer or (ii) a number of Shares
which, together with all other Shares acquired in any tender offer or exchange
offer (other than one made by the Corporation) which expired within 60 days of
the expiration date of the offer in question, equals 25% of the Shares
outstanding immediately prior to the commencement of the offer in question. The
term "Offer Price per Share" as used in this Section 10 shall mean the highest
price per Share paid in any Offer which Offer is in effect any time during the
period beginning on the 60th day prior to the date on which a Limited Stock
Appreciation Right is exercised and ending on the date on which such Limited
Stock Appreciation Right is exercised. Any securities or property which are part
or all of the consideration paid for Shares in the Offer shall be valued in
determining the Offer Price per Share at the higher of (A) the valuation placed
on such securities or property by the corporation, person or other entity making
such Offer or (B) the valuation placed on such securities or property by the
Committee.

         11. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. In the event of any
change in the outstanding Shares subsequent to the effective date of the Plan by
reason of any reorganization, recapitalization, stock split, stock dividend,
combination or exchange of shares, merger, consolidation or any change in the
corporate structure or Shares of the Corporation, the maximum aggregate number
and class of shares as to which Awards may be granted under the Plan and the
number and class of shares with respect to which Awards theretofore have been
granted under the Plan shall be appropriately adjusted by the Committee, whose
determination shall be conclusive.

         12. EFFECT OF MERGER. In the event of any merger, consolidation or
combination of the Corporation (other than a merger, consolidation or
combination in which the Corporation is the continuing entity and which does not
result in the outstanding Shares being converted into or exchanged for different
securities, cash or other property, or any combination thereof) pursuant to a
plan or agreement the terms of which are binding upon all stockholders of the
Corporation (except to the extent that dissenting stockholders may be entitled,
under statutory provisions or provisions contained in the certificate of
incorporation, to receive the appraised or fair value of their holdings), any
Participant to whom an Option or Right has been granted at least six months
prior to such event shall have the right (subject to the provisions of the Plan
and any limitation or vesting period applicable to such Option or Right),
thereafter and during the term of each such Option or Right, to receive upon
exercise of any such Option

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or Right an amount equal to the excess of the fair market value on the date of
such exercise of the securities, cash or other property, or combination thereof,
receivable upon such merger, consolidation or combination in respect of a Share
over the Exercise Price of such Right or Option, multiplied by the number of
Shares with respect to which such Option or Right shall have been exercised.
Such amount may be payable fully in cash, fully in one or more of the kind or
kinds of property payable in such merger, consolidation or combination, or
partly in cash and partly in one or more of such kind or kinds of property, all
in the discretion of the Committee.

         13. ASSIGNMENTS AND TRANSFERS. No Award nor any right or interest of a
Participant under the Plan in any instrument evidencing any Award under the Plan
may be assigned, encumbered or transferred except, in the event of the death of
a Participant, by will or the laws of descent and distribution or in the case of
Awards other than Incentive Stock Options pursuant to a qualified domestic
relations order, as defined in the Code or Title I of ERISA or the rules
thereunder.

         14. EMPLOYEE RIGHTS UNDER THE PLAN. No director, officer or employee
shall have a right to be selected as a Participant nor, having been so selected,
to be selected again as a Participant and no director, officer, employee or
other person shall have any claim or right to be granted an Award under the Plan
or under any other incentive or similar plan of the Corporation or any
Affiliate. Neither the Plan nor any action taken thereunder shall be construed
as giving any employee any right to be retained in the employ of the Corporation
or any Affiliate.

         15. DELIVERY AND REGISTRATION OF STOCK. The Corporation's obligation to
deliver Shares with respect to an Award shall, if the Committee so requests, be
conditioned upon the receipt of a representation as to the investment intention
of the Participant to whom such Shares are to be delivered, in such form as the
Committee shall determine to be necessary or advisable to comply with the
provisions of the Securities Act of 1933 or any other Federal, state or local
securities legislation or regulation. It may be provided that any representation
requirement shall become inoperative upon a registration of the Shares or other
action eliminating the necessity of such representation under such Securities
Act or other securities legislation. The Corporation shall not be required to
deliver any Shares under the Plan prior to (i) the admission of such shares to
listing on any stock exchange on which Shares may then be listed, and (ii) the
completion of such registration or other qualification of such Shares under any
state or Federal law, rule or regulation, as the Committee shall determine to be
necessary or advisable.

         This Plan is intended to comply with Rule 16b-3 under the Securities
Exchange Act of 1934. Any provision of the Plan which is inconsistent with said
Rule shall, to the extent of such inconsistency, be inoperative and shall not
affect the validity of the remaining provisions of the Plan.

         16. WITHHOLDING TAX. The Corporation shall have the right to deduct
from all amounts paid in cash with respect to the exercise of a Right under the
Plan any taxes required by law to be withheld with respect to such cash
payments. Where a Participant or other person is entitled to receive Shares
pursuant to the exercise of an Option or Right pursuant to the Plan, the
Corporation shall have the right to require the Participant or such other person
to pay the Corporation the amount of any taxes which the Corporation is required
to withhold with respect to such Shares.

         17. AMENDMENT OR TERMINATION. The Board of Directors of the Corporation
may amend, suspend or terminate the Plan or any portion thereof at any time,
subject to OTS regulations, but (except as provided in Section 12 hereof) no
amendment shall be made without approval of the stockholders of the Corporation
which shall (i) materially increase the aggregate number of Shares with respect
to which Awards may be made under the Plan, (ii) materially increase the
aggregate number of Shares which may be subject to Awards to Participants who
are not Employees or (iii) change the class of persons eligible to participate
in the Plan; provided, however, that no such amendment, suspension or
termination shall impair the rights of any Participant, without his consent, in
any Award theretofore made pursuant to the Plan.

<PAGE>

         Notwithstanding anything else in this Plan to the contrary, to the
extent that the Plan provides for formula awards, as defined in Rule 16b-3(c)
(2) (ii) under the Securities Exchange Act of 1934, such provisions may not be
amended more than once every six months, other than to comport with changes in
the Code, ERISA or the rules thereunder.

         18. EFFECTIVE DATE AND TERM OF PLAN. The Plan shall become effective
upon its ratification by stockholders of the Corporation at least subsequent to
the Bank's conversion to a stock institution. It shall continue in effect for a
term of ten years unless sooner terminated under Section 17 hereof.

         19. INITIAL GRANT. By, and simultaneously with, the ratification of
this Plan, each member of the Board of Directors of the Corporation at the time
of stockholder ratification of the Plan who is not an Employee and each advisory
director of the Bank, is hereby granted a ten-year, Non-Qualified Stock Option
to purchase a number of shares equal to .5% of the shares sold in the conversion
at an Exercise Price per share equal to the Market Value per share on the date
of stockholder ratification of the Plan, with such award to be determined under
a quantifiable formula established by the Board of Directors and based on the
Corporation's performance. In addition, each non-employee director of the
Corporation elected after stockholder ratification of the Plan is hereby granted
as of the date he or she is elected and qualified ("election date") a ten-year
Non-Qualified Stock Option to purchase 4,000 shares at the applicable Market
Value per share on the election date, subject to availability, with such award
to be determined under a quantifiable formula established by the Board of
Directors and based on the Corporation's performance. Each such Option shall be
evidenced by a Non-Qualified Stock Option Agreement in a form approved by the
Board of Directors and shall be subject in all respects to the terms and
conditions of this Plan, which are controlling. All options granted pursuant to
this Section 21 shall be rounded down to the nearest whole share to the extent
necessary to ensure that no options to purchase stock representing fractional
shares are granted.<PAGE>

                                  EXHIBIT 4.02

                                 THIRD RESTATED

                          CERTIFICATE OF INCORPORATION

                                       OF

                           CAMCO FINANCIAL CORPORATION

                            (A Delaware Corporation)

                             As Adopted May 26, 1987

                  The following provisions constitute the Third Restated
Certificate of Incorporation of Camco Financial Corporation, which was
originally incorporated on October l9, 1970 under the name First Cambridge
Corporation:

                  FIRST: The name of the corporation is Camco Financial
Corporation.

                  SECOND: The address of the corporation's registered office in
the State of Delaware is: Corporation Trust Center, 1209 Orange Street, County
of New Castle, Wilmington, Delaware 19801. The name of its registered agent at
such address is The Corporation Trust Company.

                  THIRD: The purposes of the corporation are:

                  (l)      To acquire and own savings and loan associations; and

                  (2) To engage in any lawful act or activity for which
corporations may be organized under the General Corporation Law of Delaware.

                  FOURTH: The total number of shares of stock which the
corporation shall have authority to issue is two million (2,000,000), of which
stock one million nine hundred thousand (1,900,000) shares shall be common
shares of the par value of One Dollar ($1) each, amounting in the aggregate to
One Million Nine Hundred Thousand Dollars ($1,900,000), and one hundred thousand
(100,000) shares shall be preferred shares of the par value of One Dollar ($1)
each, amounting in the aggregate to One Hundred Thousand Dollars ($100,000).
There is hereby granted to the Board of Directors of the corporation the
authority to fix by resolution or resolutions any and all powers, designations,
preferences and relative, participating, optional or other rights, or the
qualifications, limitations or restrictions thereof, of shares of the preferred
stock, or of any series of the preferred stock, of the corporation that are
permitted by the General Corporation Law of Delaware to be fixed by the Board of
Directors, and such grant of authority shall include the power to specify the
number of shares of any series of the preferred stock of the corporation.

                  FIFTH: The corporation is to have perpetual existence.

<PAGE>

                  SIXTH: Whenever a compromise or arrangement is proposed
between this corporation and its creditors or any class of them and/or between
this corporation and its stockholders or any class of them, any court of
equitable jurisdiction within the State of Delaware may, on the application in a
summary way of this corporation or of any creditor or stockholder thereof or on
the application of any receiver or receivers appointed for this corporation
under the provisions of Section 291 of Title 8 of the Delaware Code or on the
application of trustees in dissolution or of any receiver or receivers appointed
for this corporation under the provisions of Section 279 of Title 8 of the
Delaware Code order a meeting of the creditors or class of creditors, and/or of
the stockholders or class of stockholders of this corporation, as the case may
be, to be summoned in such manner as the said court directs. If a majority in
number representing three-fourths in value of the creditors or a class of
creditors, and/or of the stockholders or class of stockholders of this
corporation, as the case may be, agree to any compromise or arrangement and to
any reorganization of this corporation as consequence of such compromise or
arrangement, the said compromise or arrangement and the said reorganization
shall, if sanctioned by the court to which the said application has been made,
be binding on all the creditors or class of creditors, and/or all the
stockholders or class of stockholders, of this corporation, as the case may be,
and also on this corporation.

                  SEVENTH: No election of Directors need be by written ballot.

                  EIGHTH: Any Director or the entire Board of Directors may be
removed only by the affirmative vote of not less than 80% of the outstanding
stock entitled to vote at an election of Directors, and such removal may be
effected only for cause; provided, however, that if any class or series of stock
shall entitle the holders thereof to elect one or more Directors, any Director
or all the Directors elected by such holders may be removed only by the
affirmative vote of not less than 80% of the outstanding stock of such class or
series entitled to vote at an election of such Directors, and such removal may
be effected only for cause. Any such removal shall be deemed to create a vacancy
in the Board of Directors.

                  NINTH:   When used in the Certificate of Incorporation:

                  (l) An "Affiliate" of a specified Person is a Person that
directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, the Person specified.

                  (2) The term "Associate" used to indicate a relationship with
any Person shall mean (A) any corporation or organization (other than this
corporation or a subsidiary) of which such Person is an officer or partner or
is, directly or indirectly, the beneficial owner of ten percent (10%) or more of
any class of Equity Security, (B) any trust or other estate in which such Person
has a substantial beneficial interest or as to which such Person serves as
trustee or in a similar fiduciary capacity, and (C) any relative or spouse of
such Person, or any relative of such spouse, who has the same home as such
Person, or is an officer or director of any corporation controlling or
controlled by such Person.

                  (3) "Beneficial Ownership" shall be determined pursuant to
Rule 13d-3 of the General Rules and Regulations under the Securities Exchange
Act of 1934 (or any successor rule or statutory provision) or, if said Rule
13d-3 shall be rescinded and there shall be no successor rule or statutory
provision thereto, pursuant to said Rule 13d-3 as in effect on May 26, 1987;
provided, however, that a Person shall, in any event, also be deemed to be the
"Beneficial Owner" of any shares of Voting Stock:

                           (A) that such Person or any of its Affiliates or
                  Associates beneficially own, directly or indirectly; or

                           (B) that such Person or any of its Affiliates or
                  Associates has (i) the right to acquire (whether such right is
                  exercisable immediately or only after the passage of time),
                  pursuant to any agreement, arrangement or understanding (but
                  shall not be deemed to be the beneficial owner of any shares
                  of Voting Stock solely by reason of an agreement, arrangement
                  or understanding with the corporation to effect a Business
                  Combination) or upon the exercise of conversion rights,

<PAGE>

                  exchange rights, warrants, or options, or otherwise, or (ii)
                  sole or shared voting or investment power with respect thereto
                  pursuant to any agreement, arrangement, understanding,
                  relationship or otherwise (but shall not be deemed to be the
                  beneficial owner of any shares of Voting Stock solely by
                  reason of a revocable proxy granted for a particular meeting
                  of stockholders, pursuant to a public solicitation of proxies
                  for such meeting, with respect to shares of which neither such
                  Person nor any such Affiliate or Associate is otherwise deemed
                  the beneficial owner); or

                           (C) that are beneficially owned, directly or a
                  indirectly, by any other Person with which such first
                  mentioned Person or any of its Affiliates or Associates acts
                  as a partnership, limited partnership, syndicate or other
                  group pursuant to any agreement, arrangement or understanding
                  for the purpose of acquiring, holding, voting or disposing of
                  any shares of capital stock of the corporation; and provided
                  further, however, that (i) no Director or officer of the
                  corporation, nor any Associate or Affiliate of any such
                  Director or officer, shall, solely by reason of any or all
                  such Directors and officers acting in their capacities as
                  such, be deemed, for any purposes hereof, to beneficially own
                  any shares of Voting Stock beneficially owned by any other
                  such Director or officer (or any Associate or Affiliate
                  thereof), and (ii) no employee stock ownership or similar plan
                  of the corporation or any Subsidiary nor any trustee with
                  respect thereto, nor any Associate or Affiliate of any such
                  trustee, shall, solely by reason of such capacity of such
                  trustee, be deemed, for any purposes hereof, to beneficially
                  own any shares of Voting Stock held under any such plan.

                  For purposes of computing the percentage Beneficial Ownership
of shares of Voting Stock of a Person in order to determine whether such Person
is a Substantial Stockholder, the outstanding shares of Voting Stock shall
include shares deemed owned by such Person through application of this paragraph
(3) but shall not include any other shares of Voting Stock which may be issuable
by the corporation pursuant to any agreement, or upon the exercise of conversion
rights, warrants or options, or otherwise. For all other purposes, the
outstanding shares of Voting Stock shall include only shares of Voting Stock
then outstanding and shall not include any shares of Voting Stock which may be
issuable by the corporation pursuant to any agreement, or upon the exercise of
conversion rights, warrants or options, or otherwise.

                  (4) The term "Business Combination" shall mean any transaction
which is described in any one or more of the clauses (A) through (E) of
paragraph (l) of Article ELEVENTH of the Certificate of Incorporation.

                  (5) "Continuing Director" shall mean a Person who was a member
of the Board of Directors of the corporation as of May 26, 1987, or thereafter
elected by the stockholders or appointed by the Board of Directors of the
corporation prior to the date as of which the Substantial Stockholder in
question became a Substantial Stockholder, or a Person designated (before his
initial election or appointment as a director) as a Continuing Director by
three-fourths (3/4) of the Whole Board, but only if a majority of the Whole
Board shall then consist of Continuing Directors.

                  (6) "Equity Security" shall have the meaning given to such
term under Rule 3al1-1 of the General Rules and Regulations under the Securities
Exchange Act of 1934, as in effect on May 26, 1987.

                  (7) A "Person" shall mean any individual, firm, corporation or
other entity.

                  (8) "Subsidiary" shall mean any corporation of which a
majority of any class of Equity Security is owned, directly or indirectly, by
the corporation; provided, however, that for the purposes of the definition of
Substantial Stockholder set forth in paragraph (10) of this ARTICLE NINTH, the
term "Subsidiary" shall mean only a corporation of which a majority of each
class of Equity Security is owned, directly or indirectly, by the corporation.

<PAGE>

                  (9) "Substantial Part" shall mean assets having a book value
(determined in accordance with generally accepted accounting principles) in
excess of ten percent (10%) of the book value (determined in accordance with
generally accepted accounting principles) of the total consolidated assets of
the corporation, at the end of its most recent fiscal year ending prior to the
time the determination is made.

                  (10) "Substantial Stockholder" shall mean any Person who or
which, as of the record date for the determination of stockholders entitled to
notice of and to vote on any Business Combination, or immediately prior to the
consummation of any such Business Combination:

                           (A) is the Beneficial Owner, directly or indirectly,
                  of more than fifteen percent (15%) of the shares of Voting
                  Stock (determined solely on the basis of the total number of
                  shares of Voting Stock so Beneficially Owned (and without
                  giving effect to the number or percentage of votes entitled to
                  be cast in respect of such shares) in relation to the total
                  number of shares of Voting Stock then issued and outstanding),
                  or

                           (B) is an Affiliate of the corporation and at any
                  time within three years prior thereto was the Beneficial
                  Owner, directly or indirectly, of more than fifteen percent
                  (15%) of the then outstanding Voting Stock (determined as
                  aforesaid), or

                           (C) is an assignee of or has otherwise succeeded to
                  any shares of capital stock of the corporation which were at
                  any time within three years prior thereto Beneficially Owned
                  by any Substantial Stockholder, and such assignment or
                  succession shall have occurred in the course of a transaction
                  or series of transactions not involving a public offering
                  within the meaning of the Securities Act of 1933.

                  Notwithstanding the foregoing, a Substantial Stockholder shall
not include (a) the corporation or any Subsidiary or (b) any profit-sharing,
employee share ownership or other employee benefit plan of the corporation or
any Subsidiary, or any trustee of or fiduciary with respect to any such plan
when acting in such capacity.

                  (11) "Voting Stock" shall mean any shares of capital stock of
the corporation entitled to vote generally in the election of directors.

                  (12) "Whole Board" shall mean the total number of Directors
which the corporation would have if there were no vacancies; I.E., the whole
authorized number of Directors.

                  TENTH: Any action required or permitted to be taken by the
stockholders of the corporation must be taken pursuant to a vote of such
stockholders at an annual or special meeting of such stockholders that is duly
held pursuant to notice. No action required or permitted to be taken by the
stockholders of the corporation at any annual or special meeting of such
stockholders may be taken pursuant to one or more consents in writing signed by
the holders of all or any other portion of the outstanding stock entitled to
vote on such action. Except as otherwise required by law and subject to any
rights afforded by any provision of the Certificate of Incorporation to holders
of any class or series of capital stock of the corporation having a preference
over the common stock as to dividends or upon liquidation, special meetings of
stockholders of the corporation may be called only by the President or by the
Board of Directors pursuant to a resolution duly adopted by a majority of the
Whole Board or by a writing signed by a majority of the Whole Board.

                  ELEVENTH:

                  (1) In addition to any vote required by law or under any other
provision of the Certificate of Incorporation or any resolution or resolutions
adopted by the Board of Directors pursuant to its authority under

<PAGE>

Article FOURTH of the Certificate of Incorporation, and except as otherwise
expressly provided in this Article ELEVENTH:

                           (A) any merger or consolidation of the corporation or
                  any Subsidiary with or into (i) any Substantial Stockholder or
                  (ii) any other corporation (whether or not itself a
                  Substantial Stockholder) which, after such merger or
                  consolidation, would be an Affiliate of a Substantial
                  Stockholder, or

                           (B) any sale, lease, exchange, mortgage, pledge,
                  transfer or other disposition (in one transaction or a series
                  of related transactions) to or with any Substantial
                  Stockholder of any Substantial Part of the assets of the
                  corporation or of any Subsidiary, or

                           (C) the issuance or transfer by the corporation or by
                  any Subsidiary (in one transaction or a series of related
                  transactions) of any Equity Securities of the corporation or
                  any Subsidiary to any Substantial Stockholder in exchange for
                  cash, securities or other property (or a combination thereof)
                  having an aggregate fair market value equal to or in excess of
                  sixty percent (60%) of the amount of stockholders' equity
                  reflected on the corporation's audited balance sheet as of the
                  end of its most recent fiscal year (which shall be prepared on
                  a consolidated basis by the corporation's independent
                  certified public accountants in accordance with generally
                  accepted accounting principles), or

                           (D) the adoption of any plan or proposal for the
                  liquidation or dissolution of the corporation if, as of the
                  record date for the determination of stockholders entitled to
                  notice thereof and to vote thereon, any person shall be a
                  Substantial Stockholder, or

                           (E) any reclassification of securities (including any
                  reverse stock split) or recapitalization of the corporation,
                  or any reorganization, merger or consolidation of the
                  corporation with any of its Subsidiaries or any similar
                  transaction (whether or not with or into or otherwise
                  involving a Substantial Stockholder) that has the effect,
                  directly or indirectly, of increasing the proportionate share
                  of the outstanding securities of any class of equity
                  securities of the corporation or any Subsidiary which is
                  directly or indirectly Beneficially Owned by any Substantial
                  Stockholder,

shall (except as otherwise expressly provided in the Certificate of
Incorporation) require the affirmative vote of not less than 80% of all
outstanding shares of Voting Stock; provided that such affirmative vote must
include the affirmative vote of a majority of all outstanding shares of Voting
Stock not beneficially owned by the Substantial Stockholder in question. Each
such affirmative vote shall be required notwithstanding the fact that no vote
may be required, or that some lesser percentage may be specified, by law or in
any agreement with any national securities exchange or otherwise.

                  (2) The provisions of this Article ELEVENTH shall not be
applicable to any Business Combination, the terms of which shall be approved,
either in advance of or subsequent to a Substantial Stockholder having become a
Substantial Stockholder, by three-fourths (3/4) of the Whole Board, but only if
a majority of the members of the Board of Directors in office and acting upon
such matter shall be Continuing Directors.

                  (3) A majority of the Continuing Directors then in office
shall have the power to determine for the purposes of this Article ELEVENTH, on
the basis of information known to them:

                           (A)      The number of shares of Voting Stock
                                    beneficially owned by any Person;

                           (B)      Whether a Person is an Affiliate or
                                    Associate of another;

<PAGE>

                           (C) Whether the assets subject to any Business
                  Combination constitute a Substantial Part of the assets of the
                  corporation in question; and/or

                           (D) Any other factual matter relating to the
                  applicability or effect of this Article ELEVENTH.

                  (4) A majority of the Continuing Directors then in office
shall have the right to demand that any Person who is reasonably believed to be
a Substantial Stockholder (or holder of record shares of Voting Stock
beneficially owned by any Substantial Stockholder) supply to the corporation
complete information as to:

                           (A) The record owner(s) of all shares beneficially
                  owned by such Person who is reasonably believed to be a
                  Substantial Stockholder;

                           (B) The number of, and each class or series of,
                  shares Beneficially Owned by such Person who is reasonably
                  believed to be a Substantial Stockholder and held of record by
                  each such record owner and the number(s) of the stock
                  certificate(s) evidencing such shares; and

                           (C) Any other factual matter relating to the
                  applicability or effect of this Article ELEVENTH as may be
                  reasonably requested of such Person, and such Person shall
                  furnish such information within 10 days after receipt of such
                  demand.

                  (5) Any determination made by the Board of Directors, or by
the Continuing Directors, as the case may be, pursuant to this Article ELEVENTH
in good faith and on the basis of such information and assistance as was then
reasonably available for such purpose shall be conclusive and binding upon the
corporation and its stockholders, including any Substantial Stockholder.

                  (6) Nothing contained in this Article ELEVENTH shall be
construed to relieve any Substantial Stockholder from any fiduciary obligation
imposed by law.

                  TWELFTH: The Board of Directors of the corporation, when
evaluating any offer of another party to make a tender or exchange offer for any
Equity Security of the corporation to merge or consolidate the corporation with
another corporation, or to purchase or otherwise acquire all or a Substantial
Part of the properties and assets of the corporation, or any proposal for the
liquidation or dissolution of the corporation shall, in connection with the
exercise of its judgment in determining what is in the best interests of the
corporation and its stockholders, give due consideration to all relevant
factors, including without limitation:

                  (A) The best interest of the stockholders. For this purpose,
the Directors shall consider, among other factors, not, only the consideration
offered in relation to the then current market price of the outstanding stock of
the corporation, but also in relation to the current value of the corporation in
a freely negotiated transaction and in relation to the Board of Directors' then
current estimate of the future value of the corporation as an independent entity
or as the subject of a future transaction; and

                  (B) The best interests of depositors of savings institutions
affiliated with the corporation; and

                  (C) Such other factors as the Board of Directors determines to
be relevant, including, among other factors, the social, legal and economic
effects upon (i) employees, suppliers, customers and the business of the
corporation and any Subsidiary and (ii) each community in which the corporation
or any Subsidiary operates or is located.

                  THIRTEENTH: No Director of the corporation shall be liable to
the corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability:

<PAGE>

                  (1) For any breach of the Director's duty of loyalty to the
corporation or its stockholders,

                  (2) For acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law,

                  (3) Under Section 174 of the General Corporation Law of
Delaware, or

                  (4) For any transaction from which the Director derived an
improper personal benefit.

                  If the General Corporation Law of Delaware is amended after
approval by the stockholders of this Article THIRTEENTH to authorize corporate
action further eliminating or limiting the personal liability of directors, then
the liability of a director of the corporation shall be eliminated or limited to
the fullest extent permitted by the General Corporation Law of Delaware, as so
amended.

                  Any repeal or modification of this Article THIRTEENTH by the
stockholders of the corporation shall not adversely affect any right or
protection of a Director of the corporation existing at the time of such repeal
or modification.

                  FOURTEENTH:

                  (1) Except as otherwise provided in any By-Law adopted by the
stockholders, the By-Laws may be altered, amended or repealed by the affirmative
vote of not less than a majority of the Whole Board; provided, however, that any
By-Law that provides for the division of the Directors into classes having
staggered terms may be adopted, altered, amended or repealed only by the
stockholders.

                  (2) No By-Law of the corporation shall be adopted, repealed,
altered, amended or rescinded by the stockholders of the corporation except by
the affirmative vote of at least 80% of the Voting Stock entitled to vote
thereon. Any amendment to the Certificate of Incorporation which shall
contravene any By-Law in existence on the record date of the meeting of
stockholders at which such amendment is to be voted upon by the stockholders
shall require the affirmative vote of at least 80% of the Voting Stock entitled
to vote thereon.

                  FIFTEENTH:

                  (1) In addition to any requirements of law and any other
provisions of the Certificate of Incorporation or any resolution or resolutions
of the Board of Directors adopted pursuant to Article FOURTH of the Certificate
of Incorporation (and notwithstanding the fact that a lesser percentage may be
specified by law, the Certificate of Incorporation, any such resolution or
resolutions or otherwise), the affirmative vote of at least 80% of the Voting
Stock shall be required to amend, alter or repeal, or to adopt any provision
inconsistent with, Articles EIGHTH, NINTH, TENTH, TWELFTH, THIRTEENTH,
FOURTEENTH or FIFTEENTH of the Certificate of Incorporation, and the affirmative
vote of at least 80% of the Voting Stock, including at least a majority of the
Voting Stock not beneficially owned by a Substantial Stockholder, shall be
required to amend, alter or repeal, or to adopt any provision inconsistent with,
Article ELEVENTH of the Certificate of Incorporation.

                  (2) Subject to the provisions of Paragraph (1) of this Article
FIFTEENTH, the corporation reserves the right to amend, alter, change or repeal
any provision contained in the Certificate of Incorporation, in the manner now
or hereafter prescribed by statute, and all rights conferred on stockholders
herein are granted subject to this reservation.

<PAGE>

                  This Third Restated Certificate of Incorporation was adopted
by the stockholders of Camco Financial Corporation in accordance with the
provisions of Sections 242 and 245 of the General Corporation Law of Delaware
and was executed at Cambridge, Ohio on May 26, 1987.

                                 /s/ Larry A. Caldwell
                                 ----------------------------------------------
                                 Larry A. Caldwell, President of
                                   Camco Financial Corporation

ATTEST:

/s/ Anthony J. Popp
-----------------------------------
Anthony J. Popp, Secretary of
  Camco Financial Corporation

<PAGE>

                            CERTIFICATE OF AMENDMENT
                                       OF
                                 THIRD RESTATED
                          CERTIFICATE OF INCORPORATION

                  Camco Financial Corporation, a corporation organized and
existing under and by virtue of the General Corporation Law of the State of
Delaware, DOES HEREBY CERTIFY:

                  FIRST: That at a meeting of the Board of Directors of Camco
Financial Corporation, resolutions were duly adopted setting forth a proposed
amendment to the Third Restated Certificate of Incorporation of said
corporation, declaring said amendment to be advisable and directing that the
amendment be considered at the next annual meeting of the stockholders. The
resolution setting forth the proposed amendment is as follows:

                  RESOLVED, that Article Fourth of the Corporation's Third
         Restated Certificate of Incorporation be amended to read as follows:

                  FOURTH: The total number of shares of stock which the
                  corporation shall have authority to issue is Two Million Six
                  Hundred Thousand (2,600,000), of which stock Two Million Five
                  Hundred Thousand (2,500,000) shares shall be common shares of
                  the par value of One Dollar ($1) each, amounting in the
                  aggregate to Two Million Five Hundred Thousand Dollars
                  ($2,500,000), and one hundred thousand (100,000) shares shall
                  be preferred shares of the par value of One Dollar ($1) each,
                  amounting in the aggregate to One Hundred Thousand Dollars
                  ($100,000). There is hereby granted to the Board of Directors
                  of the corporation the authority to fix by resolution or
                  resolutions any and all powers, designations, preferences and
                  relative, participating, optional or other rights, or the
                  qualifications, limitations or restrictions thereof, of shares
                  of the preferred stock, or of any series of the preferred
                  stock, of the corporation that are permitted by the General
                  Corporation Law of Delaware to be fixed by the Board of
                  Directors, and such grant of authority shall include the power
                  to specify the number of shares to any series of the preferred
                  stock of the corporation.

                  SECOND: That thereafter, pursuant to resolution of its Board
of Directors, a special meeting of the stockholders of said corporation was duly
called and held, upon notice in accordance with Section 222 of the General
Corporation Law of the State of Delaware, at which meeting the necessary number
of shares as required by statute were voted in favor of the amendment.

                  THIRD: That said amendment was duly adopted in accordance with
the provisions of Section 242 of the General Corporation Law of the State of
Delaware.

<PAGE>

                  IN WITNESS WHEREOF, Camco Financial Corporation has caused
this certificate to be signed by Larry A. Caldwell, its President, and attested
by Anthony J. Popp, its Secretary, this 12th day of July, 1994.

                                         By: /s/ Larry A. Caldwell
                                            ---------------------------------
                                                Larry A. Caldwell, President

ATTEST:

By:  /s/ Anthony J. Popp
     ---------------------------------------
      Anthony J. Popp, Secretary

<PAGE>

                            CERTIFICATE OF AMENDMENT
                                       OF
                                 THIRD RESTATED
                          CERTIFICATE OF INCORPORATION

                  Camco Financial Corporation, a corporation organized and
existing under and by virtue of the General Corporation Law of the State of
Delaware, DOES HEREBY CERTIFY:

                  FIRST: That at a meeting of the Board of Directors of camco
Financial Corporation, resolutions were duly adopted setting forth a proposed
amendment to the Third Restated Certificate of Incorporation of said
corporation, declaring said amendment to be advisable and directing that the
amendment be considered at a special annual meeting of the stockholders. The
resolution setting forth the proposed amendment is as follows:

                  RESOLVED, that Article Fourth of the Corporation's Third
         Restated Certificate of Incorporation be amended to read as follows:

                  FOURTH: The total number of shares of stock which the
                  corporation shall have authority to issue is Five Million
                  (5,000,000), of which stock Four Million Nine Hundred Thousand
                  (4,900,000) shares shall be common shares of the par value of
                  One Dollar ($1) each, amounting in the aggregate to Four
                  Million Nine Hundred Thousand ($4,900,000) and one hundred
                  thousand (100,000) shares shall be preferred shares of the par
                  value of One Dollar ($1) each, amounting in the aggregate to
                  One Hundred Thousand Dollars ($100,000). There is hereby
                  granted to the Board of Directors of the corporation the
                  authority to fix by resolution or resolutions any and all
                  powers, designations, preferences and relative, participating,
                  optional or other rights, or the qualifications, limitations
                  or restrictions thereof, of shares of the preferred stock, or
                  of any series of the preferred stock, of the corporation that
                  are permitted by the General Corporation Law of Delaware to be
                  fixed by the Board of Directors, and such grant of authority
                  shall include the power to specify the number of shares to any
                  series of the preferred stock of the corporation.

                  SECOND: That thereafter, pursuant to resolution of its Board
of Directors, a special meeting of the stockholders of said corporation was duly
called and held, upon notice in accordance with Section 222 of the General
Corporation Law of the State of Delaware, at which meeting the necessary number
of shares as required by statute were voted in favor of the amendment.

                  THIRD: That said amendment was duly adopted in accordance with
the provisions of Section 242 of the General Corporation Law of the State of
Delaware.

<PAGE>

                  IN WITNESS WHEREOF, Camco Financial Corporation has caused
this certificate to be signed by Larry A. Caldwell, its President, and attested
by Anthony J. Popp, its Secretary, this 23rd day of September, 1996.

                                       By: /s/ Larry A. Caldwell
                                           -------------------------------
                                           Larry A. Caldwell, President

ATTEST:

By: /s/ Anthony J. Popp
    --------------------------------
    Anthony J. Popp, Secretary

<PAGE>

                            CERTIFICATE OF AMENDMENT
                                       OF
                                 THIRD RESTATED
                          CERTIFICATE OF INCORPORATION

                  Camco Financial Corporation, a corporation organized and
existing under and by virtue of the General Corporation Law of the State of
Delaware, DOES HEREBY CERTIFY:

                  FIRST: That at a meeting of the Board of Directors of Camco
Financial Corporation, a resolution was duly adopted setting forth a proposed
amendment to the Third Restated Certificate of Incorporation of said
corporation, declaring said amendment to be advisable and directing that the
amendment be considered at the 1998 annual meeting of the stockholders. The
resolution setting forth the proposed amendment is as follows:

                  RESOLVED, that Article Fourth of the Corporation's Third
Restated Certificate of Incorporation be amended to read as follows:

                  FOURTH: The total number of shares of stock which the
                  corporation shall have the authority to issue is Nine Million
                  (9,000,000), of which stock Eight Million Nine Hundred
                  Thousand (8,900,000) shares shall be common shares of the par
                  value of One Dollar ($1) each, amounting in the aggregate to
                  Eight Million Nine Hundred Thousand Dollars ($8,900,000), and
                  One Hundred Thousand (100,000) shares shall be preferred
                  shares of the par value of One Dollar ($1) each, amounting in
                  the aggregate to One Hundred Thousand Dollars ($100,000).
                  There is hereby granted to the Board of Directors of the
                  corporation the authority to fix by resolution or resolutions
                  any and all powers, designations, preferences and relative,
                  participating, optional or other rights, or the
                  qualifications, limitations or restrictions thereof, of shares
                  of the preferred stock, or of any series of the preferred
                  stock, of the corporation that are permitted by the General
                  Corporation Law of Delaware to be fixed by the Board of
                  Directors, and such grant of authority shall include the power
                  to specify the number of shares to any series of the preferred
                  stock of the corporation.

                  SECOND: That thereafter, at the 1998 annual meeting of
stockholders of said corporation, which was duly called and held, upon notice in
accordance with Section 222 of the General Corporation Law of the State of
Delaware, the necessary number of shares as required by statute were voted in
favor of the amendment.

                  THIRD: That said amendment was duly adopted in accordance with
the provisions of Section 242 of the General Corporation law of the State of
Delaware.

<PAGE>

                  IN WITNESS WHEREOF, Camco Financial Corporation has caused
this certificate to be signed by Larry A. Caldwell, its President, and attested
by Anthony J. Popp, its Secretary, this 29th day of May, 1998.

                                      By: /s/ Larry A. Caldwell
                                          -------------------------------
                                            Larry A. Caldwell, President

ATTEST:

By: /s/ Anthony J. Popp
   ---------------------------------
      Anthony J. Popp, Secretary

<PAGE>

                            CERTIFICATE OF AMENDMENT
                                       OF
                                 THIRD RESTATED
                          CERTIFICATE OF INCORPORATION

                  Camco Financial Corporation, a corporation organized and
existing under and by virtue of the General Corporation Law of the State of
Delaware, DOES HEREBY CERTIFY:

                  FIRST: That at a meeting of the Board of Directors of Camco
Financial Corporation, a resolution was duly adopted setting forth a proposed
amendment to the Third Restated Certificate of Incorporation of said
corporation, declaring said amendment to be advisable and directing that the
amendment be considered at a special meeting of the stockholders. The resolution
setting forth the proposed amendment is as follows:

                  RESOLVED, that Article Fourth of the Corporation's Third
Restated Certificate of Incorporation be amended to read as follows:

                  FOURTH: The total number of shares of stock which the
                  corporation shall have the authority to issue is Fifteen
                  Million (15,000,000), of which stock Fourteen Million Nine
                  Hundred Thousand (14,900,000) shares shall be common shares of
                  the par value of One Dollar ($1.00) each, amounting in the
                  aggregate to Fourteen Million Nine Hundred Thousand Dollars
                  ($14,900,000), and One Hundred Thousand (100,000) shares shall
                  be preferred shares of the par value of One Dollar ($1.00)
                  each, amounting in the aggregate to One Hundred Thousand
                  Dollars ($100,000). There is hereby granted to the Board of
                  Directors of the corporation the authority to fix by
                  resolution or resolutions any and all powers, designations,
                  preferences and relative, participating, optional or other
                  rights, or the qualifications, limitations or restrictions
                  thereof, of shares of the preferred stock, or of any series of
                  the preferred stock, of the corporation that are permitted by
                  the General Corporation Law of Delaware to be fixed by the
                  Board of Directors, and such grant of authority shall include
                  the power to specify the number of shares to any series of the
                  preferred stock of the corporation.

                  SECOND: That thereafter, pursuant to resolution of its Board
of Directors, a special meeting of the stockholders was duly called and held,
upon notice in accordance with Section 222 of the General Corporation Law of the
State of Delaware, at which meeting the necessary number of shares as required
by statute were voted in favor of the amendment.

                  THIRD: That said amendment was duly adopted in accordance with
the provisions of Section 242 of the General Corporation law of the State of
Delaware.

<PAGE>
                  IN WITNESS WHEREOF, Camco Financial Corporation has caused
this certificate to be signed by Larry A. Caldwell, its President, and attested
by Gary E. Crane, its Treasurer, this 20th day of December, 1999.

                                      By: /s/ Larry A. Caldwell
                                          -------------------------------
                                            Larry A. Caldwell, President

ATTEST:

By: /s/ Gary E. Crane
   -----------------------------------------
      Gary E. Crane, Treasurer

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