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Other Borrowings
12 Months Ended
Dec. 31, 2012
Other Borrowings [Abstract]  
OTHER BORROWINGS

NOTE–H—OTHER BORROWINGS

In July 2007, the Corporation formed a special purpose entity, Camco Statutory Trust I (Trust), for the sole purpose of issuing $5.0 million trust preferred securities. Additionally, Camco issued subordinated debentures to the Trust in exchange for the proceeds of the offering of the trust preferred securities. The subordinated debentures represent the sole asset of the Trust. The subordinated debentures are due on September 15, 2037 (Due Date). The subordinated debentures carried a fixed rate of interest of 6.648% until September 15, 2012, at which point the interest rate became variable at 133 basis points over the three month LIBOR rate. The effective interest rate as of December 31, 2012 was 1.72%.

Camco and Camco Statutory Trust I are permitted to defer interest and dividend payments, for up to five consecutive years (20 quarters) without resulting in a default. During any deferral period no interest shall be due and payable and interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate to the Interest Rate applicable during such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period. These dividends have been deferred since April 2009. As of December 31, 2012, Camco had $5.0 Million of Trust Preferred Securities due in 2037 and $1.4 million of interest accrued related to deferred interest due in 2014.

Obligations for securities sold under agreements to repurchase were $5.9 million and $11.7 million for December 31, 2012 and 2011, respectively. They were collateralized at December 31, 2012 and 2011, by investment securities with an amortized cost including accrued interest of approximately $10.0 million and $11.6 million and a market value of approximately $10.0 million and $13.7 million, respectively. The maximum balance of repurchase agreements outstanding at any month-end during the years ended December 31, 2012 and 2011, was $9.7 million and $11.7 million, respectively, and the average month-end balance outstanding for 2012 and 2011 was approximately $7.4 million and $7.9 million, respectively.