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<SEC-DOCUMENT>0000950152-06-006020.txt : 20060721
<SEC-HEADER>0000950152-06-006020.hdr.sgml : 20060721
<ACCEPTANCE-DATETIME>20060721170207
ACCESSION NUMBER:		0000950152-06-006020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060720
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060721
DATE AS OF CHANGE:		20060721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RURBAN FINANCIAL CORP
		CENTRAL INDEX KEY:			0000767405
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				341395608
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13507
		FILM NUMBER:		06974679

	BUSINESS ADDRESS:	
		STREET 1:		401 CLINTON ST
		CITY:			DEFIANCE
		STATE:			OH
		ZIP:			43512
		BUSINESS PHONE:		4197838930

	MAIL ADDRESS:	
		STREET 1:		401 CLINTON STREET
		STREET 2:		PO BOX 467
		CITY:			DEFIANCE
		STATE:			OH
		ZIP:			43512
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l21478ae8vk.htm
<DESCRIPTION>RURBAN FINANCIAL  8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Rurban Financial  8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date of Report (Date of earliest event reported): &nbsp;<U>&nbsp;July&nbsp;21, 2006 (July&nbsp;20, 2006)&nbsp;</U>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>RURBAN FINANCIAL CORP.</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; width: 70%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-13507
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34-1395608</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File<BR>
Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">401 Clinton Street, Defiance, Ohio 43512
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="center" style="font-size: 10pt">(Address of principal executive offices) (Zip Code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(419)&nbsp;783-8950
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="center" style="font-size: 10pt">(Registrant&#146;s telephone number, including area code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Not Applicable
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>










</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item&nbsp;2.02. Results of Operations and Financial Condition</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;20, 2006, Rurban Financial Corp. (the &#147;Company&#148;) hosted a conference call and webcast
to discuss its results for the second fiscal quarter ended June&nbsp;30, 2006. A copy of the script for
the conference call and webcast is furnished as Exhibit&nbsp;99.1 and is incorporated herein by
reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this Item&nbsp;2.02, including Exhibit&nbsp;99.1 furnished herewith, is being
furnished and shall not be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;) or otherwise subject to the liabilities of that Section,
nor shall such information be deemed to be incorporated by reference in any registration statement
or other document filed under the Securities Act of 1933 (the &#147;Securities Act&#148;) or the Exchange
Act, except as otherwise stated in such filing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item&nbsp;7.01 &#150; Regulation&nbsp;FD Disclosure</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;20, 2006, the Company issued a press release announcing that its Board of Directors
has declared a second quarter 2006 dividend of $0.05 per share payable on August&nbsp;18, 2006 to all
shareholders of record on August&nbsp;4, 2006. A copy of the July&nbsp;20, 2006 news release is furnished as
Exhibit&nbsp;99.2 and is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this Item&nbsp;7.01, including Exhibit&nbsp;99.2 furnished herewith, is being
furnished and shall not be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Exchange Act or
otherwise subject to the liabilities of that Section, nor shall such information be deemed to be
incorporated by reference in any registration statement or other document filed under the
Securities Act or the Exchange Act, except as otherwise stated in such filing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item&nbsp;9.01 Financial Statements and Exhibits</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Not Applicable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Not Applicable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Not Applicable
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="center" style="margin-left:0px; text-indent:-0px"><U>Exhibit&nbsp;No.</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U> Description</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="center" style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Script of conference call and webcast conducted on July&nbsp;20, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="center" style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">News release issued by Rurban Financial Corp. on July&nbsp;20, 2006
regarding declaration of second quarter dividend</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-2-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">RURBAN FINANCIAL CORP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: July&nbsp;21, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Duane L. Sinn</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duane L. Sinn<BR>
Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">-3-
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INDEX TO EXHIBITS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Current Report on Form&nbsp;8-K<BR>
Dated July&nbsp;21, 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Rurban Financial Corp.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV align="center" style="margin-left:0px; text-indent:-0px"><U>Exhibit&nbsp;No.</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U> Description</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="center" style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Script of conference call and webcast conducted on July&nbsp;20, 2006</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV align="center" style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">News release issued by Rurban Financial Corp. on July&nbsp;20, 2006
regarding declaration of second quarter dividend</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-4-
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l21478aexv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RURBAN FINANCIAL CORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Moderator: Valda Colbart<BR>
July&nbsp;20, 2006<BR>
3:00 p.m. CT</B>

</DIV>

<DIV align="left" style="margin-left: 3%; text-indent: -3%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: Good afternoon and welcome, ladies and gentlemen, to the Rurban Financial
Corporation Second Quarter 2006 Earnings Conference Call and Web Cast.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">At this time, I&#146;d like to inform you that this conference call is being recorded and that
all participants are in a listen-only mode. We will open the conference up to the investment
community for questions and answers after the presentation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">I would now like to turn the conference over to Valda Colbart, Investor Relations Officer.
Please go ahead, Valda.
</DIV>

<DIV align="left" style="margin-left: 3%; text-indent: -3%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Valda Colbart: Good afternoon, everyone. I would like to remind you that this conference call is
being broadcast over the Internet live and will also be archived and available at our Website,
www.rurbanfinancial.net until August&nbsp;10th.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Joining me today on the call is Ken Joyce, President and CEO; Duane Sinn, Executive
Vice President and CFO; Mark Klein, President and CEO of the State Bank &#038; Trust Company; and
Hank Thiemann, President and CEO of the Exchange Bank.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 2
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">But before we get started, I&#146;d like to make our usual Safe Harbor Statement and remind
everyone that comments made during this conference call regarding Rurban&#146;s anticipated
future performance are forward-looking and therefore, involves risks and uncertainties that
could cause the results or developments to differ significantly from those indicated in
these statements. These
risks and uncertainties include, but are not limited to risks and uncertainties inherent in
general and local banking, insurance and mortgage conditions, competitive factors specific
to markets in which the company and its subsidiaries operate, future interest rate levels,
legislative and regulatory decisions, or capital market conditions and other factors set
forth in the company&#146;s filings with the Securities and Exchange Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">I will now turn the call over to Ken Joyce, President and CEO. Ken.
</DIV>

<DIV align="left" style="margin-left: 3%; text-indent: -3%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: Well, thank you, Valda, and welcome to Rurban Financial Corp&#146;s Second Quarter 2006
Webcast. My thanks to each of you for joining us to discuss Rurban&#146;s financial results. We
will discuss these results, what is behind the results, provide some detail on the numbers and
progress, and provide a look-forward.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Overall, there are several key points to be made today. First, the quarter results are
now showing the improving financial picture of the banking segments of Rurban. We have
provided you with the details of this improvement in the attachments to our press release
sent out last evening.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Second, these results are moving us closer to our peer group banks. While there is
still work to be done, clearly the direction has been set. For Rurban to be an outstanding
performer, we must first pass through the peer group comparison and we are showing progress
in that direction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Third, the acquisitions that we made in 2005 for strategic reasons are now beginning to
pay off and we expect that trend to continue.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 3
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Fourth, our emphasis on the sales culture is beginning to gain traction as evidenced by
the substantial improvements in our loan volume.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Fifth, our asset quality actions are on track and asset quality is improving on a
quarterly basis. We should therefore easily meet our projections from the annual meeting
relative to non-performing assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Lastly, our data processing company is continuing to show excellent progress and the
recently announced acquisition is a key strategic fit to the continuing success of RDSI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">These factors all led to Rurban earning 714,000 for the second quarter which compares
to 523,000 for the first quarter, which represents a 37&nbsp;percent increase in net income over
the linked quarter, which compares to a loss of 114,000 for the year ago quarter. Strong
loan growth and strict expense control in our Banking Group, coupled with continuing revenue
and net income growth in our non-banking business, RDSI, are the key factors in its
performance improvements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Overall loan growth was 22.1&nbsp;million, or 6.6&nbsp;percent for the quarter, which represents an
annualized growth rate in excess of 25&nbsp;percent. This growth is being accomplished in
three markets. Led by its president, Mark Klein, the State Bank &#038; Trust Company has
begun the process of changing its culture to a sales orientation. The success of this
effort has driven a growth in quality loans in northwest Ohio, Lower Michigan and the
Fort Wayne Indiana markets serviced by State Bank &#038; Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">This sales effort is being reinforced by an incentive compensation plan that is
individualized to each employee identifying and rewarding their personal contribution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">The Lima Region, headed by (David Anderson), has also been a major contributor to State
Bank &#038; Trust Loan growth and improving profitability. The Lima Region, acquired in June of
2005,
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 4
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">contributed to profit for the first time this past month. This achievement meets our
original projection to achieve profitability in one year. State Bank &#038; Trust profit for the
quarter is up by 185,000 or 36.8&nbsp;percent over the first quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Exchange Bank, our metropolitan and Toledo acquisition made at the end of 2005, also
turned from a loss to a nominal profit in the second quarter. Loan growth at Exchange Bank
has also been strong. The turnaround at Exchange Bank has certainly not been completed in
the first six
months of operation, but the production structure is in place and growing quality loans and
expenses are being tightly controlled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Hank Thiemann, a veteran of Rurban, has been given the responsibility to run the
Exchange Bank operations. I&#146;ve asked Hank to provide some detail and progress over the last
six months. Hank.
</DIV>

<DIV align="left" style="margin-left: 3%; text-indent: -3%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Henry Thiemann: Thank you, Ken. Well, as Ken mentioned, we were able to achieve a nominal profit
for our second quarter of operations, and we&#146;re tracking very close to our original plan for
this banking acquisition. Since our acquisition on December&nbsp;31, 2005, we&#146;ve stabilized the
customer base and we&#146;ve implemented numerous process and policy changes to conform to Rurban&#146;s
practices and to standardize the operation of the Exchange Bank.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">All back office support functions have been centralized into Rurban&#146;s operations area.
The bank&#146;s staff has been reduced by about 30&nbsp;percent and in most systems, changes,
equipment upgrades and training have been completed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">While still growing, our loan production year-to-date equals the amount of production
experienced by Exchange Bank in all of 2005. To further this success, we&#146;re now looking for
one or two experienced commercial lenders to add to our staff.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 5
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Our focus is on growing loans and deposits aggressively while using the many Rurban
tools to control and monitor asset quality. Mortgage production is one of our bright spots
as we&#146;ve added mortgage lenders and are experiencing success in the Metro Toledo market by
providing competitive rates and very outstanding service.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">The existing portfolio is receiving significant attention as we work to deepen the
strong relationships while working on problem credits. One measure of our actions on the
weaker credits is evidenced by the dramatic reduction in our delinquency rate from the high
of 4.19&nbsp;percent earlier in the year to 1.66&nbsp;percent at June&nbsp;30th.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Our non-performing loans are currently high at 1.66&nbsp;percent of total assets, but they
were well reserved at the time of the purchase and we are pursuing a number of initiatives
to quickly eliminate a good portion of the non-performing assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">We are looking forward to optimizing our branch structure, recruiting new lenders,
improving efficiencies and profitability and celebrating Exchange Bank&#146;s 100th year
anniversary in November of this year. Although there is still plenty to accomplish, I feel
that our experienced and dedicated staff will make Exchange Bank a proud and respective
member of the Rurban family of companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Ken, that&#146;s my progress update for Exchange.
</DIV>

<DIV align="left" style="margin-left: 3%; text-indent: -3%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: OK, well &#151; thank you, Hank. As Hank mentioned, loan quality is a major focus of
Rurban and asset quality continues to improve dramatically. Overall, our non-performing
assets decreased from 8.8&nbsp;million at the end of the first quarter to 5.9&nbsp;million at the end of
the second quarter, which represents a reduction of non-performing assets to total assets for
the entire Banking Group, including our workout company from 1.64&nbsp;percent to 1.07&nbsp;percent for
the second quarter.</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 6
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Our non-performing assets at the end of the year-ago quarter were 16.1&nbsp;million, or 3.57
percent of total assets. At the annual meeting, we project that Rurban would be below one
percent by the end of this year and it now appears that we should easily achieve that
projection.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Operating efficiency and control of expenses is improving within the Banking Group, as
Duane will explain, but we have much more to do to reach our goal. The expense reductions
made to right size the organization while continuing element of our strategy now will take a
second seat to leveraging these expenses and improving the revenue side of the business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The loan workout subsidiary effected expenses of net income for this quarter as it
experienced a loss for the quarter of 109,000, which included expenses of disclosing of a
major piece of our OREO holding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We are working to continue to drive our efficiency ratio down with a run rate target in
the 70&#146;s by the year-end and continue improving beyond that. We&#146;ll accomplish this by
improving revenues through loan balance increases, additional cost improvements as we work
through Exchange Bank&#146;s operating efficiencies and continuing cost reductions in our loan
workout subsidiary, which is now down to two active loan relationships.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Margin compression is a concern as we have experienced the same conditions as most
banks with our cost of funds growing faster that our loans are able to reprise. Continuing
increases in loan volume will aid in moderating this trend, but the current situation will
continue to place pressure on our margin. We are working to offset this concern by growing
the loan portfolio and improving fee income.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We have previously discussed our success in growing our loan portfolio. As Hank
mentioned, at Exchange Bank, throughout the organization, we are building our ability to
generate mortgage loans to aid in growing our non-interest income. The base we are building
will be present to take
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 7
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">advantage of the next mortgage swing but is being grown economically now. Our mortgage
origination volume in this past month was six times that of the average for December&nbsp;2005
and January&nbsp;2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Reliance Financial Services, our trust and investment subsidiary, rounds out our
banking related entities. It continues to grow and add to Rurban&#146;s profitability. Its
revenue was up slightly compared to the quarter one year ago. Net income was up 51,000, or
nearly 38&nbsp;percent from the year ago quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Growth for this subsidiary continues based upon their ongoing ability to provide the
investment returns that are exceeding the market entities for the majority of its investment
products. We also expect its growth to continue as we move this organization into the
subsidiary markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">This summarizes the progress of our banking entities for the quarter. We believe that
this quarter provided a solid evidence of the improving financial picture of Rurban.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">I will now turn the Webcast over to Duane Sinn, our Chief Financial Officer, to provide
you with additional information on the numbers for this quarter. When Duane finishes, I
will assess the progress of RDSI, our data processing subsidiary. Duane, over to you.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Duane Sinn: Thank you, Ken, and good afternoon. As Ken has indicated, this was a very active
quarter, and we were able to make good progress on several of our major initiatives.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">These initiatives include increasing quarterly earnings, reduction in non-performing
assets and continued loan quality growth. It is important to note the Lima branches were
acquired as of June of 2005 and the Exchange Bank was acquired as of December&nbsp;2005. I will
start with some high level balance sheet highlights.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 8
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">On a year-to-date basis, we have increased consolidated loans outstanding by $32.8
million. State Bank &#038; Trust has led the charge as they increased loans by approximately 31
million during the first six months of 2006 while Exchange Bank has increased loan balances
by approximately 4.4&nbsp;million during the first six months.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We have also reduced problem loan balances within our loan (workout)&nbsp;company by
approximately $2.6&nbsp;million during 2006. These increases in the loan balances are primarily
driven by our commercial and agricultural lending efforts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The majority of the residential loans that were originated were sold into the secondary
market and the production that we have generated on the consumer side is offsetting the
continued run off of our consumer lease portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Total deposits have increased $16.1&nbsp;million year-to-date and we continue to see
migration of deposits out of lower yielding DDA accounts and into higher cost funds as
short-term rates continue to rise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">As Ken mentioned previously, we have been successful in reducing our non-performing
assets as we are nearing the one percent level. Non-performing assets to total assets ratio
was 1.07 for the quarter ended June&nbsp;30, 2006 and was aided by the sale of the $2.1&nbsp;million
Cleveland area medical office building.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">On an individual ba &#151; on an individual bank basis, State Bank &#038; Trust Company&#146;s
non-performing assets to total assets is 70 basis points and the Exchange Bank&#146;s ratio is
1.66&nbsp;percent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Let&#146;s transition to the income statement and I will highlight the quarterly and
year-to-date results for you. We reported a net income of 714,000 or 14 cents per share for
the quarter. This represents an $827,000 increase over 2005 second quarter results and a
$191,000 or 37&nbsp;percent
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 9
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">increase over first quarter results. Our year-to-date results were $1,236,000 or 25 cents
per share compared to 525,000 or 11 cents a share a year ago. The primary reason for this
year-over-year increase was due to the increase in earning asset levels from the two
acquisitions we completed in 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We continue to see positive loan growth in all our markets and we are proud to report
that the Lima operation has crossed over to profitability during the quarter and is now
accretive to earnings. (David Anderson) and his team have done an excellent job of growing
market share in Lima.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Net interest income totaled 7.7&nbsp;million on a year-to-date basis compared to 5.9&nbsp;million
last year. Increasing in earning asset levels from the acquisitions completed in 2005 were
the main drivers behind this increase, net interest income for the second quarter was
relatively flat compared to the first quarter of 2006 results as the net interest margins
for Rurban decreased 12 basis points to 3.25&nbsp;percent for the current quarter compared to
3.37&nbsp;percent for the previous quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">This decrease in margin is mainly a result of rapid increases in short-term interest
rates and the competitive pressures occurring in all markets for retail deposits. The loan
loss provision for 2006&nbsp;year-to-date was 302,000 compared with 352,000 last year and
reflects the overall improvement in asset quality. The normal quarterly provision was a
result of both recoveries and improvement in non-performing loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Total non-interest income year-to-date improved nicely from last year, increasing by $1
million or 11&nbsp;percent. Driving this increase were a continued strong performance in top
line revenues of over $258,000 at our data processing subsidiary, RDSI. These year-to-date
results were also aided by the increase of service fees and gain on sale of assets resulting
from the sale of several pieces of OREO.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 10
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The quarterly results likewise were driven by performance at RDSI and the sale of our
charge off loan portfolio at Exchange Bank, which is reflective in other income. Total
non-interest expense year-to-date was $16&nbsp;million, compared to $14.2&nbsp;million in 2005. This
$1.8&nbsp;million year-over-year increase is mainly due to the additional operating expenses of
$900,000 associated with the Lima branches and the $2.4&nbsp;million operating expenses of
Exchange Bank. These increases in operating expenses were offset by management&#146;s daily
focus of reducing overall operating expenses. Professional fees year-over-year have also
declined as problem loan balances have been substantially reduced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The current operating expenses totaled &#151; the current quarter operating expenses
totaled $8.1&nbsp;million compared to the linked quarter expenses of 8&nbsp;million, which also
reflects management&#146;s focus to reduce expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The performance of our Banking Group continue to improve on an individual basis. State
Bank &#038; Trust Company&#146;s second quarter earnings increased 185,000, or 37&nbsp;percent over first
quarter results. The Exchange Bank results improved $171,000 from quarter-to-quarter.
Reliance Financial Services reported a modest increase of $18,000 in improved earnings, and
we did absorb additional increases of $55,000 in quarterly losses from our workout
subsidiary, RFCBC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The Banking Group increased profits 319,000 or 70&nbsp;percent in the second quarter
compared to the previous quarter&#146;s results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">At this time, I will turn the Webcast back over to Ken and he will update you on the
progress of RDSI. Ken.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: OK. Well, thank you very much, Duane. RDSI is our data processing subsidiary that
is providing data services to over 60 banks in six states. And in addition, is now providing
item processing services to over 30 banks. Revenue for the quarter was fairly flat compared
to the</DIV>


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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 11
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">first quarter of 2006, which is a normal pattern because of the additional fees for year-end
processing realized in the first quarter. Net income, as Duane has indicated, is up nicely
for the quarter. The profitable growth continues for RDSI as it has contracts for three
additional banks in the second quarter for item processing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We have submitted a notice to the regulatory authorities for the acquisition of the DCM
Companies that we announced during the second quarter. We expect to consummate this
transaction during the third quarter or early fourth quarter. This acquisition will add
nearly $4&nbsp;million of revenue to RDSI and will provide approximately 48 additional banks for
item processing. Of this group, seven have data processing with RDSI and the remainder have
their data processing provided elsewhere. We are looking forward to getting to know these
new clients, continuing the excellent relationship that has been built by DCM over the
years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">This acquisition is also key strategically because DCM is a leader in providing
electronification of checks and the result in potential savings to client banks. We are
truly excited about the potential of this acquisition for RDSI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">At this time, I will return the Webcast over to Valda Colbart to see if there are any
questions from the investment community participating in this Webcast. Valda.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Valda Colbart: Thank you, Ken. It&#146;s now time for the question-and-answer session. If you are
using a speakerphone, please pick up the handset before pressing any numbers and remember to
unmute your phone. If you have a question, we would like for you to press star one on your
push button telephone. That&#146;s stars one if you have a question. And if for some reason
someone asked a question that you had been wanting to ask, if you need to withdraw that, just
press star two.</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 12
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">So again if you have a question, please press star one your push button telephone and
we will take the questions in the order they are received. We&#146;ll stand by for just a few
moments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">While we&#146;re waiting to see if there are any questions, we would like to remind
everyone, we&#146;d be happy to e-mail you directly regarding Rurban Financial Corp&#146;s events,
earnings releases, and key presentations. If you&#146;d like to take advantage of this, please
visit our Web site at www.rurbanfinancial.net and click on the &#147;investor relations&#148; button
and then &#147;e-mail notification&#148; just to sign up.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: And once again, that is star one to signal. Star one and we do have a question that
just come up. This is George Geissbuhler, Sweeney Cartwright.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: Hi, guys.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken &#038; Valda: Hi, George.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: ((inaudible)) great progress. Good job. There are two questions I had and
I&#146;m hearing feedback very good here, but that purchase of RDSI, will that basically double the
size of RDSI? The facts I got on the service fees did not come through very well. I&#146;m just
kind of curious what will that do as far as the size?</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: All right, George. Can you hear me all right, George?</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: Yes, I can now.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: OK. It&#146;s Ken Joyce, George.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: Yes.</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 13
</DIV>




<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: The revenue for DCM is approximately $3.75&nbsp;million. The revenue for RDSI for this
year will probably be in the neighborhood of about $15&nbsp;million, Duane?</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Duane Sinn: Yes, it&#146;s right about 15&nbsp;million.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: And we expect them to make &#151; we expect RDSI to make about $2&nbsp;million for the fourth...</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: OK.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: So, percentage-wise it represents maybe about a 25&nbsp;percent gain on the &#151; on the
revenue side. The potential for it is exciting. I mean it&#146;s another 48 banks, 41 of the
((inaudible)).</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: Is that the largest purchase that you&#146;ve made say in the last, you know, five
or six years as far as for RDSI?</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: On the RDSI side, it is. We&#146;ve made two other purchases of a fairly small nature.
So this will certainly be the largest one for RDSI and very important to them to see that we
can integrate an acquisition well.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: Are there other firms like this that might be logical acquisition candidates
down the line that would be of similar size that might ...</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: There are &#151; there are, George. We have active conversations with a number of other
sort of regional processors that are going on all the time. You know, the potential for a
number of these acquisitions is obviously limited relative to the banking. But there are
still &#151; they&#146;re out there and we are looking to try to do some of those. The formula that
RDSI has got is obviously a very successful one. We want to try to continue that and continue
that success.</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 14
</DIV>




<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: Is it a cash transaction or ...</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: It is &#151; it&#146;s an all-cash transaction. We have additional capital left. The holding
company level will get injected and it&#146;ll be about a 50/50 leverage. We&#146;re going to do some
borrowing to cover as well with a fairly quick payback.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: One last question I had, I was just kind of curious, any feel for what the
bank&#146;s efficiency ratio was before Exchange? My impression it was lower before Exchange and I
 &#151; so, over time, after working at Exchange, I suppose it&#146;ll come down. It looks like it has
come down from 86 to 82. Was your rate lower before you did the acquisition at Exchange? Any
feel for what that rate was?</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Duane: George, it was certainly less than what it was before Exchange. However, just before that,
we had our RFC Banking Group and the asset quality problem. So it has always been from a
banking perspective over the last several years in the mid to upper 80&#146;s.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: OK. That&#146;s all I had. Good work and making good progress, I would say.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: Yeah, George, we&#146;re very pleased. This is really our second what we would call a
solid quarter. It&#146;s going the right way and we&#146;re pretty excited about where we&#146;re headed.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">George Geissbuhler: Thanks a lot.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: Thank you.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Valda Colbart: Thank you.</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
07-20-06/3:00 p.m. CT<BR>
Confirmation # 9421887<BR>
Page 15
</DIV>




<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: And once again if you would like to signal to ask a question, it&#146;s star one on your
touch-tone phone. And please, again, make sure that you haven&#146;t muted yourself. That would
block the signal. Star one and we&#146;ll just pause for another couple of seconds to give
everyone a chance to signal.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">It appears there are no further questions. I&#146;d now like to turn the conference back to
Mr.&nbsp;Joyce. Please go ahead.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: OK. Thank you very much. I believe that the Webcast has painted a picture of the
improvements at Rurban Financial Corp. This information should be exciting to our investors
and we believe the future for Rurban is extremely bright.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Thank you for taking the time to participate in this Webcast, and do not hesitate to
talk with any of us if you have any questions. Good afternoon.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: And that does conclude our call. All parties may now disconnect. Thank you.</DIV>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>For Immediate Release</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Investor
Contact: </I></B>Valda Colbart, 419-784-2759, <U>rfcinv@rurban.net</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Rurban Financial Corp. Declares Quarterly Shareholder Dividend</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Defiance, Ohio &#150; July&nbsp;20, 2006 &#150; Rurban Financial Corp. (Nasdaq: RBNF), a leading provider of
full-service community banking, investment management, trust services and bank data processing,
declared its quarterly dividend of $0.05 per share payable on August&nbsp;18, 2006 to all shareholders
of record on August&nbsp;4, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kenneth A. Joyce, President and Chief Executive Officer, commented, &#147;We are pleased to announce
that the Board of Directors approved a common stock quarterly shareholder dividend at their meeting
on July&nbsp;19, 2006.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>About Rurban Financial Corp.</B></U><BR>
Rurban Financial Corp. is a publicly-held financial services holding company based in Defiance,
Ohio. Rurban&#146;s wholly-owned subsidiaries are The State Bank and Trust Company, The Exchange Bank,
Reliance Financial Services, N.A., Rurbanc Data Services, Inc. (RDSI)&nbsp;and RFCBC, Inc. The two
community banks, State Bank and Exchange Bank, offer a full range of financial services through 19
offices in Allen, Defiance, Fulton, Lucas, Paulding and Wood Counties, Ohio and Allen County,
Indiana. Reliance Financial Services offers a diversified array of trust and financial services to
customers throughout the Midwest. RDSI provides data processing services to community banks in
Arkansas, Illinois, Indiana, Ohio, Michigan and Missouri. Rurban&#146;s common stock is quoted on the
Nasdaq Global Market under the symbol RBNF. The Company currently has 10,000,000 shares of stock
authorized and 5,027,433 shares outstanding. The Company&#146;s website is
<U>http://www.rurbanfinancial.net</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Forward-Looking Statements</B></U><BR>
Certain statements within this document, which are not statements of historical fact, constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve risks and uncertainties and actual results may differ
materially from those predicted by the forward-looking statements. These risks and uncertainties
include, but are not limited to, risks and uncertainties inherent in the national and regional
banking, insurance and mortgage industries, competitive factors specific to markets in which Rurban
and its subsidiaries operate, future interest rate levels, legislative and regulatory actions,
capital market conditions, general economic conditions, geopolitical events, the loss of key personnel and other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-looking statements speak only as of the date on which they are made, and Rurban undertakes
no obligation to update any forward-looking statement to reflect events or circumstances after the
date on which the statement is made. All subsequent written and oral forward-looking statements
attributable to Rurban or any person acting on our behalf are qualified by these cautionary
statements.
</DIV>



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