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<SEC-DOCUMENT>0000950152-07-005972.txt : 20070723
<SEC-HEADER>0000950152-07-005972.hdr.sgml : 20070723
<ACCEPTANCE-DATETIME>20070723152804
ACCESSION NUMBER:		0000950152-07-005972
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070719
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070723
DATE AS OF CHANGE:		20070723

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:		07993734

	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>l27134ae8vk.htm
<DESCRIPTION>RURBAN FINANCIAL CORP.   8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>RURBAN FINANCIAL CORP.   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;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July&nbsp;23, 2007 (July&nbsp;19, 2007)&nbsp;&nbsp;&nbsp;&nbsp;&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; margin-top: 1pt; width: 100%; 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="100%">
<!-- 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; margin-top: 1pt; width: 100%; 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; margin-top: 1pt; width: 100%; 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; margin-top: 1pt; width: 100%; 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: 6pt">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="margin-left: 0%; text-indent: 0%; margin-right: 0%; 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="margin-left: 0%; text-indent: 0%; margin-right: 0%; 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="margin-left: 0%; text-indent: 0%; margin-right: 0%; 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="margin-left: 0%; text-indent: 0%; margin-right: 0%; 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>






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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Item&nbsp;2.02 &#151; 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;19, 2007, 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, 2007. A copy of the transcript
of 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 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 &#151; 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="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of conference call and webcast conducted on July&nbsp;19, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">RURBAN FINANCIAL CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated:  July 23, 2007&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Duane L. Sinn
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Duane L. Sinn&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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"><!-- Folio -->-3-<!-- /Folio -->
</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;23, 2007
</DIV>


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

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of conference call and webcast conducted on July&nbsp;19, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l27134aexv99w1.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: 'Times New Roman',Times,serif">


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


<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 1
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Moderator: Valda Colbart<BR>
July&nbsp;19, 2007<BR>
4:00 p.m. ET</B>
</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: Good afternoon and welcome ladies and gentlemen to the Rurban Financial Corp.
Second Quarter 2007 Earnings Conference Call and Webcast.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">At this time, I would 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: 5%">I will now turn the conference over to Valda Colbart, Investor Relations Officer. Please go
ahead, Valda.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; 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 on our website,
www.rurbanfinancial.net until August the 9th, 2007.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Joining me on today&#146;s call are Ken Joyce, President and CEO; Duane Sinn, Executive Vice
President and Chief Financial Officer; Mark Klein, President and CEO of The State Bank and
Trust Company and Hank Thiemann, President and CEO of RFCBC.
</DIV>

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

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

<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 2
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">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 involve risks and uncertainties that
could cause the results of developments to differ significantly from those indicated in
these statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">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: 5%">I will now turn the call over the Ken Joyce, President and CEO. Ken?
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: Well, thank you, Valda and welcome to our second quarter 2007 webcast. We will be
discussing Rurban&#146;s continuing performance improvement in both our banking and data processing
business segments.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Assisting me in this discussion will be Duane Sinn, Rurban&#146;s CFO; and Mark Klein, CEO of our
Bank the State Bank and Trust Company. I will provide an overview of the quarter and give
some of the strategy behind the numbers and our actions. Mark Klein will focus his comments
on the progress of State Bank and Trust and Duane Sinn will provide some of the detail
behind our numbers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We are pleased to report that we had income in the quarter of $785,000 which represents
a 10&nbsp;percent increase over the second quarter of 2006. It&#146;s also nearly a 12&nbsp;percent
increase over the linked quarter, the first quarter of this year. Performance for the
second quarter was primarily driven by improvement in the profitability of our lead bank
which contributed an additional $210,000, of net income over the linked quarter and $30,000
over the year ago quarter. The driving factors for this improvement in our banking
franchise are increased loan balances, improved margins and lower expenses.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 3
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">These factors are in turn, driven by concentrated sales efforts, strategies to improve our
margin and expense reduction efforts. The banking related entities, which include the
workout company have demonstrated quantified performance improvement such as average loan
balances have increased by 8.4&nbsp;percent for the six months on an annualized basis. The
efficiency ratio for the second quarter improved to 77.23&nbsp;percent from 82.21&nbsp;percent for the
linked quarter and non-interest expense was down by $339,000 from the linked quarter for the
banking related entities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">I will turn over the webcast to Mark Klein, CEO of the State Bank and Trust Company for
more information on these improving trends. Mark&#146;s comments will focus on State Bank and
Trust, which is a result of our consolidating Exchange Bank and our Trust Company, Reliance
Financial Services, into State Bank and Trust. He will not be discussing the workout
company, which I will cover following his comments. Mark, your webcast.
</DIV>

<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Mark Klein: Thank you Ken and good afternoon. It is a pleasure to report continued improvement
in the efficiency and profitability at the State Bank and Trust Company.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">As Ken indicated, all our banking entities were consolidated into one company at the end of
the first quarter and we&#146;re now beginning to see the full impact of this initiative. For
the second quarter of 2007 we reported consolidated net income for the bank of $917,000,
which represents an improvement of $210,000 or approximately 30&nbsp;percent from the linked
quarter. There are a number of additional and ongoing steps we are taking to continue this positive earnings
trend by increasing revenue and reducing expenses.
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 4
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We are working to stabilize and improve our net interest margin, that for the bank
only, is now 3.56&nbsp;percent. Balance sheet restructuring, which will be addressed later by
Duane, is one way we have already improved our margin. Operationally, net interest income
is being improved through net loan growth of $10.8&nbsp;million since year end, an 8.4&nbsp;percent
annualized growth rate. This loan growth represents approximately $14.5&nbsp;million in new
commercial loans consisting of $4.5&nbsp;million in commercial and industrial loans, $9&nbsp;million
in commercial real estate and $1.5&nbsp;million in agricultural loans. This new loan growth was
partially offset by a $3.2&nbsp;million reduction in our residential real estate portfolio and a
$900,000 decline in municipal and consumer loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We are making significant progress in attracting retail and DDA balances in order to
reduce our dependency on higher cost funding. In the second quarter of this year, we
launched our High Performance Checking campaign. This product is focused on simplified
products, attractive product packaging and improved sales approach, segmentation of
potential customers and aligning incentives with sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">As a result of this program, we have experienced an impressive turnaround in net retail DDA
accounts following several years of declining trends. Although we have had only two full
months of performance using the High Performance Checking program, we have increased the
number of retail DDA accounts opened this quarter to 840 from 392 in the first quarter, an
increase of 214&nbsp;percent. This new account opening rate also compares very favorably to a
monthly average of 134 new retail DDA accounts opened during 2006. Average balances of new
retail DDA accounts opened in the second quarter as a result of the High Performance
Checking program, totaled $1.6&nbsp;million at a weighted rate of 1.6&nbsp;percent. We anticipate
this program will build over time, providing us lower cost funds, more services per retail
household and better branch utilization.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We continue to sell off agricultural and residential loans which resulted in a second
quarter gain on sale of $174,000 compared to $54,000 for the first quarter of 2007.
</DIV>

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

<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 5
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Our trust division has also improved their results with trust fees up five percent to
$866,000 for this quarter. Assets under management increased to $373&nbsp;million from $362
million for the first quarter. We are expanding our presence into our newer markets and we
have been very well received and expect continued growth within these markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Now for the expense side. We are currently focusing on a few initiatives that we
believe can make a big impact on expense control. Toward the end of the first quarter, we
consolidated all banking activities into one subsidiary. We have reduced our FTE employees
from 188 to 162 within the bank a net reduction of 26 FTE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We are now working to reduce teller costs in each office by focusing on office
efficiencies; we have improved our second quarter cost per transaction to $1.32 from $1.57
in the first quarter, a 16&nbsp;percent reduction. This improvement will translate to savings of
approximately $22,000 per month or $266,000 annually. We will continue to work on improving
this as well as other efficiency measures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Electronic banking is an area of emphasis for State Bank as well. We have targeted
commercial business development calls to prospects and existing clients coupled with
regional seminars to introduce our electronic banking capabilities to commercial customers.
These initiatives have begun to produce some very positive results, such as our success with
remote merchant capture. As of year-end 2006, we had only one client using remote capture
that was processing 150 transactions per month, generating approximately $1&nbsp;million in
monthly volume. As of June&nbsp;30th, we had 13 clients using remote capture, processing a total
of over 10,000 transactions and generating over $5&nbsp;million in monthly volume. This emphasis
on electronic banking has also enabled us to increase the number of retail and commercial online banking users to nearly
13,000 today from 10,379 a year ago, a 25&nbsp;percent increase.
</DIV>

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

<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 6
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Another key component of our sales strategy is an aggressive sales referral program
that has been associated direct incentives to employee performance. Through the second
quarter, total referrals have increased to 451 with 122 closed. This compares to first
quarter results of 196 total referrals and 52 closed. The 122 closed referrals for the
second quarter resulted in $1.6&nbsp;million of new deposits and over $8&nbsp;million in loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">In summary, we are making progress in a number of areas in the bank as reflected in our
earnings improvement of 29.7&nbsp;percent over the linked quarter. We are obtaining
corresponding improvement in bank only return on average assets and efficiency, which for
the second quarter of 2007, were 69 basis points and 75&nbsp;percent respectively compared to 53
basis points and 82&nbsp;percent for the linked quarter. We realize there is significant
opportunity for improvement in our performance and we believe we are on the right track.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Ken, back to you.
</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 Mark. Good report. A few additional comments on the banking side of
our business. We had an increase in non-performing loans for the quarter of about $1.9
million which increased the total non-performing asset ratio to 1.03&nbsp;percent of total assets
for the bank and 1.09&nbsp;percent for Rurban, which includes our workout company. This increase
came primarily from three commercial credits.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We also had a small run-up of non-performing mortgage loans. We see potential losses for
the three commercial credits at less $50,000 and that potential loss has been reserved in
this quarter. We historically, have had nominal losses on our mortgage portfolio an average
loss of less than 10 basis points annually over the past five years.
</DIV>

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

<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 7
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We&#146;re implementing a number of strategies to stabilize or improve our margin. We
continue to restructure our balance sheet on a continuing basis. This restructuring
involves reducing investment portfolio and paying off higher cost deposits and substituting
higher yielding loans. We accomplished $5 to $10&nbsp;million of this restructuring this past
quarter and we are targeting $10&nbsp;million for the remainder of this year. We are gaining
some significant traction on our retail checking program as Mark has indicated. This has
added core balances and other associated services which is having a positive effect on our
margin. Overall, we are attempting to manage our margin and continuing &#151; continue its
improvement depending upon market conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We continue to be diligent with our expense control and have seen the benefit of the
efficiency we implemented in the first quarter of this year as the expenses at Rurban have
declined significantly and the staff count is down overall, 32 full-time employees for the
year compared to 2006. We expect to see further expense improvement as the efficiencies we
have implemented become fully reflected in our numbers in the third and fourth quarters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">At this time, I will turn this webcast to Duane Sinn, Rurban&#146;s CFO, who will provide
you with some of the detail behind the numbers. Duane?
</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 and Mark have indicated, this was a very
active quarter and we were able to make sound progress in several of our major initiatives.
Once again, these initiatives include our merger of our banking group, the improvement in
sales and the continued day-to-day focus on expense reductions.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">I will start with some high-level balance sheet highlights. On a year-to-date basis,
we have decreased our assets by $7.8&nbsp;million. As mentioned previously, we continue to use
our investment portfolio to fund loans and to run off high-cost deposits. We started our
balance sheet restructuring in the fourth quarter of 2006 and we will continue throughout
2007 looking for opportunities to reduce low-yielding investments to fund future loan growth. Rurban has
targeted approximately $10&nbsp;million in additional investments to liquidate over the remainder
of 2007.
</DIV>

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<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 8
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Loans outstanding increased by $8.4&nbsp;million in the second quarter. This growth was
primarily commercial. Our loan portfolio includes approximately $119&nbsp;million in commercial
real estate, of which approximately 64&nbsp;percent is owner occupied. Agricultural lending
represents about 12&nbsp;percent of loans outstanding. The agricultural portfolio also provides
us with the opportunity for selling FSA guaranteed loans at a premium. We were successful
in originating and selling approximately $2&nbsp;million of these loans in the second quarter.
We feel this is a niche market for us. We have a highly qualified agricultural lending
group leading this segment of our bank. Securing FSA and linked deposit agreements on all
new ag relationships is a key to our continued profitable growth of our ag portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Total deposits have decreased $7&nbsp;million year-to-date. This is primarily due to the
previously mentioned strategy to reduce investments and apply the proceeds to reduce high
cost funding and fund future loans. Our focus on transaction based accounts has improved
deposit levels throughout 2007. We have achieved a $10.5&nbsp;million increase in savings,
interest checking and money market accounts for the first six months of 2007.
</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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">We reported net income of $785,000 or 16 cents per share for the quarter. This
represents a $72,000 or 10&nbsp;percent increase over 2006 second quarter results and an $83,000
or 11.8&nbsp;percent increase over the linked quarter results. Our year-to-date results were
$1,487,000 or 30 cents per share compared to $1,236,000 or 25 cents a share a year ago.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Primary reasons for this year-over-year improvement were the efficiencies from the
consolidation of our banking activities at the end of the first quarter of 2007 and the
increase in earnings from our data processing company, RDSI. Net interest income totaled
$8.4&nbsp;million on a year-to-date basis, compared to $8.7&nbsp;million last year for our banking
segment. This is primarily due to the margin compression felt throughout the banking
industry. However, we are encouraged with our trend over the past quarters &#151; past two
quarters.
</DIV>

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

<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 9
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">And in the second quarter net interest income increased $141,000 compared to the first
quarter of 2007. The average yield on earning assets increased by 36 basis points from 6.52
for the quarter ended December&nbsp;31, 2006 to 6.88&nbsp;percent for the quarter ended June&nbsp;30, 2007.
On the average, cost of interest bearing liabilities was up only nine basis points from
3.32&nbsp;percent at December&nbsp;31, 2006 to 3.41&nbsp;percent in 2007. The 36 basis point increase in
earning assets was due to two factors, the previously mentioned balance sheet restructuring
and the incremental increase gained from loans repricing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The ability to maintain margin &#151; the margin throughout 2007, will remain a challenge
as the margin on new balance sheet grows, continues to be well below the current margin. We
continue to focus on fee income opportunities with SBA lending and the previously mentioned
FSA lending. The loan loss for 2007&nbsp;year-to-date was $238,000 compared with $302,000 last
year. The second quarter provision was $146,000.
</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 $3
million or 29&nbsp;percent. Driving this increase was the continuation of RDSI&#146;s strong top line
performance and the acquisition of DCM within our data and item processing segment. DCM
contributed $2.2&nbsp;million of the $2.9&nbsp;million increase year-over-year in data service fees.
Our trust company, Reliance Financial Service, increased its revenue $85,000 or five percent
year-over-year to $1.7&nbsp;million. Non-interest income increased to $6.5&nbsp;million for the 2007
second quarter compared to $5.3&nbsp;million for the same period in 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Once again, our data processing and trust fees were the primary factors. Non-interest
income growth will continue to be extremely critical to our success especially with the
margin pressure we&#146;re experiencing. Total non-interest &#151; total non-interest expense
year-to-date was $18.4&nbsp;million
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 10
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">this year compared to a $16&nbsp;million in 2006. This $2.3
million year-over-year increase is mainly due to the acquisition of DCM in the third quarter
of 2006. Excluding DCM&#146;s expenses, non-interest expense increased $291,000 or 1.8&nbsp;percent
year-over-year. On a more relevant basis, non-interest expense decreased $234 &#151; $235,000
for the second quarter of 2007 compared to the first quarter of 2007. This decrease &#151;
these decreases are primarily due to the reaction of 32 full-time equivalent employees
during the first six months of 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Continued wind-down of the loan workout company has also reduced litigation costs,
professional fees declined $176,000 from the first quarter to the second quarter. Other
expenses for the second quarter did increase $155,000 compared to the first quarter of 2007
as a result of recording a favorable adjustment of $100,000 in the first quarter for
off-balance sheet contingencies associated with the credit card sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The performance of our bank continues to improve. Second quarter earnings for State
Bank and Trust increased $210,000 over first quarter results. Revenues increased by
$106,000, provision for loan loss increased $53,000 and expenses decreased by $261,000. The
primary drivers including &#151; the primary drivers include the efficiency reductions and the
increase in profitability within Reliance Financial Services, our trust company. Return on
average asset increased to 69 basis points for the quarter compared to 53 basis points for
the first quarter. The efficiency ratio remains very high, however it is &#151; it improved to
75 basis points for the second quarter from 82 basis points for the first quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">At this time, I&#146;ll turn the discussion back over to Ken, who will update you on the
progress of RDSI. Ken?
</DIV>

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

<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 11
</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: All right, well thank you Duane. We continue to expect our workout company to be
effectively closed down by year-end. We have only one credit relationship remaining and we
are taking actions to eliminate that credit by year end. We incurred some continuing legal
expense in this past quarter for legacy credits, which we expect to continue to taper off
through the course of this year. This past quarter we eliminated the permanent staffing of
the workout company and we are now using contract employees as necessary, which is very
limited in nature.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Our data processing company, RDSI, continues to make progress as Duane has indicated.
We are working on restructuring the DCM acquisition to bring its contribution to our target
level. We would expect this restructuring to take three to six months, but potential for
this acquisition remains high as our expectations have always been high for this company.
RDSI sales this year are clustered in the last six months as we expect to have seven to
eight conversions for the last two quarters. The revenue associated with these conversions
is over $40,000 per month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">The pipeline for RDSI appears strong and we have expectations of a good year for RDSI
and the stage should be set for continuation of that trend through 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">In previous webcasts, we have discussed a changing of the guard at RDSI, John
Weimerskirk who has been with RDSI for nearly 10&nbsp;years and served as its President for the
past year and a half, will be retiring. Hank Thiemann, a 10&nbsp;year veteran of Rurban, will
become the new President of RDSI on August 1st. For the last four months, Hank has been
transitioning with John and gaining familiarity with RDSI. As I mentioned before, I will be
retaining the role of CEO and chairman for RDSI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Our plans are to continue our progress in the banking segment, allowing the P &#038; L time
to catch up with the balance sheet, asset quality recovery. Specifically, we will continue
to work on the efficiencies of our branching system and operations; we will begin to
consider banking acquisitions when our banking profitability goals are achieved. However, we will consider
acquisitions on the data and item processing side of the business as the right opportunities
do occur. The nature of these businesses, these acquisitions tend to be immediately
accretive.
</DIV>

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<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<BR>
Page 12
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">With our earnings press release, we also announced the increase of our dividend from
six cents per share to seven percent &#151; seven cents per share for the quarter. We believe
we have reached a new level of sustainable earnings which warrants this increase in our
dividend pay out.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">This completes our comments on the second quarter 2007 results. I&#146;ll now turn the
webcast to Valda, to see if we have any questions from the investment community. 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 un-mute your
phone. If you have a question, we would like you to press star one on your telephone. That&#146;s
star one if you have a question and if for some reason someone asks the question that you
would have liked to and you need to withdraw that question, press star two. So, again, if you
have a question, please press star one on your telephone and we will take the questions in the
order they are received. We&#146;ll stand by for just a few more moments.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: We have no questions at this time. As a reminder, star one for questions please.
Ladies and gentlemen, if you&#146;re on a speakerphone, please make sure the mute function on your
phone is turned off so the signal can be read by our equipment. Star one for questions.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Ken Joyce: If there are no further questions Keith, then we will sign off.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: It appears we have no further questions.</DIV>


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


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: At this time, I&#146;d like to turn the conference back to Mr.&nbsp;Ken Joyce for any additional
or closing remarks.</DIV>


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<DIV align="right" style="font-size: 9pt; margin-top: 12pt">RURBAN FINANCIAL CORP.<BR>
Moderator: Valda Colbart<BR>
07-19-07/4:00 p.m. ET<BR>
Confirmation # 6930674<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: All right, that completes this quarter&#146;s webcast. We&#146;re very appreciative that you
took the time to listen to the progress of Rurban Corporation and we look forward to
continuing that communication with you. Thank you and goodbye.</DIV>


<DIV align="left" style="margin-left: 5%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Operator: Ladies and gentlemen, this concludes today&#146;s teleconference. All parties may now
disconnect.</DIV>


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