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<SEC-DOCUMENT>0001144204-09-003355.txt : 20090126
<SEC-HEADER>0001144204-09-003355.hdr.sgml : 20090126
<ACCEPTANCE-DATETIME>20090126102342
ACCESSION NUMBER:		0001144204-09-003355
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090122
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090126
DATE AS OF CHANGE:		20090126

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:		09544286

	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>v137784_8k.htm
<TEXT>
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STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported): <font style="DISPLAY: inline; TEXT-DECORATION: underline">January 26, 2009 (January
22, 2009)</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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name of registrant as specified in its charter)</font></div>
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Clinton Street, Defiance, Ohio 43512</font></div>
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783-8950</font></div>
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      <hr style="COLOR: black" align="center" noshade size="1" width="45%">&#160;(Registrant&#8217;s telephone number, including area code)</div>
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Applicable</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <hr style="COLOR: black" align="center" noshade size="1" width="45%">&#160;(Former name or former address, if changed since last
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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:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">o </font>Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">o </font>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
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        </div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 2.02. Results of
Operations and Financial Condition</font>.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
January 22, 2009, Rurban Financial Corp. (the &#8220;Company&#8221;) hosted a conference
call and webcast to discuss its financial results for the fiscal year and fourth
quarter ended December 31, 2008.&#160;&#160;A copy of the transcript for the
conference call and webcast is furnished as Exhibit 99.1 and is incorporated
herein by reference.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
information in this Item 2.02, including Exhibit 99.1 furnished herewith, is
being furnished and shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18
of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) 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.</font></div>
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Statements and Exhibits</font>.</font></div>
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Applicable</font></div>
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Applicable</font></div>
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Applicable</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;Exhibits</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="center">
        <div align="center">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
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                <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="top" width="85%" style="BORDER-BOTTOM: black 2px solid">
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                </td>
              </tr>
              <tr>
                <td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="13%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
                </td>
                <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="85%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Transcript
      of conference call and webcast conducted on January 22,
    2009</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
    </div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-2-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>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.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" colspan="2" valign="top" width="60%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">RURBAN
      FINANCIAL CORP.</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dated:&#160;&#160;January
      26, 2009</font></div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
              </td>
              <td align="left" valign="top" width="57%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Duane L. Sinn</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="57%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Duane
      L. Sinn</font></div>
              </td>
            </tr>
            <tr>
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      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="57%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Vice President and Chief Financial
Officer</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div><br>
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-3-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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</font></div>
      </div>
    </div><br>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEX TO
EXHIBITS</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
Report on Form 8-K</font></div>
    </div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated
January 26, 2009</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rurban
Financial Corp.</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="center">
        <div align="center">
          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Exhibit&#160;No.</font></font></div>
                </td>
                <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="top" width="85%" style="BORDER-BOTTOM: black 2px solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Description</font></font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="13%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
                </td>
                <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="85%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Transcript
      of conference call and webcast conducted on January 22,
    2009</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
    </div><br>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">-4-</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v137784_ex99-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!--Licensed to: Vintage Filings-->
    <!--Document Created using EDGARizer 4.0.6.4-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
    </head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">EXHIBIT
99.1</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RURBAN
FINANCIAL CORP.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moderator:
Valda Colbart</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">January
22, 2009</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4:00
pm ET</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:&#160;&#160;Good
afternoon and welcome, ladies and gentlemen, to the Rurban Financial Corp.
Fourth Quarter 2008 Earnings Conference Call and Webcast.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.&#160;&#160;We will open the
conference up to the investment community for questions and answers following
the presentation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I will
now to turn the conference over to Valda Colbart, Investor Relations
Officer.&#160;&#160;Please go ahead, Valda.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Valda
Colbart:&#160;&#160;Good afternoon everyone.&#160;&#160;I would like to remind
you that this conference call is being broadcast live over the Internet and will
also be archived and available at our Web site, www.rurbanfinancial.net until
February 12, 2009.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joining
me today is Ken Joyce, Duane Sinn, Mark Klein and Hank Thiemann.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Before we
get started, I would like to make our usual Safe Harbor statement and remind
everyone that comments made during this conference call regarding Rurban&#8217;s
anticipated future performance are forward-looking and, therefore, involve risks
and uncertainties that could cause the results or developments to differ
significantly from those indicated in these statements.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 significant to markets in which the company and its
subsidiaries operate, future interest rate levels, changes in local real estate
markets, legislative and regulatory decisions, or capital market conditions and
other factors set forth in the company&#8217;s filings with the Securities and
Exchange Commission.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I will
now turn the call over to Ken Joyce, President and CEO of Rurban Financial
Corp.&#160;&#160;Ken&#8230;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;Thank you, Valda and welcome, everyone, to the Fourth Quarter
2008 Webcast.&#160;&#160;Joining me today in presenting are Mark Klein,
President and CEO of The State Bank and Trust Company, Hank Thiemann, President
of RDSI, our Data and Item Processing Group, and Duane Sinn, our Chief Financial
Officer.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rurban
Financial Corp. reported fourth quarter earnings of $1.33 million, which is a
47% improvement compared to the year-ago quarter.&#160;&#160;Our earnings for
the full year of 2008 were $5.22 million.&#160;&#160;This represents a 60%
improvement over the $3.26 million earned in 2007.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the fourth quarter of 2008 we completed the merger of National Bank of
Montpelier, a $106 million bank located in northwest Ohio.&#160;&#160;The
acquisition was completed on December 1st, resulting in one month of their
earnings from the acquisition being included in our numbers.&#160;&#160;These
earnings were offset by a $76,000 after-tax charge for the merger related
expenses.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As we
have discussed, this is an ideal merger for Rurban, as it offers the ability to
gain economies of scale, add low cost deposits, and open up a new market area
adjacent to our existing markets.&#160;&#160;Clearly, this acquisition will be
accretive immediately, and we plan on obtaining the full benefit of the merger
in the third quarter of 2009.&#160;&#160;The acquisition will also be accretive
to our return on equity as the deal was all cash.</font></div><br>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
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        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
certainly pleased with the fourth quarter in 2008 operating results and the
continuing consistency of our core earnings.&#160;&#160;Overall in 2008 we have
achieved 91 basis points return on average assets and 8.7% return on average
equity.&#160;&#160;Both of these measures are well above peer
performance.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our two
business segments, Banking and Data Processing, have both improved substantially
over 2007.&#160;&#160;Our Bank earnings have improved to $4.5 million for 2008
versus earnings of $3.3 million for 2007.&#160;&#160;Our Data Processing
company&#8217;s earnings have improved by 14%, from $2.5 million to $2.8
million.&#160;&#160;Obviously, both of these results were accomplished in a
challenging banking environment.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In just a
few minutes I will turn the webcast over to the two business managers to give
the specifics of their quarter and discuss some of the strategy and tactics
behind their successes.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our bank,
The State Bank and Trust Company, continued its growth and success following a
consistent strategy and well developed banking models, which we are now able to
apply to acquisitions.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
diversified the bank geographically, and moved into adjacent markets having some
growth potential &#8211; suburban Toledo, Lima, Columbus, Ohio and Fort Wayne,
Indiana.&#160;&#160;We have entered these markets with seasoned market
executives that immediately create market presence.&#160;&#160;We have an
aggressive sales culture that results in market growth, while the risk is
controlled by a very stringent underwriting process.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
also pursued an aggressive retail strategy, and we look forward to its
continuous success in building core deposits and cross-selling services to help
ensure profitability and retention of customers.&#160;&#160;Mark Klein, and our
CFO, Duane Sinn, will both give some of the particulars of these
strategies.</font></div><br>
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I will
now turn this webcast over to Mark Klein, the President and CEO of The State
Bank and Trust Company.&#160;&#160;Mark will give you some specifics on our
banking progress, strategic implementation, and our tactical efforts to grow the
banking franchise and profitability.&#160;&#160;Mark&#8230;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mark
Klein:&#160;&#160;Thank you, Ken and good afternoon.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I am
extremely pleased to report a strong finish to one of the most profitable years
in recent times for The State Bank and Trust Company.&#160;&#160;We finished the
year with net income of $4.5 million, as Ken indicated, resulting in a return on
average assets of 80 basis points at the bank level.&#160;&#160;We exceeded 2007
net income by $1.6 million for a 55% year-over-year improvement.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Contributing
to our profit improvement were sound organic loan growth, lower cost core
deposit growth, interdepartmental referrals, and improved net interest margin,
non-interest income, expense control, and prudent management of the loan
portfolio.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Outside
of Montpelier impact, which Duane will discuss, core loan growth for 2008 was
sound at $16.8 million, up 4.32% for the year.&#160;&#160;Improved sales efforts
by our Commercial lending staff resulted in over 3,500 proactive client calls
for the year to help drive this loan increase.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
strategy to diversify geographically has been successful at Toledo and Fort
Wayne, and have provided $1.2 million and $4.5 million of that growth, while
growth in the newest market of Columbus, Ohio, one year old, accounted for over
$13.9 million in new loan balances.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Also a
driver of this loan growth and other profitable services was our aggressive
referral program.&#160;&#160;In 2007 we had gross referrals of 860, with 289
closed, for identified balances of $1.8 million in deposits, over $18 million in
loans, and $12.9 million in trust assets.</font></div><br>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In 2008,
we grew our referral culture of success by providing improved incentive to
soundly build our balance sheet and improve net income.&#160;&#160;This year we
had gross referrals of 1,330 with 410 closed, reflecting year-over-year
increases of 54% and 41%, respectively.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
balances identified were $2 million in deposits, over $26 million in loans, and
nearly $8 million in trust assets.&#160;&#160;Clearly, referrals utilizing our
individual contacts have propelled related departments to higher levels of
success.&#160;&#160;For 2009 each department has made quantified commitments to
all the other departments, resulting in substantially higher referral goals and
deposits and trust assets.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Bank&#8217;s sales philosophy impacts our High Performance Checking program, as it
continued its positive trends, increasing net retail checking
accounts.&#160;&#160;The change in retail accounts was a net decrease of 299 in
2006.&#160;&#160;Conversely, with the program implemented, net retail checking
accounts increased by 826 in 2007, and increased again by 904 this
year.&#160;&#160;This strategy continues to provide the tools for building lower
cost core funding.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Linked to
our increase in loan balances and our improving fund&#8217;s costs through increasing
core deposits, we grew our net interest income by $2.43 million over 2007
levels, a 14.4% improvement year-over-year.&#160;&#160;Our liability-sensitive
balance sheet, balance sheet positioning, and improved ALCO processes enabled us
to capitalize on the systemic decline in the yield curve, producing 33 basis
point improvement in the net interest margin for 2007.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
strategy is also linked to improving our non-interest income.&#160;&#160;For
example, the acquisition of core deposits through our High Performance Checking
program was a major component in improving deposit fees by $172,000, or 7.7%
over 2007.&#160;&#160;Expanded loan volume enabled us to improve loan fees by
$331,000, or 40.4% improvement over 2007.</font></div><br>
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        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loan sale
gains also made significant contributions as we expanded residential loan
revenue by $152,000.&#160;&#160;We experienced a decrease in our fees associated
with Trust Division, as Duane will discuss shortly.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While
moving the organization forward, we controlled operating expenses to only 1.3%
increase.&#160;&#160;Going forward, we are benchmarking 15 to 20 critical
components of the highest performing peer banks to enable us to clearly identify
additional areas of revenue.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Finally,
amid turbulent economic times, our loan portfolio continued to perform
reasonably well.&#160;&#160;Past due loans with our expanded collection efforts
have remained relatively stable.&#160;&#160;Likewise, our nonperforming loans as
a percentage of average assets improved slightly to 1%, marked down from 1.1% in
2007.&#160;&#160;Clearly, prudent loan administration and origination remain the
foundation of our consistent earnings performance.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
closing, we are confident that we&#8217;re on the right track in many areas, but
acknowledge that if we stand still we will undoubtedly get
run-over.&#160;&#160;It is in this spirit of doing &#8220;whatever it takes&#8221; that we
remain committed to improve our performance for all of our stockholders, our
stakeholders, clients, employees, and the communities we serve.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken, back
to you.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;Well, thank you, Mark and you certainly have expressed your
philosophy and congratulations on your success in the banking segment and the
positive results stemming from your leadership and your team&#8217;s talent and
outstanding efforts.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RDSI
continued its progress and has produced another record year.&#160;&#160;As we
have discussed, RDSI has been a seller growth company, and the 14%
year-over-year earnings improvement validates that growth even in the
challenging times that we are now experiencing.</font></div><br>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
strategy for RDSI is fundamental, but successful.&#160;&#160;We have an
excellent reputation for servicing our client banks and maintaining an excellent
and close relationship.&#160;&#160;We offer leading-edge technology products and
are able to offer best-of-breed products.&#160;&#160;We have been innovative and
expansive in our sales efforts, which have led to solid organic
growth.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2008 was
a slow growth year for RDSI in adding banks, as pricing challenges have been
common.&#160;&#160;However, we have added banks to our portfolio consistently,
as evidenced by RDSI&#8217;s having converted one bank already in January of 2009,
with seven more conversions scheduled for the rest of the year.&#160;&#160;We
understand this business, and we value our customers, and we are executing
well.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I&#8217;ll now
turn the webcast over to Hank Thiemann, President of RDSI, to discuss the
progress of his Group.&#160;&#160;Hank&#8230;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hank
Thiemann:&#160;&#160;Thank you very much, Ken and good
afternoon.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2008 was
another record-breaking year for RDSI Banking Systems.&#160;&#160;Though our
account of bank clients was relatively steady, we improved gross revenue and
significantly increased net income through new bank conversions, aggressive
sales to existing client banks, and operating expense
containment.&#160;&#160;Six new banks were converted to RDSI during 2008 and we
continued to execute our expansion strategy, bringing our footprint to 11
states.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
provided more products and applications to existing client banks, as 60 clients
purchased 206 additional products from RDSI during the year.&#160;&#160;We have
focused on product offerings on those that either improve the efficiencies of
our client banks, or allow them to offer revenue-generating products and
services.&#160;&#160;Our expanding product menu now numbers approximately 150
different applications.</font></div><br>
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        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
example of a product offering operating efficiencies is our clients&#8217;
ever-growing Internet Banking volumes, which have increased by 45% over the past
year.&#160;&#160;As a result of these efforts during a very challenging year,
our gross revenue increased by 3.8% to $21.7 million, and our net income
increased by 14.2% to $2.8 million.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One of
the outstanding and unique qualities of RDSI which differentiates us from
others, is our level of personal service.&#160;&#160;We do it better than the
others.&#160;&#160;It starts with the initial sales process, with our regional
sales managers, who stay engaged with the prospect until a contract decision is
made.&#160;&#160;It continues with professional and knowledgeable staff members
who strive for flawless conversions.&#160;&#160;And then on to client relations
managers, who maintain hands-on relationships with, and assistance to, their
assigned client banks and, of course, with customer service specialists,
technicians, and clerical staff, who all know and appreciate the value of
superior service.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also
focus on communicating with our clients.&#160;&#160;During 2008, we conducted
seven User Group Meetings in four states, several Best Practices conference
calls targeted specifically to our newer DeNovo bank clients, 107 training
programs on a variety of topics for almost 1,000 bank employees, either onsite
at the client&#8217;s office, offsite regionally, or via webinar.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
customer satisfaction survey results reached a new all-time high, and our
response times to inquiries and resolutions have improved as we are now
answering 94% of client inquiries within the same day.&#160;&#160;In addition,
we conducted our Annual CEO Conference in August, and throughout the year, the
Executive Management Team visited almost every client bank at least
once.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All in
all, 2008 was challenging, productive, and record-setting, but 2009 should be
even more exciting, as we continue our growth and continue our research, for
state-of-the art products and technology, to help our client banks perform more
efficiently.</font></div><br>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Launching
very soon is the RDSI Image Exchange Program, which will provide a more
efficient, less costly method for client banks to clear and settle their
checks.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At RDSI
we are truly driven by focusing on superior customer service, geographic
expansion, client product growth, and of course, improving the technology
solutions available to our clients.&#160;&#160;We intend to continue to help our
client banks win in this history-making period of time.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken, back
to you.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;OK.&#160;&#160;Well, thank you very much, Hank and my
congratulations to you and your team for having a great year.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I&#8217;ll now
turn the webcast over to Duane Sinn, Rurban&#8217;s Chief Financial Officer, who will
discuss the financial information of our two business segments in greater detail
and give you some additional color on some key financial
areas.&#160;&#160;Duane&#8230;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Duane
Sinn:&#160;&#160;Thank you, Ken and good afternoon.&#160;&#160;I will start my
comments with a brief overview of the balance sheet acquired in the Montpelier
acquisition, which closed on December 1, 2008.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
elected to retain $12.4 million of the $49 million security, portfolio,
portfolio, that was on the books of Montpelier.&#160;&#160;Retained securities
include $3 million in government backed agencies, $2 million in mortgage backed
securities, and $7.4 million in municipal securities.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We&#8217;ve
completed a very extensive due diligence, and one of the primary reasons these
investments were retained was due to the cash flow provided by these investments
over the next 12 to 16 months.&#160;&#160;This will allow reinvestment of the
retained portfolio, portfolio, into higher yielding loans in the
future.</font></div><br>
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        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
loans at year-end for Montpelier were $44 million.&#160;&#160;Approximately
$27.6 million, or 63%, of the portfolio were one to four-family residential
loans, $13.3 million were commercial loans, and $3.1 million of consumer
loans.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
deposits acquired were $92.4 million as of December 31, 2008.&#160;&#160;The mix
of the lower cost transaction accounts to total deposits is very consistent with
State Bank&#8217;s deposit mix.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
checking account balances were $21.5 million, with savings and money markets
totaling $9.6 million and $11.2 million, respectively.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
time deposits were $50.2 million as of December 31,
2008.&#160;&#160;Approximately $9 million of the $25 million in proceeds that
were paid to Montpelier shareholders was recaptured as deposits during
December.&#160;&#160;The overall cost of Montpelier&#8217;s deposits is very favorable
at approximately 2.05%.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moving to
Rurban&#8217;s consolidated balance sheet, total assets were $657.6 million at
year-end, a 17% increase over the $561.2 million reported for the 2007
year-end.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
loans were $450.1 million at December 31, 2008, up $60.8 million, or
15.6%.&#160;&#160;This loan growth was primarily due to the acquired Montpelier
loans.&#160;&#160;Excluding Montpelier&#8217;s loans, loans grew $16.8 million or
4.3%.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Once
again, our portfolio mix remains steady at 65% in commercial loans, 24% in
residential loans, and 11% in consumer loans.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
deposits at December 31, 2008 were $484.2 million, up $78.2 million, and
primarily due to the acquisition.&#160;&#160;During 2008, time deposits
continued to decline, which was consistent with our strategy.&#160;&#160;This
program, plus an increased emphasis on gathering commercial deposits, has
lif&#160;&#8212; shifted additional dollars into lower cost funding and has enabled
State Bank to resist chasing higher cost time deposits.</font></div><br>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The bank
- - the bank appears to have ample liquidity so that loan growth in 2009 will be
funded with current Fed funds, additional core transaction account deposit
growth, and scheduled maturities from the investment portfolio.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On to the
income statement, I&#8217;ll focus on a few key year-to-date and quarterly performance
metrics.&#160;&#160;We reported net income of $5.2 million, or $1.06 per diluted
share for the year, which represents a $1.96 million, or 60% increase, over the
$3.3 million reported in 2007.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fourth
quarter results were $1.33 million, or $0.27 cents per diluted share, a
$422,000, or 47% increase, over the $906,000 reported in the fourth quarter of
2007.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
earnings increases for the quarter and year-to-date were primarily driven by
improving our net interest income as a result of a widening of our margin and
moderate loan growth.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
mentioned in our press release, the fourth quarter of 2008 contained combined
one-time charges totaling $142,000 for acquisition costs and write-down of our
mortgage servicing asset.&#160;&#160;The mortgage servicing asset write-down is
due to the lower valuation placed on the $71.1 million service loan portfolio
with Freddie Mac.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
recent turndown, excuse me, the recent downward move in mortgage interest rates
has caused the value of loan servicing to decline significantly, as the
expectation is that higher interest rate mortgage loans will stay in our service
portfolio a shorter time due to refinancing.&#160;&#160;This impairment charge
may be recovered in the future as interest rates increase.&#160;&#160;The good
news in this is the lower rates have substantially increased our mortgage loan
production, which should be a first quarter benefit as the pipeline of loans
gets closed.</font></div><br>
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        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since the
balance sheet was, and continues to be, liability-sensitive, the 400 basis point
decline in prime rate during 2008 aided a $2.7 million increase in net interest
income for 2008, compared to 2007, primarily driven by our deposit
repricing.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We were
successful in reducing our cost of funds by 121 basis points during 2008, while
our yield on earning assets only decreased 68 basis points during the same time
period.&#160;&#160;With the pending threat of inflation in mid-to-late 2009 and
2010, the likelihood is that rates will start to increase and earning assets
will start to increase in rate.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
the last half of 2008 we started to manage our - we started to manage to more of
an asset-sensitive position.&#160;&#160;To accomplish this, the bank has
emphasized prime base lending, which may have a negative impact in the short
term.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On the
liability side, we will continue to focus on non-interest bearing checking
accounts, extending maturities on time deposits, and securing alternative
funding in a historically low interest rate cycle.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Bank
recorded net charge-offs and provision for loan loss well below the industry
average for both the fourth quarter and the year-to-date 2008.&#160;&#160;We
continued through 2008 to have a minimal level of charge-offs, with our
annualized net charge-offs to average loans at 0.19%.&#160;&#160;Our loan loss
provision for 2008 was $690,000 compared to $521,000 in 2007, and we
strengthened our ratio of allowance for loan loss to loans from 1.03% at
year-end 2007, up to 1.12% at year-end 2008 in recognition of the weakening
economy.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One of
the metrics of forward asset quality is delinquency, and the bank has seen some
increases in delinquency, but nothing alarming at this time.&#160;&#160;Our
non-performing assets decreased for the quarter and year-over-year, ending the
year at 1% of assets versus 1.1% for 2007.</font></div><br>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
recorded about $845,000 of non-performing loans from Mon&#8230;, for the Montpelier
acquisition, which is slightly better than 1% of their
assets.&#160;&#160;Despite the addition of the Montpelier non-performing assets,
year-end non-performing assets only increased by a net $310,000 in the fourth
quarter due to reductions in the non-performers within State Bank&#8217;s loan
portfolio.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As we
have mentioned in our previous webcasts, we do not have exposure to sub prime
loans or debt obligations.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
non-interest income totaled $28.1 million for 2008 compared to $26.9 million for
the same period in 2007.&#160;&#160;The story here continues to be increases in
data processing fees, which grew by $783,000, or 4%, compared to
2007.&#160;&#160;Reliance Financial Services, our Trust and Investment Group,
had a challenging year as equity markets experienced historic levels of
declines.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
assets under management totaled $278 million at year-end compared to $386
million at year-end 2007.&#160;&#160;This reduction in assets managed decreased
trust fees by $303,000, or 9%, during the year.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Significant
progress was made during 2008 to increase production of mortgage
loans.&#160;&#160;These initiatives were pr&#8230; &#8211; were pr&#8230; - were the primary
reason for an increase in gain on sale loans by $167,000, or nearly
30%.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increases
in customer service fees of $172,000, or 7.7%, were driven by High Performance
Checking account program and the increase in the cross selling of additional
products on the retail side of the bank.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-interest
expense increased $920,000, or 2.5%, for the year-over-year.&#160;&#160;As we
disclosed in our press release, expenses totaled approximately $250,000 related
to normal monthly expenses of Montpelier for December and the direct acquisition
costs we ah&#8230;, we expensed during the month.&#160;&#160;RDSI also changed their
handling of postage, which added an additional expense of 760 -, $760,000 in
2008.</font></div><br>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excluding
these two items, operating expenses actually decreased by $90,000
year-over-year.&#160;&#160;This $90,000 decrease is primarily due to the
reduction in equi&#8230;, equipment expense at RDSI and the decreases in professional
fees associated with reduction in loan workout expenses.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At this
time, I&#8217;ll turn the discussion back over to Ken to provide closing comments and
observations.&#160;&#160;Ken&#8230;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;All right.&#160;&#160;Well, thank you,
Duane.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will
note that we are continuing to lend and we have capacity to lend, as seems to be
an issue in a number of areas, but that does not apply to us.&#160;&#160;We do
not see at the main street level a significant tightening of credit, other than
an extra level of caution, as we look to a difficult economy continuing through
at least the first half of 2009.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
background, we considered the TARP money that was offered to banks, and our
strength would have certainly permitted us to take down this offer of
capital.&#160;&#160;However, we have a very strong capital position with our
risk based capital at the Holding Company level, 30% in excess of the regulatory
well capitalized level.&#160;&#160;We are not experiencing a run-up of our
non-performing assets either.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
factors, in addition to concerns about government strings and conditions for
this funding, result in our declining the TARP funds.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
continue to be watchful of a decline in our asset quality, but we do not see any
significant issues, but the continuing decline in the economy can certainly
impact us.&#160;&#160;However, as we look at even our marginal loans, should
they all have problems, we do not see our capital threatened.</font></div><br>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Valda, I
am turning this webcast back to you to determine if we have any questions from
our investment community.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Valda
Colbart:&#160;&#160;Thank you, Ken.&#160;&#160;It&#8217;s now time for the
question-and-answer session.&#160;&#160;If you are using a speakerphone, please
pick-up the handset before pressing any numbers and unmute your
phone.&#160;&#160;If you have a question, we would like for you to press star 1
on your telephone.&#160;&#160;That&#8217;s star 1 if you have a
question.&#160;&#160;And if for some reasons someone asks a question that you
would like to and you need to withdraw that, press star 2.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So again
if you have a question, please press star 1 on your telephone, and we will take
the questions in the order they are received.&#160;&#160;We&#8217;ll stand by for just
a few moments to see if we have any in the queue.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:&#160;&#160;We&#8217;ll
take our first question from Ross Haberman with the Haberman
Fund.&#160;&#160;Please go ahead.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ross
Haberman:&#160;&#160;Ah, Good afternoon, gentlemen.&#160;&#160;Nice quarter and
terrific year.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;Thanks, Ross.&#160;&#160;We&#8217;re pleased.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ross
Haberman:&#160;&#160;Citibank and Bank of America ought to take a couple of
notes.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">(Laughter&#8230;)
</font>Yes, interesting point, Ross.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ross
Haberman:&#160;&#160;Um, Could you go over your data processing
business?&#160;&#160;What was their cash flow, if you have it, operating cash
flow for the year?&#160;&#160;And you touched upon your expectation, your growth
expectations for &#8216;09, I was just wondering if you could elaborate a little bit
on that?</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;Sure.&#160;&#160;From the cash flow perspective, I think I&#8217;m
going to turn this to Duane and let him discuss that.&#160;&#160;We, we&#8217;ve done
those calculations, we know what that is, so, Duane&#8230;</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Duane
Sinn:&#160;&#160;Yes, Ross, good afternoon.&#160;&#160;We, um, for RDSI cash
flow did improve a little bit in 2008.&#160;&#160;We&#8217;re up to about $7.4 million
if we look at it from an EBITDA perspective.&#160;&#160;Depreciation um, went
down, actually, just a bit, if you compare it to last year, but overall it was
pretty consistent with last year, but did improve.&#160;&#160;And on an
annualized basis EBITDA is $7.4 million.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;As to your, um, question about the growth, we don&#8217;t do
projections, so I don&#8217;t &#8211; that&#8217;s a thin line I walk there.&#160;&#160;Um, we&#8217;re
very encouraged about the banks that we have in the pipeline.&#160;&#160;We&#8217;ve
mentioned in the course of the, ah, conference here that we&#8217;ve already converted
one bank and we&#8217;ve got um, seven more in the queue to convert, and our, our
sales folks are very encouraged with, ah, additional banks that they hope to
bring in.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So if you
look back at our 5-year compounded rate on, on our growth, the revenue side
it&#8217;s, it&#8217;s been probably somewhere in the 12% to 15% range.&#160;&#160;Net
income has been in that same range.&#160;&#160;We don&#8217;t see things changing that
right now, um, so we &#8211; we&#8217;re we&#8217;re encouraged with what&#8217;s in that pipeline and
what we&#8217;ve, what we&#8217;ve closed in terms of contracts already.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ross
Haberman:&#160;&#160;Any risk of losing any major customers given how, given how
troubled a number of the larger banks are?&#160;&#160;Is, is that a big
concern?&#160;&#160;And generally pricing, are you seeing any softness
specifically in pricing for the services?</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;We certainly are seeing, um, pricing challenges out
there.&#160;&#160;Ah, clearly we&#8217;re about the, um, second or third largest item
on a, on a bank&#8217;s income statement, and as those contracts come, come due we
certainly are, are tossed into a realm where we&#8217;re competing aggressively, and,
ah, that does cause pricing pressure.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The only
thing I can say about that is that that&#8217;s a &#8211; you know there&#8217;s two sides of that
coin.&#160;&#160;We have been brought into those situations a lot more than we
have in the past, and we&#8217;ve, um, gained some of those, those banks as we&#8217;ve
worked through pricing.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We&#8217;ve
been aggressive, ah, in obtaining our conversions, our contract conversions for
2009, and, ah, we&#8217;ve actually already, ah, advanced renewed all of our 2009
contracts with exception of one, which we&#8217;re in the process of working
on.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So we&#8217;re,
ah, encouraged by that process, and we&#8217;re very proactive in it.&#160;&#160;So
it&#8217;s a, it&#8217;s a &#8211; it is a challenging banking environment, that&#8217;s about all I can
say, but we&#8217;re attempting to manage through that.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ross
Haberman:&#160;&#160;And just one follow-up question.&#160;&#160;Generally, um,
are you seeing more opportunities for acquisitions, ah, or do you need to digest
what you had bought this past year before you possibly do anything
more?</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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Joyce:&#160;&#160;Well, um, we&#8217;re getting better at
acquisitions.&#160;&#160;Mark Klein talked about a banking model on both the
commercial and the retail side.&#160;&#160;So we&#8217;re able to, um, to put those
acquisitions into our system a lot faster than we used to be able
to.&#160;&#160;I would say we&#8217;ll assimilate the, um, Montpelier ac&#8230;, acquisition
probably in six months.&#160;&#160;The problem we&#8217;re going to have, of course,
is currency&#8230;.</font></div>
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Haberman:&#160;&#160;Right.</font></div>
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Joyce:&#160;&#160;&#8230;as we look at acquisitions.&#160;&#160;So right now I would
say we&#8217;re going to have to sit on the sideline until things
improve.&#160;&#160;I would hope that we&#8217;d get some recognition that we&#8217;re, um,
a little contra-market here, and begin some improvement in our stock
price.&#160;&#160;Um, but that&#8217;s something we just don&#8217;t
control.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ross
Haberman:&#160;&#160;Thanks, guys.&#160;&#160;The best of luck for the next
year.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;All right.&#160;&#160;Thanks, Ross.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:&#160;&#160;Once
again if you have a question, please press star 1 at this
time.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Valda
Colbart:&#160;&#160;While we are waiting to see if we have any more questions in
the queue, I would like to let everyone know that the presentation today will be
on our Web site until February if you would like to take the opportunity to
review it again.</font></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken, I&#8217;m
going to turn the call back over to you for the closing marks-,
remarks.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ken
Joyce:&#160;&#160;OK.&#160;&#160;Well, thank you, Valda.&#160;&#160;And
hopefully we&#8217;ve helped our investors better understand our position and improved
our transparency.&#160;&#160;We believe we have, um, significant transparency in
our, our balance sheet, our statements, and our income statement, ah, but we&#8217;re
inside looking out.&#160;&#160;If that&#8217;s not the case, let us know, and we&#8217;ll
work more on that.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We look
forward to talking with you next quarter.&#160;&#160;So, goodbye
now.</font></div>
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again, you may now disconnect.</font></div>
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