<SEC-DOCUMENT>0001144204-12-005791.txt : 20120203
<SEC-HEADER>0001144204-12-005791.hdr.sgml : 20120203
<ACCEPTANCE-DATETIME>20120203155947
ACCESSION NUMBER:		0001144204-12-005791
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120203
DATE AS OF CHANGE:		20120203

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:		12569910

	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>v301257_8k.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<U>February 3, 2012 (February 2, 2012)</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-decoration: underline; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;RURBAN FINANCIAL CORP.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: 9.9pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">Ohio</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">0-13507</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: center">34-1395608</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">of incorporation or organization)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#9;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><U>401 Clinton Street, Defiance,
Ohio 43512_&#9; </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices) (Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>&#9; &#9; (419) 783-8950 &#9; </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; &nbsp;Not Applicable &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed
since last report.)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Item 2.02. Results of Operations and Financial Condition</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On February 2, 2012, Rurban Financial Corp.
(the &ldquo;Company&rdquo;) hosted a conference call and webcast to discuss its financial results for the fiscal year and fourth
quarter ended December 31, 2011. A copy of the transcript for the conference call and webcast is furnished as Exhibit 99.1 and
is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The information in this Item 2.02, including
Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed to be &ldquo;filed&rdquo; for purposes of Section 18
of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Item 9.01 Financial Statements and Exhibits</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a) Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b) Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c) Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: -5.15pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-top: 6pt; padding-bottom: 6pt; text-decoration: underline; text-align: center">Exhibit No.</TD>
    <TD STYLE="width: 85%; padding-top: 6pt; padding-bottom: 6pt; text-decoration: underline; text-align: center">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center">99.1</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 8.75pt">Transcript of conference call and webcast conducted on February 2, 2012 </TD></TR>
</TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">RURBAN FINANCIAL CORP.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Dated: February 3, 2012</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Anthony V. Cosentino</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Anthony V. Cosentino<BR>Executive Vice President and Chief
Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">Current Report on
Form 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">Dated February 3,
2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: center; text-indent: -1in">Rurban Financial
Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-left: -5.15pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-top: 6pt; padding-bottom: 6pt; text-decoration: underline; text-align: center">Exhibit No.</TD>
    <TD STYLE="width: 85%; padding-top: 6pt; padding-bottom: 6pt; text-decoration: underline; text-align: center">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center">99.1</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 8.75pt">Transcript of conference call and webcast conducted on February 2, 2012</TD></TR>
</TABLE>


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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v301257_ex99-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>EXHIBIT 99.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-family: Times New Roman, Times, Serif; width: 100%">
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; margin-left: 0; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: #B8CCE4 1pt solid; padding-right: -9pt; padding-left: 5.4pt; font-size: 12pt; font-weight: bold">Rurban Financial Corp.</TD>
    <TD STYLE="width: 25%; border-right: #B8CCE4 1pt solid; border-bottom: #B8CCE4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Ticker Symbol:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">RBNF</P></TD>
    <TD STYLE="width: 25%; border-right: #B8CCE4 1pt solid; border-bottom: #B8CCE4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Event: </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fourth Quarter 2011</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Earnings Call</P></TD>
    <TD STYLE="width: 25%; border-right: #B8CCE4 1pt solid; border-bottom: #B8CCE4 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>DATE:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">February 2, 2012;<BR>
        9:00 AM EST</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>[Operator]:</B> Good Morning, Ladies and
Gentlemen, and Welcome to the Rurban Financial Corp. Fourth Quarter 2011 Earnings Conference Call and Web Cast. At this time I
would like to inform you that this conference call is being recorded and that all participants are in a &ldquo;listen only&rdquo;
mode. Later we will open the call for questions from the investor community I will now turn the conference over to Ms. Linda Sickmiller,
Investor Relations. Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: #B8CCE4 0.5pt solid"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Linda Sickmiller, Investor Relations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Good Morning everyone, I would like to remind
you that this conference call is being broadcast live over the Internet and will also be archived and available on our web site
at www.rurbanfinancial.net until March 1, 2012. Joining me today are Mark Klein, President and Chief Executive Officer, Tony Cosentino,
Chief Financial Officer and Jon Gathman, Executive Vice President and Senior Lending Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This call may contain certain forward looking
statements regarding Rurban&rsquo;s financial performance, anticipated plans, operational results and objectives. Forward-looking
statements are based on management&rsquo;s expectations and are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those expressed or implied in our webcast today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have identified a number of different factors within the Forward
Looking Statement at the end of our Earnings Release, and you are encouraged to review those factors. Rurban undertakes no obligation
to update any forward looking statement, except as required by law, after the date of this call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I will now turn the call over to Mark Klein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: #B8CCE4 0.5pt solid"><B>Mark A. Klein, President
and Chief Executive Officer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thank you, Linda, and good morning everyone. Welcome to Rurban Financial
Corp.&rsquo;s conference call to discuss fourth quarter results. Earnings were provided in a press release made public Wednesday
February 1<SUP>st</SUP> and posted to our web site via our 8-K filing. Joining me on the call this morning, as Linda had indicated,
is Tony Cosentino, CFO and Jon Gathman our Senior Lending Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We are pleased with the progress we&rsquo;ve made this past year.
We continued to build earnings throughout the year, reporting fourth quarter core earnings of $1.1 million compared to $620,000
for the third quarter and a loss of $1.9 million for the year-ago fourth quarter. This amounts to a fourth quarter swing of $3
million year over year on a core basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We made progress on just about every front:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we lowered operating expenses by over $10 million compared to 2010,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduced the size of the balance sheet to improve our capital ratios and net interest margin,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>maintained mortgage volume close to last year&rsquo;s record level, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>even managed to grow our loan balances by 3.5%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We also reduced problem assets by 25%, and received ancillary benefits such as lower credit administration and OREO costs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We had fewer one-time charges in 2011 than in 2010 - nothing of real significance. Our GAAP earnings for 2011 were $2.1 million,
actually $250,000 higher than our core earnings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">An important goal for 2011 had been to offset the loss of RDSI&rsquo;s
data processing fee income, which was lower by $6.6 million this past year. We succeeded in this regard, with expense savings of
$10.2 million, the majority from RDSI. In the process, we reduced our full-time staff by 32, with 17 Full Time Equivalent coming
out of RDSI. As a result, our pre-provision, pre-tax earnings from operations this year were $4.5 million, more than double the
$2.1 million reported for 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We made every effort to maintain revenue levels, which were $41
million in 2010, with 50% derived from net interest income and 50% from fee income. We improved our net interest income by nearly
$700,000, 3.2% from last year, primarily from the improvement in our net interest margin. Our margin increased by 14 basis points
for the year, to 3.81%. Not particularly an easy accomplishment in this market environment. But we did it by lowering our funding
costs substantially -- with an additional boost from a deleveraging transaction where we prepaid some high-priced borrowings and
sold some securities at a gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">However, the average balance for earning assets declined 1.3 % year
over year, which partially offset our margin improvement. Compared to year-end 2010, however, we made good progress in loan growth:
$15 million, or 3.5%, over the past twelve months. We had some loan runoff in the first quarter of the year, and as we grew our
loan balances in the next three quarters, we funded that growth from our securities portfolio. Net result: a decline in average
earning assets of $6.5 million, which served two primary important goals: improving our leverage and margin improvement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fee income from operations was $11.8 million for 2011 -- $8.7 million
lower than for 2010. RDSI&rsquo;s share of that decline was $6.6 million, while higher amortization and impairment of mortgage
servicing rights reduced our net mortgage banking revenue by $2.2 million for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Despite the decline in RDSI fee income, we still generated over
one-third of our 2011 revenues from sources that were not dependent on net interest income: wealth management, mortgage banking,
data services, and customer service fees. This represents an exceptionally diverse revenue stream for a mid-cap bank &ndash; small-cap
bank, and it positions us to maintain a more stable income stream going forward in the midst of what appears to be global margin
pressure with protracted low interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our mortgage banking activities have been going full-throttle for
the past three years. In each of these years, our production exceeded $200 million. For 2011, originations were $220 million compared
to $239 million in 2010. We closed 1,432 loans, and two-thirds represented new money to the bank. We retain only variable rate
loans and sell the fixed-rate loans into the secondary market. This past year, we booked an exceptionally high volume of variable
rate loans as part of our jumbo loan program targeted to doctors and other professionals -- primarily of our wealth management
group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The dynamic here is a good example of the growing success of our
referral program. 918 referrals were sent to mortgage originators from other members of the State Bank team, including corporate
and advisory board members. We closed 342 of these referrals, or 37%, generating $44 million in mortgage loans. In addition, mortgage
originators made a total of 200 referrals to other units of State Bank, of which we closed 125. We are becoming increasingly coordinated,
and effective, in identifying opportunities for additional revenues within our existing customer base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We&rsquo;ve also been expanding our potential customer base at an
exceptional pace as a result of our mortgage originations. Although we sell the vast majority of the loans we generate, we retain
the servicing and so we remain in touch with these folks on a consistent monthly basis. This represents an extraordinary opportunity
to cross-sell our services with each monthly invoice we send. We recently added a line of insurance products &ndash; mortgage insurance
and the like &ndash; which is well-suited for delivery through this channel, and we anticipate a modest lift in 2012 fee income
from these products and additional sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our servicing portfolio reached $402 million at year-end 2011, encompassing
over 3,000 households. This represents growth in excess of 20% of both households and mortgage servicing volume from 2010 year-end.
We have only begun to mine the cross-sell opportunities within this group of new customers to the bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As far as RDSI, we resolved the majority of open issues resulting
from the 2010 termination of a proposed spinoff and merger with New Core Holdings. We deconverted the last of the data processing
clients in the first quarter of 2011, and lost an item processing client when it merged with another bank. In addition, we lost
two item processing banks that consolidated their data servicing under a single provider. During the year, we expanded our remaining
business lines --payment solutions and network services -- to include non-bank clients. We recently reached a decision to take
State Bank&rsquo;s data processing in-house, and received regulatory permission to purchase RDSI&rsquo;s data processing assets.
This will streamline the remaining RDSI activities and allow them to focus more efficiently on their item processing business under
the continued leadership of Bill Brandt, DCM&rsquo;s original President who has successfully guided DCM and their item processing
business line over the last several years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Wealth Management continues to be an integral element in the growth
of multi-faceted relationships. Assets under management at year end stood at $298 million, generating revenue in excess of $2.7
million. As of year-end 2011, our wealth management clientele maintained deposits at State Bank of $13.6 million, while accounting
for over $20 million of mortgage loans this past year in high-quality variable-rate loans which we retained on our books.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">While we wait for our regional economy to recover, we are delighted
with the additional lift provided by our jumbo mortgage loans. They not only replaced runoff in our residential mortgage loan portfolio,
they allowed us to grow our residential portfolio by $4.3 million, or 3.2%. We are [slowly] seeing positive signs emerge in our
Northwest Ohio economy and job market. The focus within our Northwest Ohio communities has been clearly Job Retention as well as
Job Growth, and manufacturers have been making substantial investments in our region. For example, Chrysler recently announced
a $500 million investment in its Toledo Assembly Plant and will add over 1,100 jobs by 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">More than any other industry, automotive manufacturing has been
a major factor in our Northwest Ohio economy, and the industry clearly had a banner year. Initiatives have been developed throughout
our region to boost the presence of automotive manufacturers and suppliers. In fact, the Task Force solicits business from international
as well as domestic manufacturers, and provides them with the assistance they need to remain and grow in Northwest Ohio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As a community bank invested in the success of our businesses and
their workforce, State Bank has also been proactively, stepping up our calling efforts to new and emerging small businesses to
identify their banking needs. Hence, our commercial loans increased by $11 million this past year, with the majority of these,
real-estate related. We have also been originating government guaranteed SBA loans as well as and FSA, or agricultural-based, fixed-rate
real estate loans for sale in the secondary market. We reported gains on sale of these products in excess of $200,000 for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">These represent some of the initiatives we have in place that should
provide additional revenue opportunities in 2012. Now, I&rsquo;ll turn the discussion over to Tony, our CFO, for additional financial
details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: #B8CCE4 0.5pt solid"><B>Anthony V. Cosentino, CPA,
Executive Vice President and Chief Financial Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thanks Mark, we are extremely pleased with the improvements made
in key areas of our financial performance and the overall profitability in the fourth quarter and for the full year of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We saw continued loan growth in the fourth quarter with annualized
growth of 3.3%. We grew our loan portfolio in every quarter of 2011 and from December 31, 2010, we have added $15 million of outstandings
with $12 million in the real estate sector and $3 million from C &amp; I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net income was $675,000 or $0.14 per share for the quarter compared
to $602,000, or $0.12 per share, for the third quarter of 2011, and a $6.6 million loss in the fourth quarter 2010. For the year,
net income came in at $2.1 million, or $0.42 per share. After the difficult year that we encountered in 2010, we are quite pleased
to report net income in all four quarters of 2011. And we had core earnings of $1.1 million in the fourth quarter, up over $400,000
from the linked quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our provision expense totaled $300,000 which was even to the linked
quarter but down $1.5 million from the fourth quarter of 2010. Our loan loss allowance increased from the linked quarter, and at
1.48%, is down just slightly from the year-ago. The allowance now represents 82% of our non-accruing loans, which is well up from
the 55% level at December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Net charge-offs for the quarter at an annualized rate of 28 basis
points is more in line with our historical percentages. The quarter included a partial recovery of a large charge-off from the
fourth quarter of 2009. For the full year, we had net charge-offs of $2.5 million, down $8.4 million from the full year of 2010.
And if we adjust for the non-core loan charge-off of $3 million at RDSI, the impress --improvement is still an impressive $5.4
million. Delinquencies at 1.56% overall remain under control, although we did see some slight end of year deterioration in the
30-89 day category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Non-performing assets ended the quarter at $11.1 million, or 1.77%
of total assets, down from $14.9 million, or 2.26%, of total assets at December 31, 2010. Included in our non-performing are 4
large relationships, which encompass 55% of the total non-performing portfolio. Our restructured accruing loans, which we have
included this quarter in our non-performing metrics, continue to be a small percentage of our problem assets. At December 31, 2011,
we had just 14 loans that totaled $1.3 million that were accruing and met the characteristics of being restructured. The bulk of
these TDRs were 1-4 family residential loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total classified loans decreased $4.4 million to $27 million at
December 31, 2011 from $31.4 million at December 31, 2010. Our OREO balance ended the year at $1.8 million and is made up of one
large commercial real estate item and roughly $1 million of 1-4 family residential properties. These balances have remained fairly
static over the last few quarters and are up just slightly from the prior year. We expect to work these balances down throughout
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Credit-related expenses, which include the net gain or loss on the
sale of OREO, OREO repairs, collection and foreclosure costs, still remain significant with a total of $218,000 in the fourth quarter
of 2011 compared to $418,000 in the fourth quarter of 2010. For all of 2011, these costs totaled $895,000, which is down substantially
from the $1.5 million incurred in all of 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">At December 31, 2011, Rurban had $400 million in loans serviced
for others. The mortgage servicing rights associated with these loans had a fair value of $2.8 million, or 70 basis points, of
the outstanding loan balance serviced. We did incur an impairment this quarter of $221,000. Total impairment reserves, which are
available for recapture in future periods, totaled $1.1 million at year-end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We experienced a pickup in mortgage activity this quarter compared
to the linked quarter. Our $85 million in production was up 25% from the third quarter of 2011. We reported a similar fourth quarter
increase in the fourth quarter of 2010. Overall, net mortgage banking income was $1.2 million for the quarter compared to $300,000
for the linked quarter and $2.4 million in the fourth quarter of 2010. Gains from loan sales during the quarter were $1.7 million,
which were up $600,000 from the linked quarter and compare to $1.9 million for the fourth quarter of 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We continue to be pleased with the diversity of our Balance Sheet.
The deleveraging that we completed in the second quarter is now fully realized and it has lessened our reliance on the investment
portfolio for margin income. Total assets declined during the year by 5% with the entire decline in our cash and investment securities.
We have significantly reduced our exposure to Federal Home Loan Bank borrowings and Repurchase Agreement borrowings. The balance
on those two high-cost categories is down $37 million from the prior year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Our operating results for the quarter continued to show steady improvement
across a broad category of areas. Net interest income, buoyed by loan growth and the continued impact of the deleveraging, offset
the overall decline in earning asset yields. For the full year, net interest income was up $700,000 and our net interest margin
came in for the quarter at 3.87%, up from 3.76% in the fourth quarter 2010, but eleven basis points below the third quarter margin.
We expect further pressure on margins in 2012 that we hope to offset by loan and retail deposit growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fee income continues to stabilize from the loss of RDSI customers.
For the year, RDSI has lost just 4 clients and with the transfer of State Bank data processing in the first quarter of 2012, as
Mark referenced, RDSI will be a small shop with approximately $3.5 million in revenue on an annualized basis. We were especially
pleased that our service charge on deposits was up versus the fourth quarter of 2010. We were able to offset the impact of lower
NSF revenue with higher realization rates and selected price increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Operating expense was a key strategic focus for us during 2011 and
we are pleased with our results. Core operating expense of $6.8 million is down $2.1 million from the fourth quarter of 2010 and
flat to the linked quarter. We expect this level of expense to be our baseline going forward into 2012. We have additional efficiencies
that should be realized in the first quarter of this year as we continue to look for opportunities to reduce our cost structure.
On a core basis, we have reduced operating costs for the full year by over 2 -- $10 million in 2011. While our core efficiency
ratio of 74.7% for the quarter has improved by over 11percentage points from the fourth quarter of 2010, we recognize that there
is still room for improvement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">State Bank&rsquo;s capital ratios improved significantly during
2011. Our Tier 1 ratio at 8.01 percent is way up from the 6.90 percent at this time last year. The deleveraging transaction, combined
with solid earnings, helped the Tier 1 Risk based get to nearly 11 percent at year end. At the holding company level, our Tangible
equity has risen by 76 basis points this year and we remain focused on improving that ratio throughout 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mark, that completes my overview of the quarter and I am turning
the call back over to you for some final comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: #B8CCE4 0.5pt solid"><B>Mark A. Klein, President
and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thank you, Tony. Well done &ndash; nice quarter. The net result
of our initiatives this past year has been to strengthen our balance sheet and improve profitability, as Tony had indicated, to
a significant extent in both areas. We added $3.4 million to our tangible equity during 2011, and have made good progress toward
our goal of 6% tangible common equity from internally-generated profits. Our return on average assets reached 42 basis points for
the fourth quarter, and 69 basis points on a core basis, up from a loss position for the year-ago quarter. The potential for substantial
upside is becoming more evident with each quarter&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We realize that with limited growth in our rural NW Ohio markets,
we have to be extremely cost-conscious. So in addition to our rural markets, we have focused increasingly on markets with higher
growth potential like Toledo and Columbus, Ohio and Ft. Wayne, Indiana. We&rsquo;ve been pleased with our progress on both of these
initiatives and even more excited about our future prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We continue to be prudent in our balance of loan growth and conservative
underwriting standards, especially with respect to commercial lending. Loan quality clearly remains the center post of our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Deposit rates continue to remain at historic lows. We expect that
this environment will persist well into 2013 and lower asset yields will continue to exert pressure on our net interest margin,
without any offsetting benefits from lower funding costs, which have reduced to 71 basis points in the fourth quarter. We continue
to seek additional noninterest-bearing deposits, but unfortunately, our bank is not alone in this endeavor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In summary, we have managed our way through the headwinds of a struggling
economy, stabilized our company following the ill-fated technology venture, and faced the combined challenges of a housing and
credit meltdown. We have been tested, and we have learned many lessons in the process -- which we hope to apply to much higher
performance going forward. We have begun to experience the benefits of geographic diversification combined with strong regional
leadership. Our banking model is based on the identification of client financial needs, and we are becoming better every quarter
in providing just the right solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I would like to take a minute before I close to thank our staff
members for their diligence in pursuit of customer solutions and customer satisfaction. Thanks also to our clients for choosing
State Bank; we want to meet and exceed expectations in every aspect of the banking relationship. Lastly, a word of gratitude to
our supportive stockholders; we hope your confidence will soon be rewarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">And now, I&rsquo;ll turn the call over to Linda
Sickmiller to see if there are any questions from the investment community. Linda &ndash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: #B8CCE4 0.5pt solid"><B>Linda Sickmiller, Investor
Relations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thank you very much, Mark. It is now time for
the question and answer session.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If you are using a speakerphone, please
pick up the handset before pressing any numbers and un-mute your phone. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To ask a question, please press star-one.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If you would like to withdraw your question,
please press star-two. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&rsquo;ll stand by for just a
few moments. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">And while we&rsquo;re waiting to see if we
have any additional questions, I would like to remind you that today&rsquo;s webcast will be accessible on our website at www.rurbanfinancial.net
until March 1, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">And since there are no more questions, I&rsquo;ll
turn the call back to Mark Klein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: #B8CCE4 0.5pt solid"><B>Mark A. Klein, President
and Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Thank you for joining us today and your continued interest in Rurban
Financial Corp. Looking forward to chatting with you next quarter. Have a great day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>[Operator]:</B> All parties may now disconnect.</P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
