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CUSIP No. 133425108 SCHEDULE 13D Page 18 of 19
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EXHIBIT 5
LETTER DATED SEPTEMBER 19, 2000 FROM
STILWELL ASSOCIATES, L.P. TO THE ISSUER
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STILWELL ASSOCIATES, L.P.
26 Broadway, 23rd Floor
New York, New York 10004
(212) 269-5800
September 19, 2000
By Federal Express and Facsimile
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Mr. Jon N. Crouch
Chairman of the Board
525 Country Club Square Drive
Cameron, Missouri 64429
Dear Jon:
I am troubled by David's decision to cancel his meeting in Kansas City
tomorrow. It's becoming increasingly clear to me that Cameron's management is
oblivious to its legal duties and responsibilities to its shareholders. If you
and the other directors don't believe it is worth your time to meet with one of
the Company's largest shareholders to discuss ways to improve shareholder value,
then, frankly, I don't understand what you are doing and whom you are serving. I
can better understand my recent experience in learning that many of the local
shareholders are extremely hostile to current management and share my views.
Turning to other matters, during my August 10, 2000 meeting with you, I
inquired about the Company's historical results and its goals concerning Return
on Equity ("ROE"). You informed me that Cameron Financial had a long-standing
but unsuccessful objective to reach a double-digit ROE and that it had a "3-5"
year business plan to achieve it. As you know the U.S. Treasury Department's
Office of Thrift Supervision's Directors' Responsibilities Guide, October 1999,
provides that "establish[ing] the association's objectives and strategies" is
one of the "principal areas of board responsibility". To quote:
"Business objectives are the overall priorities of the association,
such as increasing shareholder value or earnings, reducing costs,
enhancing efficiencies, and meeting community credit needs. You may
think of objectives as general orders governing the association and its
employees. Besides being a map for future operations, objectives
provide a basis to establish measurements of performance. Comparing
actual results with stated objectives is one method to judge the
appropriateness of the association's operating strategies and the
effectiveness of its management. To compare actual results with stated
objectives, the board must have objectives that are specific,
chronological, realistic, and written. Objectives and implementing
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CUSIP No. 133425108 SCHEDULE 13D Page 19 of 19
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strategies should be part of every association's business plan. The
business plan is a detailed forecast of the association's principal
operations and financial results for the next one to three years. A
budget that identifies the resources necessary to meet the stated
objectives should support the business plan. It should allocate
resources to attain the objectives listed in the plan."
(pp 10-11; emphasis added.)
In view of the above-quoted guidelines requiring business plans to be
written, I am requesting that management produce its current and initial written
business plans concerning ROE. The purpose of this request is to enable Stilwell
Associates, L.P., in its capacity as a shareholder, to determine whether the
Directors are adequately representing the shareholders' interests. I look
forward to your cooperation and prompt reply to this request. Please provide the
material to me within five business days from the date hereof.
If you have any questions concerning this request, please do not
hesitate to contact me at (212) 269-5800. Thank you.
Sincerely,
/s/
Joseph Stilwell
Copies to:
Cameron Financial Corporation's Board of Directors:
Mr. William F. Barker, DDS
Highway 69 North
Cameron, Missouri 64429
Mr. William J. Heavner
Red X Motors Inc.
509 Northland Drive
Cameron, Missouri 64429
Mr. David Just
Cameron Financial Corporation
1304 North Walnut Street
Cameron, Missouri 64429
Mr. Harold Lee
c/o Cameron Financial Corporation
1304 North Walnut Street
Cameron, Missouri 64429
Mr. Dennis Marshall
2150 SE Grindstone Road
Cameron, Missouri 64429
