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CUSIP No. 133425108 SCHEDULE 13D Page 14 of 15
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EXHIBIT 3
LETTER DATED AUGUST 21, 2000 FROM
STILWELL VALUE PARTNERS I, L.P. TO THE ISSUER
STILWELL VALUE PARTNERS I, L.P.
26 Broadway, 23rd Floor
New York, New York 10004
(212) 269-5800
August 21, 2000
By Federal Express and Facsimile
Mr. David Just
Cameron Financial Corporation
1304 North Walnut Street
Cameron, Missouri 64429
Mr. Jon N. Crouch
Chairman of the Board
525 Country Club Square Drive
Cameron, Missouri 64429
Mr. Duane Koehlstadt
President
Cameron Financial Corporation
1304 North Walnut Street
Cameron, Missouri 64429
Dear Messrs. Just, Crouch and Koehlstadt:
I am disappointed that the Board of Directors rejected my
request that Spencer L. Schneider and I be invited to join the Board. As I told
you when we met at the Company's offices on August 10, 2000, I believe that Mr.
Schneider and I would bring a fresh perspective to a Board and Company that have
so far failed to maximize shareholder value.
I was also disappointed with the answers you provided at the
above-mentioned meeting. Overall, your answers reflect a deeply lackadaisical
and ambivalent attitude towards your shareholders.
According to you, Cameron's goal -- since you first came
public -- has been to earn a "double-digit" return on equity. Despite having
five years to work towards that goal, Cameron has yet to reach even a 7% return
in a single year. Surely, you can understand my skepticism about your reaching
that goal over the next "3-5 years".
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CUSIP No. 133425108 SCHEDULE 13D Page 15 of 15
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Your bank headquarters is impressive. At 26,500 square feet,
housing fewer than 60 employees, flying the "Cameron Financial" flag, and
costing $5 million, it's also a waste of shareholder capital. While you consider
the spending of $5 million to be "academic" (since it is already built), I
consider it to be reflective of corporate irresponsibility and a waste of
shareholder assets. In choosing to become public five years ago and to reap the
benefits of free stock grants and free stock options, you took on the duty of
prudently stewarding the capital entrusted to you for your shareholders.
Management and the Board of Directors have failed that duty.
I was disheartened at your refusal to answer questions
surrounding the Board's decision-making process in failing to repurchase shares
in June 2000. As you conceded, share repurchases are a wise method of increasing
shareholder value, yet you would not explain the Board's inaction.
You leave me with no alternative but to nominate a slate of
directors at the upcoming annual meeting and to solicit proxies for this
purpose. I intend to do so.
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. Harold Lee
c/o Cameron Financial Corporation
1304 North Walnut Street
Cameron, Missouri 64429
Mr. Dennis Marshall
2150 SE Grindstone Road
Cameron, Missouri 64429
