-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Fr8HNqOG1zhj7IJXF57EESr09xRI4MhyH5YRLDqGTN4FO5tUhutq5DsmNWY5XZMM csR+edTBqbt9kJ25PWlH+Q== 0000926044-03-000450.txt : 20031218 0000926044-03-000450.hdr.sgml : 20031218 20031218122259 ACCESSION NUMBER: 0000926044-03-000450 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031218 ITEM INFORMATION: Other events FILED AS OF DATE: 20031218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLARKSTON FINANCIAL CORP CENTRAL INDEX KEY: 0001068366 STANDARD INDUSTRIAL CLASSIFICATION: [6221] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-63685 FILM NUMBER: 031061667 BUSINESS ADDRESS: STREET 1: 158 S MAIN STREET CITY: CLARKSTON STATE: MI ZIP: 48346 MAIL ADDRESS: STREET 1: 15 S MAIN STREET CITY: CLARKSTON STATE: MI ZIP: 48346 8-K 1 clark8k_121803.htm CLARKSTON FINANCIAL CORPORATION FORM 8-K




SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


FORM 8-K


CURRENT REPORT


Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of Report: December 12, 2003

CLARKSTON FINANCIAL CORPORATION
(Exact name of registrant as
specified in its charter)


Michigan
(State or other
jurisdiction of
incorporation) 		333-63685
(Commission
File Number) 		38-3412321
(IRS Employer
Identification no.)
     
15 South Main Street
Clarkston, Michigan
(Address of principal executive office) 		  48326
(Zip Code)
     
  Registrant's telephone number,
including area code: (248) 625-8585 		 





ITEM 5.         Other Events.

         On December 12, 2003, Clarkston Financial Corporation completed a $4.0 million private placement of floating rate trust preferred securities ("Preferred Securities") through its wholly-owned subsidiary, Clarkston Capital Trust I ("Trust"). The Trust used the net proceeds to purchase a like amount of junior subordinated notes (the "Notes") of Clarkston Financial Corporation.

         The Notes mature March 30, 2034 and accrue and pay interest quarterly at a variable per annum rate, reset quarterly, equal to the 3-month LIBOR plus 2.80%. Clarkston Financial Corporation has the right to redeem the Notes in whole or in part on or after March 30, 2009, in the amount of the principal of the Notes plus an accrued but unpaid interest to the redemption date. The Preferred Securities will pay cumulative preferred dividends at a floating rate equal to the interest rate on the Notes and otherwise have the same or similar terms as the Notes, including redemption and default.

         Clarkston Financial Corporation intends to use the net proceeds from this offering to provide additional capital from time to time for Clarkston State Bank, its wholly-owned subsidiary. Pending investment of the proceeds in Clarkston State Bank, the proceeds will be invested in short-term U.S. government securities. The entire $4.0 million is expected to qualify as Tier 1 capital for regulatory capital purposes.









SIGNATURE


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 thereunto duly authorized.


Dated:   December 18, 2003 CLARKSTON FINANCIAL CORPORATION
(Registrant)

  By /s/ J. Grant Smith
J. Grant Smith
Chief Financial Officer
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