CLARKSTON, Mich., April 18, 2011 (GLOBE NEWSWIRE) -- The Oakland County Business Finance Corporation (OCBFC) named Clarkston State Bank as its 2010 Bank of the Year.
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The selection is based on the number of loans that the bank participated in for the 2010 fiscal year, and in recognition of outstanding service and commitment to Oakland County and the Small Business Association (SBA) 504 loan program. Clarkston State Bank participated in 19 percent of the approved and funded loans with total project investment of $4.3 million and 64 jobs created and/or retained.
"Small business lending is a vital component of turning the economy around," said Oakland County Executive L. Brooks Patterson. "Clarkston State Bank deserves recognition for its outstanding support of small businesses in Oakland County."
The OCBFC presented the award to Clarkston State Bank at the annual SBA Lenders Conference held in Lansing in March.
"We've worked hard to provide financial support to businesses in our communities and are pleased to be recognized by the OCBFC as the top community bank SBA provider, "said J. Grant Smith, President and CEO of Clarkston State Bank. "We stayed committed to lending in our local markets during these challenging economic times and continually looked for opportunities - like the SBA 504 loan program - to provide money to our local businesses to help them grow and prosper."
Clarkston State Bank (www.clarkstonstatebank.com) operates four offices in north Oakland County and is a wholly owned subsidiary of Clarkston Financial Corporation (OTCBB:CKFC), a holding company listed on the Over the Counter exchange.
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The OCBFC, authorized under the SBA's Certified Development Company program in 1982, was formed to stimulate the growth and expansion of the region's small businesses. The BFC also acts as an agent to analyze, package and submit loan requests under the SBA 504 loan program and is a servicing agent for the approved loans.
