CLARKSTON, Mich., Sept. 6, 2011 (GLOBE NEWSWIRE) -- The FDIC has formally terminated a Consent Order originally entered into with Clarkston State Bank (CSB) in June 2008. The removal of the Order reflects the progress made in raising capital and managing the loan portfolio. CSB recapitalized with investment from private Michigan citizens and current board members – no government dollars were a part of this recapitalization.
"Clarkston State Bank is one of the first banks in Michigan to recapitalize on its own," explains Michigan Representative Marty Knollenberg (R) and the state's current Standing Committee Chair for Banking and Financial Services. "Their local board members stayed committed to their community and mission in the toughest of economic times."
"Our board and staff demonstrated a strong responsibility to the north Oakland County communities which we serve, even during the difficult economy of the last few years," said J. Grant Smith, President and Chief Executive Officer of Clarkston State Bank/Clarkston Financial Corporation. "Thankfully our customers have been loyal in return. We worked diligently at satisfying the FDIC's requirements, and are now well capitalized and operationally even stronger than before. We faced our challenges as they occurred, creating a clear plan to achieve the end result of a thriving community bank."
Ken Rogers, Clarkston Financial Corporation's Board Chairman and Oakland County's Automation Alley Executive Director adds, "There is no better time to do business with the CSB team that continues to demonstrate their commitment to north Oakland County communities. We've successfully placed the bank in a position to fulfill its mission of serving our communities and supporting our local economy."
Clarkston State Bank opened in January 1999 and operates four branches in Clarkston, Waterford, and Independence Township, Michigan.
The Clarkston State Bank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10458
Safe Harbor. This news release contains comments or information that constitute forward-looking statements within the context of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that may cause such a difference include: changes in interest rates, government regulation, competition, economic trends, loan repayment rates; and changes in the national and local economy. Clarkston Financial Corporation and Clarkston State Bank assume no responsibility to update forward-looking statements.