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The $114 million-asset Clarkston State Bank in Michigan survived the economic downturn by significantly shrinking its assets, selling a stake in another bank and raising $8.5 million of capital. Clarkston's slow recovery could give hope to other struggling banks.
March 6 -
The FDIC has terminated its consent order against Clarkston State Bank in Michigan after the bank recapitalized with investments from private citizens and current board members and made improvements in managing its loan portfolio.
September 6
Clarkston Financial (CKFC) in Michigan has implemented a 10-for-1 reverse stock split.
The split took place Friday morning and reduced the $119 million-asset company's outstanding stock to roughly 3.2 million shares. Clarkston's share price was $8 at the close of trading on Thursday.
"We previously raised significant common equity to improve the capitalization of the company," J. Grant Smith, the company's chief executive, said in a press release Thursday. "As a result, this reverse stock split is necessary to better align our share price with the earnings capacity of the company."
The Detroit-area company has