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<TITLE>Clarkston Financial Corporaton Form S-8</TITLE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As filed with the Securities and
Exchange Commission on September 1, 2005 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; Registration No. 333-________ </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND
EXCHANGE COMMISSION <BR>Washington, D.C. 20549 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM S-8 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRATION STATEMENT <BR>UNDER<BR>THE SECURITIES ACT OF
1933 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CLARKSTON FINANCIAL
CORPORATION</FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of registrant as specified in its charter) </FONT></H1>


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<TD ALIGN=CENTER WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Michigan</B><BR>(State
or other jurisdiction of <BR>incorporation or organization)</FONT></TD>
<TD ALIGN=CENTER WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>38-3412321</B>
<BR>(I.R.S. Employer Identification No.)</FONT></TD>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6600 Highland Road,
Suite 24, Waterford, Michigan 48327</B><BR>(Address of Principal Executive Offices) (Zip Code) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Clarkston Financial
Corporation Employee Stock Purchase Plan</B> <BR>(Full Title of the Plan) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>J.
                    Grant Smith, 6600 Highland Road, Suite 24, Waterford, Michigan 48327,
(248)                     625-0710 </B> <BR>(Name, address and telephone number, including area
code of agent                     for service)  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Copies of
Communications to:</B> <BR>Harvey Koning<BR>Varnum,
Riddering, Schmidt &amp; Howlett LLP <BR>333 Bridge Street,
N.W., P.O. Box 352<BR>Grand Rapids, Michigan 49501-0352 <BR>(616) 336-6000 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CALCULATION OF
REGISTRATION FEE </FONT></H1>


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<TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    Title of    <BR>
Securities to be<BR>
   Registered
</FONT></TH>
<TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amount to be<BR>
 Registered
</FONT></TH>
<TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>     Proposed   <BR>
      Maximum   <BR>
  Offering Price<BR>
   Per Share(2)
</FONT></TH>
<TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>   Proposed<BR>
    Maximum<BR>
   Aggregate   <BR>
Offering Price
</FONT></TH>
<TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>    Amount of<BR>
Registration Fee
</FONT></TH>
</TR>
<TR VALIGN=TOP>
<TD ALIGN=CENTER WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock</FONT></TD>
<TD ALIGN=CENTER WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50,000 Shares(1)</FONT></TD>
<TD ALIGN=CENTER WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$18.01</FONT></TD>
<TD ALIGN=CENTER WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$900,500</FONT></TD>
<TD ALIGN=CENTER WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$106</FONT></TD>
</TR>
</TABLE>
<BR>


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          <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)</FONT></TD>
          <TD WIDTH=95% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          These shares of Common Stock are issuable pursuant to the Clarkston Financial Corporation Employee Stock Purchase
Plan.  This Registration Statement also covers such indeterminable additional number of shares as may be issuable
under the plans by reason of adjustment in the number of shares covered thereby. </FONT></TD>
          </TR>
          </TABLE>


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          <TD WIDTH=5% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)</FONT></TD>
          <TD WIDTH=95% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         For the  purpose  of  computing  the  registration  fee only,  the price  shown is based upon the price of
         $18.01  per  share,  the  average  of the high and low sales  prices  for the  Common  Stock of  Clarkston
         Financial  Corporation as reported on the OTC Bulletin  Board on August 31, 2005, in accordance  with Rule
         457(c) and (h)(1).
 </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Rule 416(a) of the
General Rules and Regulations under the Securities Act of 1933, this Registration
Statement shall cover such additional securities as may be offered or issued to prevent
dilution resulting from stock splits, stock dividends or similar transactions. </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS</U> </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents containing the information required in Part I of the Registration Statement will
be provided to each option holder as required by Rule 428(b)(1). Such documents are not
being filed with the Securities and Exchange Commission in accordance with the
instructions to Form S-8, but constitute (along with the documents incorporated by
reference into the registration statement pursuant to Item 3 of Part II hereof) a
prospectus that meets the requirements of Section 10(a) of the Securities Act of 1933. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>INFORMATION REQUIRED
IN REGISTRATION STATEMENT</U> </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3. <U>Incorporation of
Documents by Reference</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarkston
Financial Corporation (the &#147;Company&#148;) hereby incorporates by reference in this
Registration Statement the following documents: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Company&#146;s annual report on Form 10-K for the year ended December 31,
          2004 filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
          1934, as amended. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          All other reports filed pursuant to Section 13(a) or 15(d) of the Securities
          Exchange Act of 1934, as amended (&#147;Exchange Act&#148;), since the end of
          the period from inception through December 31, 1998, covered by the document
          referred to in (a) above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this
Registration Statement which indicates that all securities offered hereby have been sold
or which deregisters all securities remaining unsold, shall be deemed to be incorporated
by reference in this Registration Statement and to be a part hereof from the date of
filing of such documents. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4. <U>Description of
Securities</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
text disclosed under the heading &#147;Description of Capital Stock &#151; Common
Stock&#148; contained in the final prospectus filed with the Securities and Exchange
Commission on or about November 25, 1998, pursuant to Rule 424(b) with respect to the
Company&#146;s Registration Statement on Form SB-2 (SEC File No. 333-63685) is
incorporated herein by reference. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. <U>Interests of
Named Experts and Counsel</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6. <U>Indemnification
of Directors and Officers</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections
561-571 of the Michigan Business Corporation Act, as amended (the &#147;MBCA&#148;), grant
the Company broad powers to indemnify any person in connection with legal proceedings
brought against him by reason of his present or past status as an officer or director of
the Company, provided that the person acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Company, and with respect to
any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The MBCA also gives the Company broad powers to indemnify any such person
against expenses and reasonable settlement payments in connection with any action by or in
the right of the Company, provided the person acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company, except
that no indemnification may be made if such person is adjudged to be liable to the Company
unless and only to the extent the court in which such action was brought determines upon
application that, despite such adjudication, but in view of all the circumstances of the
case, the person is fairly and reasonably entitled to indemnity for reasonable expenses as
the court deems proper. In addition, to the extent that any such person is successful in
the defense of any such legal proceeding, the Company is required by the MBCA to indemnify
him or her against expenses, including attorneys&#146; fees, that are actually and
reasonably incurred by him or her in connection therewith. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S-2 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Articles of Incorporation contain provisions entitling directors and
executive officers of the Company to indemnification against certain liabilities and
expenses to the full extent permitted by Michigan law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
an insurance policy maintained by the Company, the directors and officers of the Company
are insured within the limits and subject to the limitations of the policy, against
certain expenses in connection with the defense of certain claims, actions, suits or
proceedings, and certain liabilities which might be imposed as a result of such claims,
actions, suits or proceedings, which may be brought against them by reason of being or
having been such directors and officers. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7. <U>Exemption from
Registration Claimed</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 8. <U>Exhibits</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference
is made to the Exhibit Index which appears on page S-6. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9. <U>Undertakings</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement: </FONT></P>

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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=5%></TD>
<TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To include any prospectus required by Section 10(a)(3) of the Securities Act of
          1933.  </FONT></P></TD>
</TR>
</TABLE>
<BR>

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               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represents a fundamental
               change in the information set forth in the registration statement. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD ALIGN=RIGHT WIDTH=5%></TD>
               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To include any material information with respect to the plan of distribution not
               previously disclosed in the registration statement or any material change to
               such information in the registration statement; provided, however, that
               paragraphs (a)(i) and (a) (ii) do not apply if the registration statement is on
               Form S-3, Form S-8, or Form F-3, and the information required to be included in
               a post-effective amendment by those paragraphs is contained in periodic reports
               filed by the registrant pursuant to Section 13 or Section 15 (d) of Securities
               Exchange Act of 1934 that are incorporated by reference in the registration
               statement. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          That, for the purpose of determining any liability under the Securities Act of
          1933, each such post-effective amendment shall be deemed to be a new
          registration statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the initial bona
          fide offering thereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant&#146;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bonafide offering thereof. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S-3 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insofar as indemnification for
liabilities arising under the Securities Act of 1933 (the &#147;Act&#148;) may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue. </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S-4 </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Clarkston, State of Michigan, on
the 25th day of June, 2005. </FONT></P>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CLARKSTON FINANCIAL CORPORATION<BR><BR>
<BR>By: /s/ Edwin L. Adler<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Edwin L. Adler<BR>Chief Executive Officer and a Director</FONT></TD>
</TR>
</TABLE>
<BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>POWER OF ATTORNEY </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KNOW
ALL MEN BY THESE PRESENTS,</B> that each person whose signature appears below constitutes
and appoints Dawn M. Horner and J. Grant Smith, and each of them, his or her true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for
him and in his or her name, place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this Registration Statement and to
file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission and any other regulatory authority, granting
unto said attorney-in-fact and agent, full power and authority to do and perform each and
every act and thing required and necessary to be done in and about the premises, as fully
to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his or her substitute, may
lawfully do or cause to be done by virtue hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed below on June 25, 2005, by the following persons in the capacities indicated. </FONT></P>


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<TR VALIGN=TOP>
<Td WIDTH=30% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Signatures</U></FONT></Td>
<Td WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></Td>
<Td WIDTH=30% align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Title</U></FONT></Td>
<Td WIDTH=30%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></Td>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Edwin L. Adler</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Edwin L. Adler</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman, Director
and Chief Executive<BR>Officer (Principal Eexecutive Officer)</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ J. Grant Smith</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>J. Grant Smith</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chief Financial Officer<BR>(Principal Financial and Accounting Officer)</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Louis D. Beer</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Louis D. Beer</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ William J. Clark</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>William J. Clark</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Charles L. Fortinberry</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Charles L. Fortinberry</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Thomas E. Kimble</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Thomas E. Kimble</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Bruce H. McIntyre</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bruce H. McIntyre</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director and Secretary</FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ John H. Welker</FONT>
<HR SIZE=1 COLOR=BLACK>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>John H. Welker</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT>
</TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD>
</TR>
</TABLE>
<BR>


<BR><BR><BR>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S-5 </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are filed as a part of the Registration Statement: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 4</FONT></TD>
<TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                 Clarkston  Financial   Corporation  Employee  Stock  Purchase
                           Plan,   incorporated  by  reference  to  Appendix  B  to  the
                           Registrant's  2005 Proxy Statement on Schedule 14A filed with
                           the Securities and Exchange Commission on March 31, 2005 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 5</FONT></TD>
<TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                 Opinion of Varnum, Riddering, Schmidt &amp; Howlett LLP </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 23(a)</FONT></TD>
<TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
             Consent of Plante &amp; Moran, PLLC </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 23(b)</FONT></TD>
<TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
             Consent  of  Varnum,  Riddering,  Schmidt  &amp; Howlett  LLP-included  in
                           Exhibit 5 </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 24</FONT></TD>
<TD WIDTH=85% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                Power of Attorney - included on page S-5 hereof </FONT></TD>
</TR>
</TABLE>
<BR>
<BR><BR><BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S-6 </FONT></P>


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[{"type": "S-8", "sequence": "1", "filename": "clarks8_090105.htm", "secsgml_size_bytes": 33488}]
{"company-data": {"conformed-name": "CLARKSTON FINANCIAL CORP", "cik": "0001068366", "assigned-sic": "6021", "irs-number": "000000000"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-128051", "film-number": "051065349"}, "business-address": {"street1": "158 S MAIN STREET", "city": "CLARKSTON", "state": "MI", "zip": "48346"}, "mail-address": {"street1": "15 S MAIN STREET", "city": "CLARKSTON", "state": "MI", "zip": "48346"}}
Clarkston Financial Corporaton Form S-8
As filed with the Securities and
Exchange Commission on September 1, 2005         
    Registration No. 333-________
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF
1933
CLARKSTON FINANCIAL
CORPORATION
(Exact name of registrant as specified in its charter)
Michigan
(State
or other jurisdiction of
incorporation or organization)
38-3412321
(I.R.S. Employer Identification No.)
6600 Highland Road,
Suite 24, Waterford, Michigan 48327
(Address of Principal Executive Offices) (Zip Code)
Clarkston Financial
Corporation Employee Stock Purchase Plan
(Full Title of the Plan)
J.
                    Grant Smith, 6600 Highland Road, Suite 24, Waterford, Michigan 48327,
(248)                     625-0710
(Name, address and telephone number, including area
code of agent                     for service)
Copies of
Communications to:
Harvey Koning
Varnum,
Riddering, Schmidt & Howlett LLP
333 Bridge Street,
N.W., P.O. Box 352
Grand Rapids, Michigan 49501-0352
(616) 336-6000
CALCULATION OF
REGISTRATION FEE
Title of
Securities to be
Registered
Amount to be
Registered
Proposed
Maximum
Offering Price
Per Share(2)
Proposed
Maximum
Aggregate
Offering Price
Amount of
Registration Fee
Common Stock
50,000 Shares(1)
$18.01
$900,500
$106
(1)
These shares of Common Stock are issuable pursuant to the Clarkston Financial Corporation Employee Stock Purchase
Plan.  This Registration Statement also covers such indeterminable additional number of shares as may be issuable
under the plans by reason of adjustment in the number of shares covered thereby.
(2)
For the  purpose  of  computing  the  registration  fee only,  the price  shown is based upon the price of
         $18.01  per  share,  the  average  of the high and low sales  prices  for the  Common  Stock of  Clarkston
         Financial  Corporation as reported on the OTC Bulletin  Board on August 31, 2005, in accordance  with Rule
         457(c) and (h)(1).
Pursuant to Rule 416(a) of the
General Rules and Regulations under the Securities Act of 1933, this Registration
Statement shall cover such additional securities as may be offered or issued to prevent
dilution resulting from stock splits, stock dividends or similar transactions.
PART I
INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS
The
documents containing the information required in Part I of the Registration Statement will
be provided to each option holder as required by Rule 428(b)(1). Such documents are not
being filed with the Securities and Exchange Commission in accordance with the
instructions to Form S-8, but constitute (along with the documents incorporated by
reference into the registration statement pursuant to Item 3 of Part II hereof) a
prospectus that meets the requirements of Section 10(a) of the Securities Act of 1933.
PART II
INFORMATION REQUIRED
IN REGISTRATION STATEMENT
Item 3.
Incorporation of
Documents by Reference
Clarkston
Financial Corporation (the "Company") hereby incorporates by reference in this
Registration Statement the following documents:
(a)       
          The Company's annual report on Form 10-K for the year ended December 31,
          2004 filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
          1934, as amended.
(b)       
          All other reports filed pursuant to Section 13(a) or 15(d) of the Securities
          Exchange Act of 1934, as amended ("Exchange Act"), since the end of
          the period from inception through December 31, 1998, covered by the document
          referred to in (a) above.
All
documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment to this
Registration Statement which indicates that all securities offered hereby have been sold
or which deregisters all securities remaining unsold, shall be deemed to be incorporated
by reference in this Registration Statement and to be a part hereof from the date of
filing of such documents.
Item 4.
Description of
Securities
The
text disclosed under the heading "Description of Capital Stock — Common
Stock" contained in the final prospectus filed with the Securities and Exchange
Commission on or about November 25, 1998, pursuant to Rule 424(b) with respect to the
Company's Registration Statement on Form SB-2 (SEC File No. 333-63685) is
incorporated herein by reference.
Item 5.
Interests of
Named Experts and Counsel
Not
applicable.
Item 6.
Indemnification
of Directors and Officers
Sections
561-571 of the Michigan Business Corporation Act, as amended (the "MBCA"), grant
the Company broad powers to indemnify any person in connection with legal proceedings
brought against him by reason of his present or past status as an officer or director of
the Company, provided that the person acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Company, and with respect to
any criminal action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The MBCA also gives the Company broad powers to indemnify any such person
against expenses and reasonable settlement payments in connection with any action by or in
the right of the Company, provided the person acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Company, except
that no indemnification may be made if such person is adjudged to be liable to the Company
unless and only to the extent the court in which such action was brought determines upon
application that, despite such adjudication, but in view of all the circumstances of the
case, the person is fairly and reasonably entitled to indemnity for reasonable expenses as
the court deems proper. In addition, to the extent that any such person is successful in
the defense of any such legal proceeding, the Company is required by the MBCA to indemnify
him or her against expenses, including attorneys' fees, that are actually and
reasonably incurred by him or her in connection therewith.
S-2
The
Company's Articles of Incorporation contain provisions entitling directors and
executive officers of the Company to indemnification against certain liabilities and
expenses to the full extent permitted by Michigan law.
Under
an insurance policy maintained by the Company, the directors and officers of the Company
are insured within the limits and subject to the limitations of the policy, against
certain expenses in connection with the defense of certain claims, actions, suits or
proceedings, and certain liabilities which might be imposed as a result of such claims,
actions, suits or proceedings, which may be brought against them by reason of being or
having been such directors and officers.
Item 7.
Exemption from
Registration Claimed
Not
applicable.
Item 8.
Exhibits
Reference
is made to the Exhibit Index which appears on page S-6.
Item 9.
Undertakings
The
undersigned registrant hereby undertakes:
(a)       
          To file, during any period in which offers or sales are being made, a
          post-effective amendment to this registration statement:
(i)        
To include any prospectus required by Section 10(a)(3) of the Securities Act of
          1933.
(ii)       
               To reflect in the prospectus any facts or events arising after the effective
               date of the registration statement (or the most recent post-effective amendment
               thereof) which, individually or in the aggregate, represents a fundamental
               change in the information set forth in the registration statement.
(iii)       
               To include any material information with respect to the plan of distribution not
               previously disclosed in the registration statement or any material change to
               such information in the registration statement; provided, however, that
               paragraphs (a)(i) and (a) (ii) do not apply if the registration statement is on
               Form S-3, Form S-8, or Form F-3, and the information required to be included in
               a post-effective amendment by those paragraphs is contained in periodic reports
               filed by the registrant pursuant to Section 13 or Section 15 (d) of Securities
               Exchange Act of 1934 that are incorporated by reference in the registration
               statement.
(b)       
          That, for the purpose of determining any liability under the Securities Act of
          1933, each such post-effective amendment shall be deemed to be a new
          registration statement relating to the securities offered therein, and the
          offering of such securities at that time shall be deemed to be the initial bona
          fide offering thereof.
(c)       
          To remove from registration by means of a post-effective amendment any of the
          securities being registered which remain unsold at the termination of the
          offering.
The
undersigned registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the registrant's annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and,
where applicable, each filing of an employee benefit plan's annual report pursuant to
section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bonafide offering thereof.
S-3
Insofar as indemnification for
liabilities arising under the Securities Act of 1933 (the "Act") may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event a claim for
indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
S-4
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Clarkston, State of Michigan, on
the 25th day of June, 2005.
CLARKSTON FINANCIAL CORPORATION
By: /s/ Edwin L. Adler
——————————————
Edwin L. Adler
Chief Executive Officer and a Director
POWER OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes
and appoints Dawn M. Horner and J. Grant Smith, and each of them, his or her true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for
him and in his or her name, place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this Registration Statement and to
file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission and any other regulatory authority, granting
unto said attorney-in-fact and agent, full power and authority to do and perform each and
every act and thing required and necessary to be done in and about the premises, as fully
to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his or her substitute, may
lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been
signed below on June 25, 2005, by the following persons in the capacities indicated.
Signatures
Title
/s/ Edwin L. Adler
Edwin L. Adler
Chairman, Director
and Chief Executive
Officer (Principal Eexecutive Officer)
/s/ J. Grant Smith
J. Grant Smith
Chief Financial Officer
(Principal Financial and Accounting Officer)
/s/ Louis D. Beer
Louis D. Beer
Director
/s/ William J. Clark
William J. Clark
Director
/s/ Charles L. Fortinberry
Charles L. Fortinberry
Director
/s/ Thomas E. Kimble
Thomas E. Kimble
Director
/s/ Bruce H. McIntyre
Bruce H. McIntyre
Director and Secretary
/s/ John H. Welker
John H. Welker
Director
S-5
EXHIBIT INDEX
The
following exhibits are filed as a part of the Registration Statement:
Exhibit 4
Clarkston  Financial   Corporation  Employee  Stock  Purchase
                           Plan,   incorporated  by  reference  to  Appendix  B  to  the
                           Registrant's  2005 Proxy Statement on Schedule 14A filed with
                           the Securities and Exchange Commission on March 31, 2005
Exhibit 5
Opinion of Varnum, Riddering, Schmidt & Howlett LLP
Exhibit 23(a)
Consent of Plante & Moran, PLLC
Exhibit 23(b)
Consent  of  Varnum,  Riddering,  Schmidt  & Howlett  LLP-included  in
                           Exhibit 5
Exhibit 24
Power of Attorney - included on page S-5 hereof
S-6