CLARKSTON, Mich., May 30, 2013 (GLOBE NEWSWIRE) -- Clarkston Financial Corporation (OTCQB:CKFC) announced today that it will implement a one-for-ten reverse stock split of its common shares effective at the opening of business on May 31, 2013. Effective May 31 there will also be a proportional reduction of the Company's authorized common and preferred shares.
"We previously raised significant common equity to improve the capitalization of the Company. As a result, this reverse stock split is necessary to better align our share price with the earnings capacity of the Company," said J. Grant Smith, CEO.
The reverse stock split was approved by shareholders on May 2, 2013 at the Company's annual meeting. On May 31, 2013, the Company's shares will trade in the OTC QB market under the symbol "CKFC" with a "D" added for 20 trading days to signify that the reverse stock split has occurred. A new CUSIP number has been assigned to the Company's common stock as a result of the reverse split. The reverse split will reduce the number of shares of outstanding common stock to 3,242,533 shares. Letters of Transmittal will be sent to all shareholders of record by the Company's transfer agent, Continental Stock Transfer & Trust Company, containing instructions to holders of record about how to receive confirmation of their share ownership following completion of the reverse stock split.
Clarkston State Bank opened in January 1999 and operates four branches in Clarkston, Waterford, and Independence Township, Michigan.
CONTACT: Media Contact: Clarkston Financial Corporation J. Grant Smith, CEO, 248-922-6945Source:Clarkston Financial Corporation