SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------

                                   FORM 10-QSB


                 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2000

                                       OR
                 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

               For the transition period from _______ to ________

                        Commission file number: 333-63685

                         CLARKSTON FINANCIAL CORPORATION
        (Exact name of small business issuer as specified in its charter)

             MICHIGAN                                      38-3412321
   (State of other jurisdiction of                      (I.R.S. Employer
    incorporation or organization)                      Identification No.)

                 15 South Main Street, Clarkston, Michigan 48346
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (248) 625-8585

                 -----------------------------------------------

Check  whether  the issuer:  (1) has filed all  reports  required to be filed by
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days. Yes __X__ No _____

The  number of shares  outstanding  of each of the  issuer's  classes  of common
stock, as of the latest practicable date: 931,600 shares of the Company's Common
Stock (no par value) were outstanding as of September 30, 2000.

Transitional Small Business Disclosure Format (check one):  Yes_____  No__X__
<PAGE>
                                      INDEX



                                                                          Page
                                                                       Number(s)
Part I.       Financial Information (unaudited):

              Item 1.
              Consolidated Financial Statements                              3-7
              Notes to Consolidated Financial Statements                    8-11

              Item 2.
              Management's Discussion and Analysis of
              Financial Condition and Results of Operations                12-14

Part II.      Other Information

              Item 1.
              Legal Proceedings                                               15

              Item 2.
              Changes in Securities and Use of Proceeds                       15

              Item 3.
              Defaults Upon Senior Securities                                 15

              Item 4.
              Submission of Matters to a Vote of Securities Holders           15

              Item 5.
              Other Information                                               15

              Item 6.
              Exhibits and Reports on Form 8-K                                15


Signatures                                                                    16

                                       2
<PAGE>
Part I   Financial Information (unaudited)

                         CLARKSTON FINANCIAL CORPORATION
                           CONSOLIDATED BALANCE SHEETS
              September 30, 2000 (unaudited) and December 31, 1999
                  (dollars in thousands, except per share data)
<TABLE>
                                                                                September 30,            December 31,
                                                                                    2000                    1999
                                                                               ---------------           ---------
                                                                                 (Unaudited)
ASSETS
<S>                                                                             <C>                      <C>
Cash and Cash Equivalents
       Total cash and due from banks                                             $     1,278             $       867
        Federal funds sold                                                             1,500                   1,600
                                                                                 -----------             -----------
            Total Cash and Cash Equivalents                                            2,778                   2,467

Securities Held to Maturity                                                           18,268                   9,604
Securities Available for Sale, at fair value                                           8,659                   9,294

Loans, less Loan Loss Reserve
       Total loans                                                                    21,450                  11,263
       Allowance for loan losses                                                         234                     140
                                                                                 -----------             -----------
       Net Loans                                                                      21,216                  11,123

Net Property and Equipment                                                               303                     337
Accrued interest receivable                                                              300                     256
Deposit premium and conversion costs,
       net of amortization                                                               156                     173
Other Assets                                                                               8                      12
                                                                                 -----------             -----------
            Total Assets                                                         $    51,688             $    33,266
                                                                                 ===========             ===========

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits
       Noninterest-bearing                                                             3,588                   2,676
       Interest-bearing                                                               39,799                  22,595
                                                                                 -----------             -----------
            Total deposits                                                            43,387                  25,271
       Accrued Expenses and Other Liabilities                                            264                     158

Shareholders' Equity
       Common stock, no par value: 10,000,000
             Shares authorized; 931,600 and 951,600 shares
             issued and outstanding as of September 30, 2000
             and December 31, 1999                                                     4,306                   4,306
       Capital surplus                                                                 4,306                   4,306
       Accumulated deficit                                                              (570)                   (753)
       Accumulated other comprehensive income (loss)                                      (5)                    (22)
                                                                                 -----------             -----------
             Total Shareholder Equity                                                  8,037                   7,837
                                                                                 -----------             -----------

              Total Liabilities and Shareholders' Equity                         $    51,688             $    33,266
                                                                                 ===========             ===========
</TABLE>
           See accompanying notes to consolidated financial statements

                                       3
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                        CONSOLIDATED STATEMENT OF INCOME
  Three and Nine Month Periods Ended September 30, 2000 and September 30, 1999
                  (dollars in thousands, except per share data)
                                   (unaudited)
<TABLE>
                                                        Three Months       Three Months       Nine Months       Nine Months
                                                            Ended              Ended             Ended             Ended
                                                        September 30,      September 30,      September 30,     September 30,
                                                            2000               1999               2000              1999
                                                        -------------      ------------       ------------      -------------
<S>                                                     <C>                <C>                <C>               <C>
Interest Income
       Loans                                            $     438          $      121         $    1,066        $     187
       Securities                                             417                 194              1,041              373
       Federal Funds sold                                      35                  22                 86              125
                                                        ---------          ----------         ----------        ---------
            Total interest income                             890                 337              2,193              685

Interest Expense
       Deposits                                               475                 124              1,066              220
       Other                                                    0                   0                  0                0
                                                        ---------          ----------         ----------        ---------
            Total interest expense                            475                 124              1,066              220

Net Interest Income                                           415                 213              1,127              465

Provision  for loan losses                                     36                  27                 98               97
                                                        ---------          ----------         ----------        ---------

Net interest income after provision for loan losses           379                 186              1,029              368

Noninterest income                                             84                  21                176               38

Noninterest expense
       Salaries and benefits                                  159                 151                479              409
       Occupancy expense of premises                           31                  33                 94               75
       Furniture and equipment expense                         22                  33                 65               72
       Computer and data processing expenses                   61                  43                126              118
       Advertising and public relations                        30                  33                 95               98
       Professional fees                                       24                  25                 72               84
      Amortization of deposit premium
         and conversion cost                                    6                   4                 17                4
       Other expense                                           19                  10                 74               45
                                                        ---------          ----------         ----------        ---------
            Total noninterest expense                         352                 332              1,022              905
                                                        ---------          ----------         ----------        ---------

Profit (Loss) before federal income tax                       111                (125)               183             (499)

Federal income tax                                              0                   0                  0                0
                                                        ---------          ----------         ----------        ---------

Net profit (loss)                                       $     111          $     (125)        $      183        $    (499)
                                                        =========          ==========         ==========        =========

Basic and diluted profit (loss) per share               $     .12          $    (0.13)        $      .20        $   (0.53)
                                                        =========          ==========         ==========        =========
</TABLE>
          See accompanying notes to consolidated financial statements.

                                       4
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
  Three and Nine Month Periods Ended September 30, 2000 and September 30, 1999
                             (dollars in thousands)
                                   (Unaudited)
<TABLE>
                                                           Three Months     Three Months     Nine Months       Nine Months
                                                              Ended            Ended            Ended             Ended
                                                           September 30,    September 30,    September 30,     September 30,
                                                               2000             1999             2000              1999
                                                           -------------    -------------    -------------     ------------
<S>                                                        <C>              <C>              <C>               <C>
Net Profit (Loss) as Reported                              $     111        $    (125)       $     183         $    (499)

Other Comprehensive Income, Net of Tax:

       Change in unrealized gain on securities
           available for sale                                     (5)             (76)              17               (88)
                                                           ---------        ---------        ---------         ---------
Comprehensive Profit (Loss)                                $     106        $    (201)       $     200         $    (587)
                                                           =========        =========        =========         =========

</TABLE>


          See accompanying notes to consolidated financial statements.

                                       5
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                      Nine months ended September 30, 2000
                             (dollars in thousands)
                                   (Unaudited)
<TABLE>
                                                                                                 Accumulated
                                                                                                    Other              Total
                                                     Common       Capital      Accumulated       Comprehensive      Shareholders'
                                                     Stock        Surplus        Deficit            Income             Equity
                                                    -------       -------      -----------       -------------      -------------
<S>                                                 <C>           <C>          <C>                <C>                <C>
Balance December 31, 1999                           $  4,306      $ 4,306      $   (753)          $    (22)          $  7,837

Net income for six months
Ended September 30, 2000 (unaudited)                                                183                                   183

Increase  in  fair  market  value  of  securities
available for sale                                         0            0             0                 17                 17
                                                    --------      -------      --------           --------           --------
Balance September 30, 2000                          $  4,306      $ 4,306      $   (570)          $     (5)          $  8,037
                                                    ========      =======      ========           ========           ========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       6
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                      CONSOLIDATED STATEMENT OF CASH FLOWS
       Nine Month Periods Ended September 30, 2000, and September 30, 1999
                             (dollars in thousands)
                                   (unaudited)
<TABLE>
                                                                           Nine Months                   Nine Months
                                                                              Ended                         Ended
                                                                           September 30,                 September 30,
                                                                               2000                         1999
                                                                           -------------                 -----------
<S>                                                                        <C>                           <C>
Net Cash Provided by (used in) Operating Activities:
       Net cash provided by (used in) operating activities                 $       441                   $     (546)

Cash Flows from Investing Activities:
       Net increase in loans                                                   (10,191)                      (7,699)
       Net increase in securities                                               (8,022)                     (14,228)
       Deposit premium and conversion cost                                           0                         (182)
       Equipment expenditures                                                      (33)                        (126)
                                                                           -----------                   ----------
       Net cash used in investing activities                                   (18,246)                     (22,235)

Cash Flows from Financing Activities:
       Increase in deposits                                                     18,116                       16,276
       Repurchase of 14,400 shares of common stock                                   0                         (112)
                                                                           -----------                   -----------
       Net cash provided by financing activities                                18,116                       16,164

Net increase (decrease) in cash and cash equivalents                               311                       (6,617)
Cash and cash equivalents at beginning of year                                   2,467                        8,442
                                                                          ------------                   ----------

Cash and cash equivalents at September 30, 2000 and 1999                  $      2,778                   $    1,825
                                                                          ============                   ==========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       7
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
              September 30, 2000 (unaudited) and December 31, 1999



NOTE 1 - BASIS OF PRESENTATION

     The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally accepted  accounting  principles Ifor
interim  financial  information  and with the  instructions  to Form  10-QSB and
Article  10 of  Regulation  S-X.  Accordingly,  they do not  include  all of the
information and footnotes required by generally accepted  accounting  principles
for complete financial statements. In the opinion of management, all adjustments
(consisting only of normal recurring accruals)  considered  necessary for a fair
presentation  have been included.  Operating  results for the three months ended
September 30, 2000,  are not  necessarily  indicative of the results that may be
expected for the year ending December 31, 2000. For further  information,  refer
to the consolidated  financial  statements and footnotes thereto included in the
Company's  Proxy Statement  dated March 20, 2000  containing  audited  financial
statements  for the  period  from  May 18,  1998  (date of  inception),  through
December 31, 1999.

NOTE 2 - COMPUTATION OF EARNINGS PER SHARE

     Basic  earnings  (loss) per share is based on net income (loss)  divided by
the weighted average number of shares outstanding during the period.


NOTE 3 - PRINCIPLES OF CONSOLIDATION

     The accompanying  consolidated financial statements include the accounts of
Clarkston   Financial   Corporation  (the   "Company"),   and  its  wholly-owned
subsidiary,  Clarkston  State Bank (the "Bank").  All  significant  intercompany
accounts and transactions have been eliminated in consolidation.


                                       8
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
              September 30, 2000 (unaudited) and December 31, 1999

NOTE 4 - SECURITIES

The  amortized  cost and fair values of securities  were as follows  (dollars in
thousands):

Available for Sale
<TABLE>
                                                                      Gross               Gross           Estimated
                                                    Amortized       Unrealized         Unrealized           Market
                                                       Cost           Gains              Losses             Value
                                                     -------         --------          ----------         ---------
<S>                                                 <C>             <C>                <C>                <C>
  September 30, 2000 (Unaudited)
         Taxable variable rate demand
             Municipal revenue bonds,
             Short term corporate
             Commercial paper, and bonds
             of government agencies                  $ 8,664        $       0          $      (5)         $ 8,659
                                                     =======        ==========         =========          =======
Held to Maturity

  September 30, 2000 (Unaudited)
         Taxable variable rate demand
             Municipal revenue bonds,
             Short term corporate
             Commercial paper, and bonds
             of government agencies                 $ 18,268        $       0          $     (71)        $ 18,197
                                                    ========        =========          =========         ========
</TABLE>
Contractual  maturities  of debt  securities  at  September  30,  2000,  were as
follows.  Expected  maturities may differ from  contractual  maturities  because
borrowers may have the right to call or prepay  obligations with or without call
or prepayment penalties.
<TABLE>
                                                               Available-for-Sale Securities
                                                               -----------------------------
                                                                                   Estimated
                                                               Amortized            Market
                                                                  Cost               Value
                                                               ----------          -------
                                                                   (dollars in thousands)
      <S>                                                       <C>                <C>

      Due from 2000 to 2001                                     $7,269             $7,277
      Due from 2001 to 2002                                      1,305              1,292
      Due from 2002 to 2022                                         90                 90
                                                                ------             ------
                                                                $8,664             $8,659
                                                                ======             ======

                                                                      Held-To-Maturity
                                                                ----------------------------
                                                                                  Estimated
                                                               Amortized            Market
                                                                 Cost               Value

      Due from 2000-2003                                        $4,540             $4,505
      Due from 2004-2006                                         6,731              6,676
      Due from 2006-2028                                         6,997              7,016
                                                               -------           --------
                                                               $18,268           $ 18,197
                                                               =======           ========
</TABLE>
                                   (Continued)

                                       9
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
              September 30, 2000 (unaudited) and December 31, 1999


NOTE 5 - LOANS

Loans are as follows (dollars in thousands):
<TABLE>
                                                                               September 30               December 31,
                                                                                    2000                      1999
                                                                             ------------------           -----------
                                                                                (Unaudited)
        <S>                                                                       <C>                      <C>
        Commercial                                                                 $12,754                  $ 5,936
        Mortgage                                                                     3,596                    2,529
        Consumer                                                                     5,100                    2,798
                                                                                  --------                 --------
                                                                                    21,450                   11,263
        Allowance for loan losses                                                      234                      140
                                                                                  --------                 --------
                                                                                   $21,216                 $ 11,123
                                                                                   =======                 ========
</TABLE>

Activity in the allowance for loan losses is as follows (dollars in thousands):

<TABLE>
                                                                              Nine months                For the
                                                                                 Ended                  Year Ended
                                                                             September 30              December 31,
                                                                                 2000                      1999
                                                                          ------------------           ----------
                                                                             (Unaudited)
        <S>                                                                     <C>                   <C>
        Balance at beginning of period                                         $ 140                  $       0
               Provision charged to operating expense                             98                        142
        Net loans (charge-offs) recoveries                                        (4)                        (2)
                                                                               -----                  ---------

        Balance at end of periods                                              $ 234                  $     140
                                                                               =====                  =========
        Allowance for loan losses as a percentage of
               loans at end of period                                          1.09%                      1.24%
                                                                               =====                  =========
</TABLE>
                                   (Continued)

                                       10
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
              September 30, 2000 (unaudited) and December 31, 1999



NOTE 6 - PREMISES AND EQUIPMENT - NET

Premises and equipment are as follows (dollars in thousands):
<TABLE>
                                                                                      Accumulated          Carrying
                                                                         Cost         Depreciation           Value
                                                                         ----         ------------         --------
<S>                                                                      <C>          <C>                 <C>
September 30, 2000 (unaudited)
       Building and improvements                                         $    97       $     11           $     89
       Furniture and equipment                                               355            138                217
                                                                         -------       --------           --------
                                                                         $   452       $    149           $    303
                                                                         =======       ========           ========
December 31, 1999
       Building and improvements                                         $    87      $       5           $     82
       Furniture and equipment                                               332             77                255
                                                                         -------      ---------           --------
                                                                         $   419      $      82           $    337
                                                                         =======      =========           ========
</TABLE>

NOTE 7 - DEPOSITS

Interest-bearing deposits are summarized as follows (dollars in thousands):
<TABLE>
                                                                              September 30,              December 31,
                                                                                  2000                       1999
                                                                              --------------             -----------
<S>                                                                             <C>                      <C>
Demand deposit accounts                                                           $ 4,237                 $  3,111
Money market accounts                                                               2,084                    1,908
Savings accounts                                                                    7,694                    6,170
Certificates of Deposit                                                            25,784                   11,406
                                                                                 --------                 --------
                                                                                 $ 39,799                 $ 22,595
                                                                                 ========                 ========
</TABLE>
                                   (Continued)

                                       11
<PAGE>
Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS

General

     Clarkston Financial  Corporation (the "Company") is a Michigan  corporation
incorporated  on May 18,  1998.  The  Company is the bank  holding  company  for
Clarkston State Bank (the "Bank").  The Bank commenced  operations on January 4,
1999. The Bank is a Michigan chartered bank with depository  accounts insured by
the Federal  Deposit  Insurance  Corporation.  The Bank provides a full range of
commercial and consumer banking services,  primarily in Clarkston,  Michigan and
the surrounding market area primarily located in north Oakland County, Michigan.
The Bank also  operates a branch  office in the  Farmer  Jack  grocery  store in
Clarkston, Michigan.

Financial Condition

     Total assets of the Company  increased  by $18.4  million or 55.3% to $51.7
million at September  30,  2000,  from $33.3  million at December 31, 1999.  The
increase in assets is primarily  attributable  to the Bank continuing to attract
customer deposits.  The Company anticipates that the Bank's assets will continue
to  increase  during  2000,  which  will  be the  Bank's  second  full  year  of
operations.

     Cash and cash equivalents,  which include federal funds sold and short-term
investments,  increased  $0.3 million or 12.0% to $2.8 million at September  30,
2000,  from $2.5 million at December 31, 1999. The increase is the result of the
increase in the balance of the Bank's Due From Banks account since  December 31,
1999.

     Securities  increased  $8.0 million or 42.3% to $26.9  million at September
30, 2000 from $18.9 million at December 31, 1999.  The increase is the result of
increased deposits that have been invested in securities.

     Total  loans  increased  by $10.2  million  or 90.0%  to $21.5  million  at
September 30, 2000, from $11.3 million at December 31, 1999. Management believes
that the total loans will continue to grow,  although at a lower percentage rate
of increase.

     The  allowance  for loan  losses as of  September  30,  2000 was  $234,000,
representing  approximately  1.09%  of  total  loans  outstanding,  compared  to
$140,000 December 31, 1999. This increase  resulted  primarily from the increase
in the Bank's total loans.

     As of December 31, 1999, the Company had an accumulated deficit of $753,000
and as of  September  30,  2000,  the  accumulated  deficit  was  $570,000.  The
accumulated  deficit is  primarily  the result of opening the Bank's main office
and its one  branch,  wages paid to  employees,  fees and  expenses  incurred in
forming  the Company and  applying  for  regulator  approvals.  Future  retained
earnings are expected to further reduce and eventually eliminate the accumulated
deficit.

Results of Operations

     The  Company's  net  income  was  $111,000  for the third  quarter  of 2000
compared to a loss of  $125,000  for the third  quarter of 1999.  The Bank began
operations in 1999, and became profitable in the first quarter of 2000.

                                       12
<PAGE>
     Interest income was $890,000 for the three months ended September 30, 2000,
an increase of $553,000  from  interest  income of $337,000 for the three months
ended  September  30, 1999.  Interest  expense was $475,000 for the three months
ended  September  30, 2000,  an increase of $351,000  from  interest  expense of
$124,000 for the three months ended  September 30, 1999, and relates to interest
paid on interest bearing deposits.

     The Company had an  allowance  for loan  losses of  approximately  1.09% of
total loans at September  30, 2000.  The  provision  for loan loss for the three
months ended  September  30, 2000 was $36,000.  Management  believes the current
rate of providing for the loan loss reserve is adequate.

     In each accounting period,  management evaluates the problems and potential
losses in the loan portfolio.  Consideration is also given to off-balance  sheet
items that may  involve  credit  risk,  such as  commitments  to extend  credit.
Management's  evaluation of the allowance is further based on  consideration  of
actual loss  experience,  the present and  prospective  financial  condition  of
borrowers, adequacy of collateral,  industry concentrations within the portfolio
and general economic conditions.  The results of these evaluations are reflected
in the allowance and periodic provision for credit losses.

     The  primary  risk  element   considered  by  management   regarding   each
installment  and  residential  real estate loan is the lack of timely  payments.
Management  has a reporting  system that monitors past due loans and has adopted
policies  to pursue  its  creditor's  rights  in order to  preserve  the  Bank's
position.  The  primary  risk  elements  concerning  commercial  loans  are  the
financial condition of the borrower,  the sufficiency of the collateral and lack
of timely  payment.  Management has a policy of requesting and reviewing  annual
financial statements from its commercial loan customers and periodically reviews
the existence and value of collateral for selected loans.

     Noninterest  income was $84,000 for the third  quarter of 2000  compared to
$21,000 for the third quarter of 1999. This increase was due in part to the fact
that  noninterest  income for the third  quarter of 1999 was net of ATM  charges
paid by the Bank. In the third quarter of 2000, noninterest income was increased
by NSF fees of $16,000 and ATM income of $31,000  before the ATM charges paid by
the Bank, which are now reflected in noninterest expense as part of computer and
data processing expenses.

     Noninterest  expense was $352,000 for the third  quarter of 2000, a $20,000
(or 6.0%) increase over the third quarter of 1999,  with the increase  primarily
attributable to the increase in computer and data processing expenses.

Liquidity and Capital Resources

     The  Company  obtained  its  initial  equity  capital in an initial  public
offering of its common stock in November,  1998. The Company's plan of operation
for the next twelve  months does not  contemplate  the need to raise  additional
capital  during that period.  Management  believes that its current  capital and
liquidity will provide the Company with adequate capital to support its expected
level of deposit  and loan  growth and to  otherwise  meet its cash and  capital
requirements for at least the next one to two years.

Forward Looking Statements

     This report contains certain forward-looking  statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities  Exchange  Act  of  1934,  as  amended.   The  Company  intends  such
forward-looking  statements  to be covered  by the safe  harbor  provisions  for
forward-looking  statements  contained in the Private  Securities  Reform Act of
1995, and is

                                       13
<PAGE>
including  this  statement  for  purposes  of  these  safe  harbor   provisions.
Forward-looking statements,  which are based on certain assumptions and describe
future  plans,  strategies  and  expectations  of  the  Company,  are  generally
identifiable by use of the words "believe,"  "expect,"  "intend,"  "anticipate,"
"estimate,"  "project" or similar expressions.  The Company's ability to predict
results  or the  actual  effect  of future  plans or  strategies  is  inherently
uncertain.  Factors which could have a material adverse affect on the operations
and future  prospects of the Company and the subsidiaries  include,  but are not
limited  to,  changes  in:  interest   rates,   general   economic   conditions,
legislative/regulatory  changes,  monetary  and  fiscal  policies  of  the  U.S.
Government,  including  policies of the U.S.  Treasury  and the Federal  Reserve
Board, the quality or composition of the loan or investment  portfolios,  demand
for loan products, deposit flows, competition,  demand for financial services in
the Company's  market area and accounting  principles,  policies and guidelines.
These risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such  statements.  Further
information  concerning  the  Company  and its  business,  including  additional
factors  that  could  materially  affect the  Company's  financial  results,  is
included in the Company's filings with the Securities and Exchange Commission.

                                       14
<PAGE>
PART II - OTHER INFORMATION


Item 1.       Legal Proceedings.

None.


Item 2.       Changes in Securities and Use of Proceeds.

None.


Item 3.       Defaults Upon Senior Securities.

None.


Item 4.       Submission of Matters to a Vote of Securities Holders

None

Item 5.       Other Information.

None.


Item 6.       Exhibits and Reports on Form 8-K.

       (a)    Exhibits -

              27  Financial Data Schedule
                  (EDGAR version only)

       (b)    Reports on Form 8-K - None.


                                       15
<PAGE>
                                   SIGNATURES


     In accordance with the requirements of the Securities Exchange Act of 1934,
as amended,  the Registrant has duly caused this Quarterly Report on Form 10-QSB
for the quarter  ended  September  30,  2000,  to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                           CLARKSTON FINANCIAL CORPORATION


                                           /s/ David T. Harrison
                                           David T. Harrison
                                           President and Chief Executive Officer



                                           /s/ Terry R. Wolf
                                           Terry R. Wolf
                                           Treasurer


DATE:    November 10, 2000



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