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 March 31, 2001

                                       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:  1,026,012  shares of the Company's
Common Stock (no par value) were outstanding as of March 31, 2001.

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
                March 31, 2001 (unaudited) and December 31, 2000
                  (dollars in thousands, except per share data)
<TABLE>
                                                                                  March 31,              December 31,
                                                                                     2001                    2000
                                                                                 ----------               ---------
                                                                                (Unaudited)
ASSETS
<S>                                                                             <C>                       <C>
Cash and Cash Equivalents
       Total cash and due from banks                                             $       848              $      862
        Federal funds sold                                                             6,550                   2,550
                                                                                 -----------              ----------
            Total Cash and Cash Equivalents                                            7,398                   3,412

Securities Held to Maturity                                                           17,032                  21,342
Securities Available for Sale, at fair value                                           6,877                   8,989

Loans, less Loan Loss Reserve
       Total loans                                                                    27,392                  25,762
       Allowance for loan losses                                                         392                     379
                                                                                 -----------              ----------
       Net Loans                                                                      27,000                  25,383

Net Property and Equipment                                                               508                     282
Accrued interest receivable                                                              256                     457
Deposit premium and conversion costs,
       net of amortization                                                               144                     150
Other Assets                                                                             158                     205
                                                                                 -----------              ----------
            Total Assets                                                         $    59,373              $   60,220
                                                                                 ===========              ==========
LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits
       Noninterest-bearing                                                             7,333                   6,598
       Interest-bearing                                                               43,276                  44,810
                                                                                 -----------              ----------
            Total deposits                                                            50,609                  51,408
       Accrued Expenses and Other Liabilities                                            349                     534

Shareholders' Equity
       Common stock, no par value: 10,000,000
             Shares authorized; 1,026,012 and 1,026,012 shares
             issued and outstanding as of March 31, 2001
             and December 31, 2000                                                     4,306                   4,306
       Capital surplus                                                                 4,306                   4,306
       Accumulated deficit                                                              (221)                   (335)
       Accumulated other comprehensive income (loss)                                      24                       1
                                                                                 -----------              ----------
             Total Shareholder Equity                                                  8,415                   8,278
                                                                                 -----------              ----------

              Total Liabilities and Shareholders' Equity                         $    59,373              $   60,220
                                                                                 ===========              ==========
</TABLE>
           See accompanying notes to consolidated financial statements

                                       3
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                        CONSOLIDATED STATEMENT OF INCOME
          Three Month Periods Ended March 31, 2001, and March 31, 2000
                  (dollars in thousands, except per share data)
                                   (unaudited)
<TABLE>
                                                                Three Months                Three Months
                                                                    Ended                       Ended
                                                               March 31, 2001              March 31, 2000
                                                               --------------              --------------
<S>                                                             <C>                        <C>
Interest Income
       Loans, including fees                                    $     577                  $      273
       Securities                                                     465                         296
       Federal Funds sold                                              62                          26
                                                                ---------                  ----------
            Total interest income                                   1,104                         595

Interest Expense
       Deposits                                                       612                         259
       Other                                                            0                           0
                                                                ---------                  ----------
            Total interest expense                                    612                         259

Net Interest Income                                                   492                         336

Provision  for loan losses                                             17                          33
                                                                ---------                  ----------

Net interest income after provision for loan losses                   475                         303

Noninterest income                                                     75                          32

Noninterest expense
       Salaries and benefits                                          197                         163
       Occupancy expense of premises                                   38                          32
       Furniture and equipment expense                                 32                          20
       Computer and data processing expenses                           47                          32
       Advertising and public relations                                18                          34
       Professional fees                                               36                          30
      Amortization of deposit premium
         and conversion cost                                            6                           6
       Other expense                                                   10                          21
                                                                ---------                  ----------
            Total noninterest expense                                 384                         338
                                                                ---------                  ----------

Profit (Loss) before federal income tax                               166                          (3)

Federal income tax                                                     52                           0
                                                                ---------                  ----------

Net profit (loss)                                               $     114                  $       (3)
                                                                =========                  ==========

Basic and diluted profit (loss) per share                       $     .11                  $       (0)
                                                                =========                  ==========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                       4
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
               Three Month Ended March 31, 2001 and March 31, 2000
                             (dollars in thousands)
                                   (Unaudited)
<TABLE>

                                                                   Three Months             Three Months
                                                                       Ended                    Ended
                                                                     March 31,                March 31,
                                                                       2001                      2000
                                                                       ----                      ----
<S>                                                                  <C>                     <C>
Net Profit (Loss) as Reported                                        $    114                $    (3)

Other Comprehensive Income, Net of Tax:

       Change in unrealized gain on securities
           available for sale                                              23                     (2)
                                                                    ---------                --------
Comprehensive Profit (Loss)                                         $     137                $    (5)
                                                                    =========                ========
</TABLE>



          See accompanying notes to consolidated financial statements.

                                       5
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                        Three months ended March 31, 2001
                             (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, 2000                           $  4,306      $ 4,306    $     (335)         $       1            $   8,278

Net income for three months
Ended March 31, 2001 (unaudited)                                                    114                                     114

Increase  in  fair  market  value  of  securities
available for sale                                         0            0             0                 23                   23
                                                    --------      -------    ----------          ---------           ----------
Balance March 31, 2001                              $  4,306      $ 4,306    $     (221)         $      24           $    8,415
                                                    ========      =======    ==========          =========           ==========

</TABLE>





          See accompanying notes to consolidated financial statements.

                                       6
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                      CONSOLIDATED STATEMENT OF CASH FLOWS
              Three Months ended March 31, 2001, and March 31, 2000
                             (dollars in thousands)
                                   (unaudited)
<TABLE>
                                                                                Three Months                    Three Months
                                                                                   Ended                           Ended
                                                                                  March 31,                      March 31,
                                                                                    2001                           2000
                                                                                -----------                     ---------
<S>                                                                             <C>                             <C>
Net Cash Provided by Operating Activities:
       Net cash provided by operating activities                                $       235                     $     185

Cash Flows from Investing Activities:
       Net increase in loans                                                         (1,630)                       (3,706)
       Net decrease in securities                                                     6,422                         1,974
       Property and Equipment expenditures                                             (242)                           (3)
                                                                                -----------                     ----------
       Net cash provided by (used in) investing activities                            4,550                        (1,735)

Cash Flows from Financing Activities:
       Increase (decrease) in deposits                                                 (799)                        1,256
                                                                                -----------                         -----

Net increase (decrease) in cash and cash equivalents                                  3,986                          (294)
Cash and cash equivalents at beginning of year                                        3,412                         2,467
                                                                                -----------                    ----------

Cash and cash equivalents at March 31, 2001 and 2000                            $     7,398                    $    2,173
                                                                                ===========                    ==========
</TABLE>


          See accompanying notes to consolidated financial statements.

                                       7
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                March 31, 2001 (unaudited) and December 31, 2000



NOTE 1 - BASIS OF PRESENTATION

     The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally  accepted  accounting  principles for
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
March 31,  2001,  are not  necessarily  indicative  of the  results  that may be
expected for the year ending December 31, 2001. For further  information,  refer
to the consolidated  financial  statements and footnotes thereto included in the
Company's  Proxy  Statement  dated April 2, 2001  containing  audited  financial
statements as of December 31, 2000 and 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
                March 31, 2001 (unaudited) and December 31, 2000

NOTE 4 - SECURITIES

     The amortized cost and fair values of securities  were as follows  (dollars
in thousands):
<TABLE>
Available for Sale

                                                                       Gross              Gross           Estimated
                                                    Amortized        Unrealized        Unrealized           Market
                                                       Cost            Gains             Losses             Value
                                                    ---------        ----------        ----------         ----------
<S>                                                 <C>              <C>                <C>               <C>
  March 31, 2001 (Unaudited)
         Taxable variable rate demand
             Municipal revenue bonds,
             Short term corporate
             Commercial paper, and bonds
             of government agencies                  $ 6,852        $      37         $      (12)         $6,877
                                                     =======        =========         ==========          ======

Held to Maturity

  March 31, 2001 (Unaudited)
         Taxable variable rate demand
             Municipal revenue bonds,
             Short term corporate
             Commercial paper, and bonds
             of government agencies                 $ 17,032        $     196         $      (31)       $ 17,197
                                                    ========        =========         ==========        ========
</TABLE>

Contractual  maturities of debt  securities at March 31, 2001,  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 2001 to 2002                                                     $ 291              $ 293
      Due from 2002 to 2003                                                       865                869
      Due from 2003 to 2032                                                     5,696              5,715
                                                                                -----              -----
                                                                               $6,852             $6,877
                                                                               ======             ======


                                                                                 Held-To-Maturity
                                                                                                Estimated
                                                                            Amortized             Market
                                                                               Cost               Value
                                                                            ---------           ---------
      Due from 2001-2003                                                         $  0               $  0
      Due from 2004-2006                                                        4,066              4,105
      Due from 2006-2032                                                       12,966             13,092
                                                                               ------             ------
                                                                              $17,032           $ 17,197
                                                                              =======           ========
</TABLE>
                                   (Continued)

                                       9
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                March 31, 2001 (unaudited) and December 31, 2000


NOTE 5 - LOANS

Loans are as follows (dollars in thousands):
<TABLE>
                                                                                  March 31,               December 31,
                                                                                    2001                      2000
                                                                                 -----------              -----------
                                                                                 (Unaudited)
        <S>                                                                       <C>                     <C>
        Commercial                                                                 $17,761                  $16,100
        Mortgage                                                                     3,466                    3,955
        Consumer                                                                     6,165                    5,707
                                                                                  --------                 --------
                                                                                    27,392                   25,762
        Allowance for loan losses                                                      392                      379
                                                                                  --------                 --------
                                                                                   $27,000                 $ 25,383
                                                                                   =======                 ========
</TABLE>

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

<TABLE>
                                                                                Three months                For the
                                                                                   Ended                  Year Ended
                                                                                  March 31,               December 31,
                                                                                    2001                      2000
                                                                                 -----------              ----------
                                                                                 (Unaudited)
        <S>                                                                      <C>                     <C>
        Balance at beginning of period                                              $  379                 $   140
               Provision charged to operating expense                                   17                     243
        Net loans (charge-offs) recoveries                                              (4)                     (4)
                                                                                    ------                 --------

        Balance at end of periods                                                     $392                 $   379
                                                                                    ======                 =======

        Allowance for loan losses as a percentage of
               loans at end of period                                                1.43%                   1.47%
                                                                                    ======                 =======
</TABLE>

                                   (Continued)

                                       10
<PAGE>
                         CLARKSTON FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                March 31, 2001 (unaudited) and December 31, 2000



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>
March 31, 2001 (unaudited)
       Building and improvements                                       $     323      $      12        $     311
       Furniture and equipment                                               377            180              197
                                                                       ---------      ---------        ---------
                                                                       $     700      $     192        $     508
                                                                       =========      =========        =========

December 31, 2000
       Building and improvements                                       $      86      $       8        $      78
       Furniture and equipment                                               372            168              204
                                                                       ---------      ---------        ---------
                                                                       $     458      $     176        $     282
                                                                       =========      =========        =========
</TABLE>

NOTE 7 - DEPOSITS

Interest-bearing deposits are summarized as follows (dollars in thousands):
<TABLE>
                                                                                 March 31,              December 31,
                                                                                   2001                    2000
                                                                                ----------              ----------
<S>                                                                             <C>                     <C>
Demand deposit accounts                                                           $ 2,067                 $  1,635
Money market accounts                                                               2,947                    3,524
Savings accounts                                                                    5,769                    5,796
Certificates of Deposit                                                            32,493                   33,855
                                                                                 --------                 --------
                                                                                 $ 43,276                 $ 44,810
                                                                                 ========                 ========
</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. The Bank is planning to open a third branch, which will be
full service,  around June 1, 2001,  and will be located at 6600 Highland  Road,
Suite #2 in Waterford, Michigan. The Bank will also open a temporary office just
north of Clarkston,  this summer,  to help our customers because of the downtown
construction.

Financial Condition

     Total  assets of the  Company  decreased  by $0.8  million or 1.4% to $59.4
million at March 31, 2001, from $60.2 million at December 31, 2000. The decrease
in assets is primarily  attributable to a reduction in securities because of the
high number of called issues by the government. The Company anticipates that the
Bank will turn this trend around and increase its asset base during 2001,  which
will be the Bank's third full year of operations.

     Securities  decreased  $6.4 million or 21.2% to $23.9  million at March 31,
2001 from $30.3  million at December 31,  2000.  The decrease is the result of a
reduction  in deposits of $0.8  million,  increases in loans of $1.6 million and
increases in federal funds of $4.0 million.

     Total loans increased by $1.6 million or 6.2% to $27.4 million at March 31,
2001,  from $25.8  million at December 31, 2000.  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  March  31,  2001  was  $392,000,
representing  approximately  1.43%  of  total  loans  outstanding,  compared  to
$379,000 as of December 31, 2000.  This  increase  resulted  primarily  from the
increase in the Bank's total loans.

     As of December 31, 2000, the Company had an accumulated deficit of $335,000
and as of March 31, 2001, the accumulated deficit was $222,000.  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  $114,000  for the first  quarter  of 2001
compared  to a loss of $3,000  for the first  quarter  of 2000.  The Bank  began
operations in 1999, and became profitable in the first quarter of 2000.

     Interest  income was  $1,104,000 for the three months ended March 31, 2001,
an increase of $513,000  from  interest  income of $591,000 for the three months
ended March 31, 2001.  Interest expense

                                       12
<PAGE>
was $612,000 for the three months ended March 31, 2001,  an increase of $353,000
from interest expense of $259,000 for the three months ended March 31, 2000, and
relates to interest paid on interest bearing deposits.

     The Company had an  allowance  for loan  losses of  approximately  1.43% of
total loans at March 31, 2001.  The provision for loan loss for the three months
ended March 31,  2001 was  $17,000.  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 $75,000 for the first  quarter of 2001  compared to
$32,000  for  the  first  quarter  of  2000.  This  increase  was due in part to
increases of service charges from $4,000 to $11,000, loan fees (net) from $4,000
to $10,000 and other miscellaneous fees from $24,000 to $54,000.

     Noninterest  expense was $384,000 for the first  quarter of 2001, a $46,000
(or 13.6%) increase over the first quarter of 2000, with the increase  primarily
attributable  to  increases in salaries and benefits due to the increase of full
time equivalents  from 14.8 to 16.8 and normal raises given to employees.  There
were also  increases in computer and data  processing  expenses due to growth in
the number of accounts processed.

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 or 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  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

                                       13
<PAGE>
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 -

     (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  March  31,  2001,  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
                                      Principal Financial and Accounting Officer


DATE:    May 14, 2001



                                       16