Value Microcaps Free-For-All

[larrybaz]

CKSB.OB - Should be good for a few dollars:

Clarkston Financial Corporation (OTC Bulletin Board: CKSB), the holding company for Clarkston State Bank and Huron Valley State Bank, announced today that shareholders have overwhelmingly approved a proposal by the Board of Directors to end the Corporation's obligation to file reports with the Securities and Exchange Commission. Fully 92% of the shares voted supported the proposal.

As outlined in the proxy materials sent to shareholders, the Corporation plans to complete a 1-for-111 reverse split of the Corporation's common stock to be followed immediately by a 111-for-1 forward split. In the split transactions, shareholders of record with fewer than 111 shares of the Corporation's common stock, immediately before the split transaction, will receive a cash payment equal to $10.00 per pre-split share. Shareholders of record holding 111 or more shares of the Corporation's common stock, immediately before the split transaction, will not receive a cash payment and will continue to hold the same number of shares after completion of the split transaction. When the split transactions are completed, the Corporation expects to have fewer than 300 shareholders of record and become eligible to file a Form 15 to eliminate its obligation to file periodic reports and other information with the Securities and Exchange Commission. The Corporation anticipates that its common stock will continue to be quoted on the OTC Bulletin Board to the extent market makers continue to make a market in its shares.

Edwin L. Adler, Board Chairman, said, "The corporation expects meaningful cost savings as a result of the change, particularly in light of new requirements under the Sarbanes-Oxley Act."

J. Grant Smith, CEO, added, "We intend to continue to hold annual meetings and provide our shareholders with financial information through press releases and postings on our website."