SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: July 26, 2005

CLARKSTON FINANCIAL CORPORATION
(Exact name of registrant as
specified in its charter)

Michigan
(State or other
jurisdiction of
incorporation)

333-63685
(Commission
File Number)

38-3412321
(IRS Employer
Identification no.)

6600 Highland Road, Suite 24
Waterford, Michigan
(Address of principal executive office)

48327
(Zip Code)

Registrant’s telephone number,
including area code: (248) 922-6945

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[    ]     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[    ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
[    ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)).
[    ]     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Item 8.01. Other Events.

On July 26, 2005, Clarkston Financial Corporation issued a press release announcing that 165,776 shares of its common stock were sold in its previously announced rights offering, resulting in total gross proceeds of $2,983,968. A copy of the press release is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

Exhibit

99.1 Press release dated July 26, 2005 announcing the results of the rights offering.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: July 26, 2005

CLARKSTON FINANCIAL CORPORATION
(Registrant)

By: /s/ J. Grant Smith
      J. Grant Smith
      Chief Operating Officer and
         Chief Financial Officer

EXHIBIT INDEX

CLARKSTON FINANCIAL CORP 8-K