<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001068366</cik>
        <entityName>CLARKSTON FINANCIAL CORP</entityName>
        <issuerAddress>
            <street1>6600 HIGHLAND ROAD SUITE 24</street1>
            <city>WATERFORD</city>
            <stateOrCountry>MI</stateOrCountry>
            <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
            <zipCode>48327</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>248-625-8585</issuerPhoneNumber>
        <jurisdictionOfInc>MICHIGAN</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>J</firstName>
                <middleName>Grant</middleName>
                <lastName>Smith</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <lastName>Wayne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Edwin</firstName>
                <middleName>L</middleName>
                <lastName>Adler</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>J</middleName>
                <lastName>Clark</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <lastName>Rogers</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>E</middleName>
                <lastName>Kimble</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <lastName>Murvay</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>H</middleName>
                <lastName>Welker</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Clarkston Financial Corporation</street1>
                <street2>6600 Highland Road Suite 24</street2>
                <city>Waterford</city>
                <stateOrCountry>MI</stateOrCountry>
                <stateOrCountryDescription>MICHIGAN</stateOrCountryDescription>
                <zipCode>48327</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>$5,000,001 - $25,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.6</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000926044-10-000112</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-01-29</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>10218000</totalOfferingAmount>
            <totalAmountSold>1700000</totalAmountSold>
            <totalRemaining>8518000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>15</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CLARKSTON FINANCIAL CORP</issuerName>
                <signatureName>/s/ J. Grant Smith</signatureName>
                <nameOfSigner>J. Grant Smith</nameOfSigner>
                <signatureTitle>President and CEO</signatureTitle>
                <signatureDate>2010-12-20</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
