Clarkston State Bank grows off increased commercial lending

The financial crisis wasn't a crisis for everyone. For Clarkston State Bank it was an opportunity. The Clarkston-based bank filled in the vacuum of commercial lending in recent years while larger banks ran scared from the sector. That has allowed the local bank to grow its bottom line and a few other things. "We've been a very active lender, specifically commercial lending," says Grant Smith, president & CEO of Clarkston State Bank. "It's why we have been hiring a few people this year." The 15-year-old community bank has hired three people over the last year, including a vice president of credit administration and a treasurer. It now employs a staff of 44 people among four branches in Clarkston, Waterford, and Independence Township. It is currently building a replacement branch near McLaren Hospital. Clarkston State Bank has watched its revenue grow by 20-30 percent for each of the last few years. Its net income is up 20 percent while retail deposits are up $15 million. The bank also booked $30 million in new lending last year while it reviewed nearly $60 million in deals during that time. It hopes to add a few million more in lending this year. "That's quite a bit for a small bank," Smith says. Source: Grant Smith, president & CEO of Clarkston State Bank Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.