Edgar Filing: COMMUNITY CENTRAL BANK CORP

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934

For the fiscal year ended December 31, 2007 Commission File No. 000-33373

COMMUNITY CENTRAL BANK CORPORATION
(Exact name of registrant as specified in its charter)

Michigan 38-3291744
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)

100 N. Main Street, Mount Clemens, Michigan 48043-5605
(Address of principal executive offices and zip code)

(586) 783-4500
(Registran's telephone number, including area code)

Securities registered under Section 12(b) of the Act:

TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED
-------------------------- -----------------------------------------

COMMON STOCK, NO PAR VALUE NASDAQ GLOBAL MARKET

Securities registered under Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act. Yes [ ] No [X]

Indicate by check mark whether the registrant is not required to file reports
pursuant to Section 13 or 15(d) of the Exchange Act. Yes [ ] No [X]

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act 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 [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-Kis not contained herein, and will not be contained, to the best
of the registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of "large accelerated filer," "accelerated filer" and
"smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Non-
accelerated
filer [ ]
Large (Do not check if a Smaller
accelerated Accelerated smaller reporting reporting
filer [ ] Filer [ ] company) company [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Act). [ ] Yes [X] No

The aggregate market value of voting and non-voting common equity of the
registrant held by nonaffiliates was approximately $24.4 million as of June 29,
2007 based on the price at which the common stock was last sold $9.45 on that
date.

As of March 24, 2008, 3,732,081 shares of Common Stock of the issuer were
outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:

Parts I and II - Portions of Stockholder Report of the issuer for the year ended
December 31, 2007. Part III - Portions of the Proxy Statement of the issuer for
its April 15, 2008 Annual Meeting.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements throughout that are based on
management's beliefs, assumptions, current expectations, estimates and
projections about the financial services industry, the economy, and about the
Corporation and the Bank. Words such as anticipates, believes, estimates,
expects, forecasts, intends, is likely, plans, projects, variations of such
words and similar expressions are intended to identify such forward-looking
statements. These forward-looking statements are intended to be covered by the
safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
These statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict with regard
to timing, extent, likelihood and degree of occurrence. Actual results and
outcomes may materially differ from what may be expressed or forecasted in the
forward-looking statements. The Corporation undertakes no obligation to update,
amend, or clarify forward looking statements, whether as a result of new
information, future events (whether anticipated or unanticipated), or otherwise.

Future factors that could cause actual results to differ materially from the
results anticipated or projected include, but are not limited to, the following:
expected cost savings and synergies from our acquisition activities might not be
realized within the expected time frames, and costs or difficulties related to
integration matters might be greater than expected; expenses associated with the
implementation of our trust and wealth management services might be greater than
expected, whether due to a possible need to hire more employees than anticipated
or other costs incurred in excess of budgeted amounts; the credit risks of
lending activities, including changes in the level and direction of loan
delinquencies and write-offs and changes in estimates of the adequacy of the
allowance for loan losses; competitive pressures among depository institutions;
interest rate movements and their impact on customer behavior and net interest
margin; the impact of repricing and competitor's pricing initiatives on loan and
deposit products; the ability to adapt successfully to technological changes to
meet customers' needs and development in the market place; our ability to access
cost-effective funding; changes in financial markets; changes in economic
conditions in general and particularly as related to the automotive and related
industries in the Detroit metropolitan area; new legislation or regulatory
changes, including but not limited to changes in federal and/or state tax laws
or interpretations thereof by taxing authorities; changes in accounting
principles, policies or guidelines; and our future acquisitions of other
depository institutions or lines of business.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

PART I

ITEM 1. BUSINESS

Community Central Bank Corporation is the holding company for Community
Central Bank (the "Bank") in Mount Clemens, Michigan. The Bank opened for
business in October 1996 and serves businesses and consumers across Macomb,
Oakland, St. Clair and Wayne counties with a full range of lending, deposit,
trust, wealth management, and Internet banking services. The Bank operates three
full service facilities, in Mount Clemens, Rochester Hills and Grosse Pointe,
Michigan. Community Central Mortgage Company, LLC, a subsidiary of the
Corporation and the Bank, operates locations servicing the Detroit metropolitan
area and northwest Indiana. River Place Trust and Community Central Wealth
Management are divisions of Community Central Bank. Community Central Insurance
Agency, LLC is a wholly owned subsidiary of Community Central Bank.

The Corporation is subject to regulation by the Board of Governors of the
Federal Reserve System. The Bank is subject to extensive regulation by the
Michigan Office of Financial and Insurance Services ("OFIS") and by the Federal
Deposit Insurance Corporation ("FDIC"). The Bank's deposits are insured up to
the applicable limits by the FDIC. (See "-Regulation and Supervision" below.)
The Corporation's common shares trade on The NASDAQ Global Market under the
symbol "CCBD."

Our results of operations depend largely on net interest income. Net
interest income is the difference in the interest income we earn on
interest-earning assets, which comprise primarily commercial and residential
real estate loans, and to a lesser extent commercial business and consumers
loans, and the interest we pay on interest-bearing liabilities, which are
primarily deposits and borrowings. Management strives to match the repricing
characteristics of the interest-earning assets and interest-bearing liabilities
to protect net interest income from changes in market interest rates and changes
in the shape of the yield curve.

Our results of operations may also be affected by local and general
economic conditions. The largest geographic segment of our customer base is in
Macomb County, Michigan. The economic base of the County continues to diversify
from the automotive service sector although the impact of the restructuring of
the American automobile companies has a direct impact on southeastern Michigan.
A slowdown in the local and statewide economy has produced increased financial
strain on segments of our customer base. We have experienced increased
delinquency levels and losses in our loan portfolio, primarily with residential
developer loans, residential real estate loans and home equity and consumer
loans. Further downturns in the local economy may affect the demand for
commercial loans and related small to medium business related products. This
could have a significant impact on how we deploy earning assets. The competitive
environment among the Bank, other financial institutions and financial service
providers in the Macomb, Oakland, Wayne and St. Clair counties of Michigan may
affect the pricing levels of various deposit products. The impact of competitive
rates on deposit products may increase our cost of funds and thus negatively
impact net interest income. See "Management's Discussion and Analysis and
Results of Operations" contained in our Annual Stockholder Report included as
Exhibit 13 to this 10-K.

The Corporation continues to see competitive deposit rates offered from
local financial institutions within the geographic proximity of the Bank which
could have the effect of increasing the costs of funds to a level higher than
management projects. The Corporation continues to utilize wholesale forms of
funding earning assets through the FHLB and brokered certificates of deposit to
balance both interest rate risk and the overall cost of funds. Brokered and
internet certificates of deposit are based on a nationwide interest rate
structure, typically at what is considered to be a premium interest rate. The
local competition for certificates of deposit products has intensified and the
Bank has found this type of wholesale funding to often effectively compete with
the rates offered for similar term retail certificates of deposit products of
local community and regional banks.

The addition of a new branch location in Grosse Pointe Woods, Michigan,
which is anticipated to open this spring, will represent the second branch
location in this upscale market of southeastern Michigan. The Corporation
continues to work on cost controls throughout our organization as evidenced by
total noninterest expense decreasing 4.5% in 2007. In 2007, the mortgage company
subsidiary closed loan production offices in Rockford, Illinois and Raleigh,
North Carolina whose origination activity was not commensurate with the level of
overhead. The Bank and Corporation are both "well-capitalized" and have
regulatory capital available for growth.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

EFFECT OF GOVERNMENT MONETARY POLICIES. The earnings of the Corporation are
affected by domestic economic conditions and the monetary and fiscal policies of
the United States Government, its agencies, and the Federal Reserve Board. The
Federal Reserve Board's monetary policies have had, and will likely continue to
have, an important impact on the operating results of commercial banks through
its power to implement national monetary policy. Monetary policy is used to,
among other things, attempt to curb inflation or combat a recession. The
policies of the Federal Reserve Board have a major effect upon the levels of
bank loans, investments and deposits through its open market operations in
United States Government securities, and through its regulation of, among other
things, the discount rate on borrowings of member banks and the reserve
requirements against member bank deposits. It is not possible to predict the
nature and impact of future changes in monetary and fiscal policies.

REGULATION AND SUPERVISION. Financial institutions and their holding
companies are extensively regulated under federal and state law. Consequently,
the growth and earnings performance of the Corporation and the Bank can be
affected not only by management decisions and general economic conditions, but
also by the statutes administered by, and the regulations and policies of,
various governmental regulatory authorities. Those authorities include, but are
not limited to, the Board of Governors of the Federal Reserve System, the FDIC,
OFIS, the Securities and Exchange Commission, the Internal Revenue Service, and
federal and state taxing authorities. The effect of such statutes, regulations
and policies can be significant, and cannot be predicted with a high degree of
certainty. There can be no assurance that future legislation or government
policy will not adversely affect the banking industry or the operations of the
Corporation or the Bank. Federal economic and monetary policy may affect the
Bank's ability to attract deposits, make loans and achieve satisfactory interest
spreads.

Federal and state laws and regulations generally applicable to financial
institutions and their holding companies regulate, among other things, the scope
of business, investments, reserves against deposits, capital levels relative to
operations, lending activities and practices, the nature and amount of
collateral for loans, the establishment of branches, mergers, consolidations and
dividends. The system of supervision and regulation applicable to the
Corporation and the Bank establishes a comprehensive framework for their
respective operations and is intended primarily for the protection of the FDIC's
deposit insurance funds, the depositors of the Bank, and the public, rather than
shareholders of the Bank or the Corporation.

Federal law and regulations establish supervisory standards applicable to
the lending activities of the Bank including internal controls, credit
underwriting, loan documentation, and loan-to-value ratios for loans secured by
real property. The Bank is in compliance with these requirements.

The Corporation is subject to the periodic reporting requirements of the
Securities Exchange Act of 1934, as amended, and files reports and proxy
statements pursuant to such Act with the Securities and Exchange Commission.

EMPLOYEES. As of December 31, 2007, the Corporation and its subsidiaries
employed 81 full-time equivalent employees.

COMPETITION. All phases of the business of the Bank are highly competitive.
The Bank competes with numerous financial institutions, including other
commercial banks, in Macomb County and the metropolitan Detroit area. The Bank,
along with other commercial banks, competes with respect to its lending
activities, and competes in attracting demand deposits with savings banks,
savings and loan associations, insurance companies, small loan companies, credit
unions and with the issuers of commercial paper and other securities, such as
various mutual funds. Many of these institutions are substantially larger and
have greater financial resources than the Bank.

The competitive factors among financial institutions can be classified into
two categories; competitive rates and competitive services. Interest rates are
widely advertised and thus competitive, especially in the area of time deposits.
From a service standpoint, financial institutions compete against each other in
types and quality of services. The Bank is generally competitive with other
financial institutions in its area with respect to interest rates paid on time
and savings deposits, fees charged on deposit accounts, and interest rates
charged on loans. With respect to services, the Bank offers a customer service
oriented atmosphere which management believes is better suited to its customers'
needs than that which is offered by other institutions in the local market.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

EXECUTIVE OFFICERS. The following is a list of the executive officers of
the Corporation and the Bank, together with their ages and their positions at
December 31, 2007. Executive officers of the Corporation are elected annually by
the Board of Directors to serve for the ensuing years and until their successors
are elected and qualified.

Name and Position Position Held Since Age
----------------- ------------------- ---

David A. Widlak
President and CEO of Community Central 2003 59
Bank Corporation
President and CEO Community Central Bank 2007

Ray T. Colonius
CFO and Corporate Treasurer of 1999 50
Community Central Bank Corporation and
Community Central Bank

Sam A. Locricchio
Executive. Vice President & Sr. Loan Officer of
Community Central Bank 2003 58

ITEM 1A. RISK FACTORS

You should carefully consider the following risk factors, together with the
other information provided in the Stockholder Report on Form 10-K.

CHANGES IN ECONOMIC CONDITIONS OR INTEREST RATES MAY NEGATIVELY AFFECT OUR
EARNINGS, CAPITAL AND LIQUIDITY.

The results of operations for financial institutions, including our bank,
may be materially and adversely affected by changes in prevailing local and
national economic conditions, including declines in real estate market values,
rapid increases or decreases in interest rates and changes in the monetary and
fiscal policies of the federal government. Our profitability is heavily
influenced by the spread between the interest rates we earn on investments and
loans and the interest rates we pay on deposits and other interest-bearing
liabilities. Substantially all our loans are to businesses and individuals in
southeastern Michigan and any decline in the economy of this area could
adversely affect us. Like most banking institutions, our net interest spread and
margin will be affected by general economic conditions and other factors that
influence market interest rates and our ability to respond to changes in these
rates. At any given time, our assets and liabilities may be such that they are
affected differently by a given change in interest rates.

OUR CREDIT LOSSES COULD INCREASE AND OUR ALLOWANCE FOR CREDIT LOSSES MAY NOT BE
ADEQUATE TO COVER ACTUAL LOAN LOSSES.

The risk of nonpayment of loans is inherent in all lending activities and
nonpayment, if it occurs, may have a material adverse affect on our earnings and
overall financial condition as well as the value of our common stock. We make
various assumptions and judgments about the collectibility of our loan portfolio
and provide an allowance for potential losses based on a number of factors. If
our assumptions are wrong, our allowance for credit and lease losses may not be
sufficient to cover our losses, thereby having an adverse effect on our
operating results, and may cause us to increase the allowance in the future. The
actual amount of future provisions for credit losses cannot now be determined
and may exceed the amount of past provisions. Additionally, federal banking
regulators, as an integral part of their supervisory function, periodically
review our allowance for credit losses. These regulatory agencies may require us
to increase our provision for credit losses or to recognize further loan or
lease charge-offs based upon their judgments, which may be different from ours.
Any increase in the allowance for credit losses could have a negative effect on
our net income, financial condition and results of operations.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

A DOWNTURN IN THE REAL ESTATE MARKET COULD HURT OUR BUSINESS.

Downturns in the real estate market hurt our business because many of our
loans are secured by real estate. Our ability to recover on defaulted loans by
selling the real estate collateral is diminished, and we are more likely to
suffer losses on defaulted loans. As of December 31, 2007, approximately 89% of
the book value of our loan portfolio consisted of loans secured by various types
of real estate. Substantially all of our real property collateral is located in
Michigan. If there is a further decline in real estate values, especially in
Michigan, the collateral for our loans will provide less security.

REPAYMENT OF OUR COMMERCIAL REAL ESTATE LOANS AND OUR COMMERCIAL AND INDUSTRIAL
LOANS IS OFTEN DEPENDENT ON THE BORROWER'S BUSINESS, ITS CASHFLOW AND OUR
COLLATERAL.

Commercial real estate lending typically involves higher principal amounts
than other types of lending, and the repayment of these loans may be dependent,
in part, on sufficient income from the properties securing the loans to cover
operating expenses and debt service. Because payments on loans secured by
commercial real estate often depend upon the successful operation and management
of the properties, repayment of such loans may be affected by factors outside
the borrower's control, such as adverse conditions in the real estate market or
the economy or changes in government regulation. If the cash flow from the
project is reduced, the borrower's ability to repay the loan and the value of
the security for the loan may be impaired.

Repayment of our commercial and industrial loans is often dependent on cash
flow of the borrower, which may be unpredictable, and collateral securing these
loans may fluctuate in value. Our commercial loans are primarily made based on
the cash flow of the borrower and secondarily on the value of the underlying
collateral provided by the borrower. Most often, this collateral is accounts
receivable, inventory, equipment or real estate. In the case of loans secured by
accounts receivable, the availability of funds for the repayment of these loans
may be substantially dependent on the ability of the borrower to collect amounts
due from its customers. Other collateral securing loans may depreciate over
time, may be difficult to appraise and may fluctuate in value based on the
success of the business. Adverse changes in local economic conditions impacting
our business borrowers can be expected to have a negative effect on our results
of operations and capital.

DECLINE IN THE AVAILABILITY OF OUT-OF-AREA DEPOSITS COULD CAUSE LIQUIDITY OR
INTEREST RATE MARGIN CONCERNS, OR LIMIT OUR GROWTH.

We have utilized and expect to continue to utilize out-of-area or wholesale
deposits to support our asset growth. These deposits are generally a lower cost
source of funds when compared to the interest rates that we would have to offer
in our local markets to generate a commensurate level of funds. In addition, the
overhead costs associated with wholesale deposits are considerably less than the
overhead costs we would incur to obtain and administer a similar level of local
deposits. A decline in the availability of these wholesale deposits would
require us to fund our growth with more costly funding sources, which could
reduce our net interest margin, limit our growth, reduce our asset size or
increase our overhead costs.

WE MAY EXPERIENCE DIFFICULTIES IN GENERATING OR RAISING SUFFICIENT CAPITAL TO
SUPPORT OUR GROWTH.

To sustain our continued growth, we require additional capital to fund our
expanding lending and deposit gathering activities. New branches often
experience a period of unprofitability due to the impact of overhead expenses
and the start-up costs of generating loans and deposits. To the extent that we
continue to open additional branches, we may experience the effects of higher
operating expenses relative to operating income from the new operations, which
may have an adverse effect on our levels of net income, return on average equity
and return on average assets.

In addition, we may acquire banks and related businesses that we believe
provide a strategic fit with our business. To the extent that we grow through
acquisitions, we cannot assure you that we will be able to adequately or
profitably manage such growth. Acquiring other banks and businesses involves
risks, including (i) dilution of existing stockholders; (ii) additional leverage
and decreased liquidity; (iii) integration risks; (iv) performance risks of the
business acquired; (v) diverting management's focus away from our core business;
and (vi) entering into new markets or offering new products and services with
which management has limited prior experience.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

WE RELY HEAVILY ON OUR MANAGEMENT AND OTHER KEY PERSONNEL, AND THE LOSS OF ANY
OF THEM MAY ADVERSELY EFFECT OUR OPERATIONS.

The Corporation and subsidiaries continue to be dependent upon the services
of our management team, including the executive officers named in Part I of this
Form 10-K and other senior managers and commercial lenders. Losing one or more
members of management could adversely affect our operations. The Corporation has
key man life insurance in the form of Bank Owned Life Insurance on selected
executive officers, but this insurance is only applicable on the death of one or
more of these individuals.

OUR FUTURE SUCCESS IN DEPENDENT ON OUR ABILITY TO COMPETE EFFECTIVELY IN THE
HIGHLY COMPETITIVE BANKING INDUSTRY.

We face substantial competition in all phases of our operations from a
variety of different competitors. Our future growth and success will depend on
our ability to compete effectively in this highly competitive environment. We
compete for deposits, loans and other financial services with numerous
Michigan-based and out-of-state banks, thrifts, credit unions, investment banks
and other financial institutions as well as other entities which provide
financial services. Some of the financial institutions and financial services
organizations with which we compete are not subject to the same degree of
regulation as we are. Most of our competitors have been in business for many
years, have established customer bases, are larger, and have substantially
higher lending limits than we do. The financial services industry is also likely
to become more competitive as further technological advances enable more
companies to provide financial services. These technological advances may
diminish the importance of depository institutions and other financial
intermediaries in the transfer of funds between parties.

WE ARE SUBJECT TO SIGNIFICANT GOVERNMENT REGULATION, AND ANY REGULATORY CHANGES
MAY ADVERSELY AFFECT US.

The banking industry is heavily regulated under both federal and state law.
These regulations are primarily intended to protect customers, not our creditors
or shareholders. As a bank holding company, we are also subject to extensive
regulation by the Federal Reserve, in addition to other regulatory and
self-regulatory organizations. Our ability to establish new facilities or make
acquisitions is conditioned upon the receipt of the required regulatory
approvals from these organizations. Regulations affecting banks and financial
services companies undergo continuous change, and we cannot predict the ultimate
effect of such changes, which could have a material adverse effect on our
profitability or financial condition.

WE CONTINUALLY ENCOUNTER TECHNOLOGICAL CHANGES, AND WE MAY HAVE FEWER RESOURCES
THAN OUR COMPETITORS TO CONTINUE TO INVEST IN TECHNOLOGICAL IMPROVEMENTS.

The banking industry is undergoing rapid technological changes with
frequent introductions of new technology-driven products and services. In
addition to better serving customers, the effective use of technology increases
efficiency and enables financial institutions to reduce costs. The Corporation's
future success will depend, in part, on our ability to address the needs of our
customers by using technology to provide products and services that will satisfy
customer demands for convenience as well as to create additional efficiencies in
our operations. Many of our competitors have substantially greater resources to
invest in technological improvements. There can be no assurance that we will be
able to effectively implement new technology-driven products and services or be
successful in marketing such products and services to our customers.

OUR ARTICLES OF INCORPORATION AND BY-LAWS AND MICHIGAN LAWS CONTAIN CERTAIN
PROVISIONS THAT COULD MAKE A TAKEOVER MORE DIFFICULT.

Our articles of incorporation and by-laws, and the laws of Michigan,
include provisions which are designed to provide our board of directors with
time to consider whether a hostile takeover offer is in the best interest of the
Corporation and our shareholders. These provisions, however, could discourage
potential acquisition proposals and could delay or prevent a change in control.
The provisions also could diminish the opportunities for a holder of our common
stock to participate in tender offers, including tender offers at a price above
the then-current price for our common stock. These provisions could also prevent
transactions in which our shareholders might otherwise receive a premium for
their shares over then current market prices, and may limit the ability of our
shareholders to approve transactions that they may deem to be in their best
interests.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

The Michigan Business Corporation Act contains provisions intended to
protect shareholders and prohibit or discourage certain types of hostile
takeover activities. In addition to these provisions and the provisions of our
articles of incorporation and by-laws, Federal law requires the Federal Reserve
Board's approval prior to acquisition of "control" of a bank holding company.
All of these provisions may have the effect of delaying or preventing a change
in control at the company level without action by our shareholders, and
therefore, could adversely affect the price of our common stock.

OUR ABILITY TO PAY DIVIDENDS IS LIMITED BY LAW AND CONTRACT.

We are a holding company and substantially all of our assets are held by
our bank. Our ability to continue to make dividend payments to our shareholders
will depend primarily on available cash resources at the holding company and
dividends from our bank. Dividend payments or extensions of credit from our bank
are subject to regulatory limitations, generally based on capital levels and
current and retained earnings, imposed by regulatory agencies with authority
over our bank. The ability of our bank to pay dividends is also subject to its
profitability, financial condition, capital expenditures and other cash flow
requirements. We are also prohibited from paying dividends on our common stock
if the required payments on our subordinated debentures have not been made. We
cannot assure you that our bank will be able to pay dividends to us in the
future.

THERE IS A LIMITED TRADING MARKET FOR OUR COMMON STOCK.

The price of our common stock has been, and will likely continue to be,
subject to fluctuations based on, among other things, economic and market
conditions for bank holding companies and the stock market in general, as well
as changes in investor perceptions of our company. The issuance of new shares of
our common stock also may affect the market for our common stock.

Our common stock is traded on the NASDAQ Global Market under the symbol
"CCBD." The development and maintenance of an active public trading market
depends upon the existence of willing buyers and sellers, the presence of which
is beyond our control. While we are a publicly-traded company, the volume of
trading activity in our stock is still relatively limited. Even if a more active
market develops, there can be no assurance that such a market will continue, or
that our shareholders will be able to sell their shares at or above the offering
price.

ITEM 2. PROPERTIES

The Corporation owns two facilities, its main branch office facility and
its corporate and bank headquarters, located in the downtown business district
of Mount Clemens, Michigan. The main branch office location contains a full
service branch and houses our IT operations. The corporate headquarters houses
our executive officers and administrative office staff, as well as commercial
lending, trust, wealth management and the mortgage company operations. The
Corporation leases two operational full service branch locations in Rochester
Hills and Grosse Pointe Farms, Michigan and recently started leasing an
additional site location located in Grosse Pointe Woods, Michigan for its newest
full service branch, which is expected to open in the second quarter of 2008.
The Corporation will have two full service branches located within the Grosse
Pointe, Michigan area. The Rochester Hills branch lease has 6 years remaining on
its initial term, with a 10 year renewal option. The Grosse Pointe branch
location which opened in June 2006 has a 10 year lease with a 10 year renewal
option. The lease for the new Grosse Pointe Woods location is for a 10 year term
with a 10 year renewal option. The mortgage company, a subsidiary of the
Corporation and the Bank, has a loan production office located in Mount Clemens,
to serve the Detroit metropolitan areas. Additionally, the mortgage company
operates an office in Merrillville, Indiana, with a short-term lease.

ITEM 3. LEGAL PROCEEDINGS

From time to time, the Corporation and the Bank may be involved in various
legal proceedings that are incidental to their business. In the opinion of
management, neither the Corporation nor the Bank is a party to any current legal
proceedings that are material to the financial condition of the Corporation or
the Bank, either individually or in the aggregate.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES.

The information shown under the caption "Stockholder Information" on page
65 of the Stockholder Report filed as Exhibit 13 to this Form 10-K is
incorporated herein by reference. See Part III, Item 12 of the Form 10-K for
information regarding securities authorized for issuance under our equity
compensation plans.

STOCK REPURCHASES

The following table sets forth information about the Corporation's
purchases of its outstanding Common Stock during the quarter ended December 31,
2007.

MAXIMUM NUMBER (OR
TOTAL NUMBER OF APPROXIMATE DOLLAR
SHARES (OR UNITS) VALUE) OF SHARES
PURCHASED AS PART (OR UNITS) THAT
TOTAL NUMBER OF OF PUBLICLY MAY YET BE PURCHASED
SHARES (OR UNITS) AVERAGE PRICE PAID ANNOUNCED PLANS UNDER THE PLANS OR
PERIOD PURCHASED (1) PER SHARE (OR UNIT) OR PROGRAMS (2) PROGRAMS (2)
------ ----------------- ------------------- ----------------- --------------------

October 1, 2007 - October 31, 2007 -- -- -- 18,568
November 1, 2007 - November 30, 2007 2,498 7.41 2,498 16,070
December 1, 2007 - December1 31, 2007 3,000 7.16 3,000 13,070

(c) All shares reported in the above table were purchased in the open
market through publicly announced share repurchase programs.

(2) On June 7, 2007, the Corporation announced a share repurchase program to
repurchase up to 5% (193,289 shares) of its outstanding common stock in the
open market or privately negotiated transactions over the next twelve month
period. No stock repurchase plans or programs expired or were terminated by
the Corporation during the quarter.

ITEM 6. SELECTED FINANCIAL DATA

The information presented under the caption "Management's Discussion and
Analysis of Financial Condition and Results of Operations" on pages 46 and 47 of
the Stockholder report filed as Exhibit 13 to this Form 10-K is incorporated
herein by reference.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

The information presented under the caption "Management's Discussion and
Analysis of Financial Condition and Results of Operations" on pages 43 to 64 of
the Stockholder Report filed as Exhibit 13 to this Form 10-K is incorporated
herein by reference.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.

The information presented under the caption "Management's Discussion and
Analysis of Financial Condition and Results of Operations" on pages 62 to 64 of
the Stockholder report filed as Exhibit 13 to this Form 10-K is incorporated
herein by reference.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information presented under the captions "Consolidated Balance Sheet,"
"Consolidated Statement of Income," "Consolidated Statement of Comprehensive
Income," "Consolidated Statement of Changes in Stockholders' Equity,"
"Consolidated Statement of Cash Flow," and "Notes to Consolidated Financial
Statements," on pages 1 through 42 of the Stockholder Report filed as Exhibit 13
to this Form 10-K, as well as the Report of Independent Registered Public
Accounting Firm of Plante & Moran, PLLC, dated March 17, 2008, included in the
Stockholder Report, are incorporated herein by reference.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

There are no changes in or disagreements with accountants on accounting and
financial disclosure.

ITEM 9A. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures: An evaluation of the
Corporation's disclosure controls and procedures (as defined in Section
13a-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) as of
December 31, 2007, was carried out under the supervision and with the
participation of the Corporation's Chief Executive Officer, Principal Financial
Officer and several other members of the Corporation's senior management. The
Corporation's Chief Executive Officer and Principal Financial Officer concluded
that the Corporation's disclosure controls and procedures as currently in effect
are effective in ensuring that the information required to be disclosed by the
Corporation in the reports it files or submits under the Exchange Act is (i)
accumulated and communicated to the Corporation's management (including the
Chief Executive Officer and Principal Financial Officer) in a timely manner, and
(ii) recorded, processed, summarized and reported within the time periods
specified in the SEC's rules and forms.

The Corporation intends to continually review and evaluate the design and
effectiveness of its disclosure controls and procedures and to improve its
controls and procedures over time and to correct any deficiencies that it may
discover in the future. The goal is to ensure that senior management has timely
access to all material non-financial information concerning the Corporation's
business. While the Corporation believes the present design of its disclosure
controls and procedures is effective to achieve its goal, future events
affecting its business may cause the Corporation to modify its disclosure
controls and procedures.

(b) Management's Report on Internal Control Over Financial Reporting: Management
of Community Central Bank Corporation and its subsidiary (the "Corporation") is
responsible for establishing and maintaining an effective system of internal
control over financial reporting. The Corporation's system of internal control
over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles. There are inherent liabilities in the effectiveness of
any system of internal control over financial reporting, including the
possibility of human error and circumvention or overriding of controls.
Accordingly, even an effective system of internal control over financial
reporting can provide only reasonable assurance with respect to financial
statement preparation. Projections of any evaluation of effectiveness to future
periods are subject to the risks that controls may become inadequate because of
changes in conditions or that the degree of compliance with the policies or
procedures may deteriorate.

Management assessed the Corporation's systems of internal control over
financial reporting as of December 31, 2007. This assessment was based on
criteria for effective internal control over financial reporting described in
Internal Control * Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on this assessment, management
believes that, as of December 31, 2007, the Corporation maintained effective
internal control over financial reporting based on those criteria.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

(c) Changes in Internal Control Over Financial Reporting: There have been
no changes in our internal control over financial reporting (as
defined in 13a-15(f) of the Exchange Act) that occurred during the
quarter ended December 31, 2007, that has materially affected, or is
reasonably likely to materially affect, our internal control over
financial reporting.

ITEM 9B. OTHER INFORMATION

None

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

DIRECTORS. The information presented under the caption "Election of
Directors - Information about Directors and Nominees as Directors" in the Proxy
Statement of the Corporation for its Annual Meeting of Stockholders to be held
on April 15, 2008, (the "Proxy Statement"), a copy of which has been filed with
the Securities and Exchange Commission, is incorporated herein by reference.

EXECUTIVE OFFICERS. Information concerning Executive Officers of the
Corporation is presented under the caption "Executive Officers" in Part I of
this Form 10-K and is incorporated herein by reference.

AUDIT COMMITTEE FINANCIAL EXPERT. Information concerning the Corporation's
"audit committee financial expert" is presented under the caption "Board
Meetings, Board Committees and Corporate Governance Matters - `Independent'
Directors" in the Proxy Statement and is incorporated herein by reference.

COMPLIANCE WITH SECTION 16(A). Based solely on our review of copies of
reports filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
as amended or written representations from persons required filing such reports,
we believe that all filings required to be made were timely made in accordance
with the requirements of the Securities Exchange Act of 1934.

CODE OF ETHICS. We have adopted a written Code of Business Conduct and
Ethics that applies to our principal executive officer, principal financial
officer, principal accounting officer, and persons performing similar functions,
and to all of our other employees and our directors. A copy of the Corporation's
Code of Business Conduct and Ethics was filed with the SEC as Exhibit 14 to the
Corporation's Annual Report on Form 10-KSB for the year ended December 31, 2003
and is posted on the shareholder relations section of our our web site at
www.communitycentralbank.com.

ITEM 11. EXECUTIVE COMPENSATION.

The information presented under the captions "Executive Compensation," and
"Director Compensation" in the Proxy Statement is incorporated herein by
reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS.

The information presented under the caption "Stock Ownership of Certain
Beneficial Owners and Management" in the Proxy Statement is incorporated herein
by reference.

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

The following table provides information as of December 31, 2007 with
respect to shares of Corporation's common stock that may be issued under our
existing equity compensation plans and arrangements, which include the
Corporation's 1996 Employee Stock Option Plan, 1999 Stock Option Plan for
Directors, 2000 Employee Stock Option Plan and 2002 Incentive Plan, as amended.
Each of these plans has been approved by the Corporation's stockholders and
filed with the SEC. All amounts in the table have been adjusted to reflect the
effects of stock dividends paid by the Corporation.

Number of Number of securities
securities remaining available for
to be issued Weighted-average future issuance under
upon exercise of exercise price of equity compensation plans.
outstanding Option, outstanding options, (excluding securities
warrants and rights. warrants and rights. reflected in column (a)).
Plan Category (a) (b) (c)
------------- -------------------- --------------------- --------------------------

Equity Compensation plans approved by
security holders 286,993 $9.10 110,561
Equity compensation plans not approved
by security holders None None None
------- ----- -------
Total 286,993 $9.10 110,561

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE.

The information presented under the captions "Board Meetings, Board
Committees and Corporate Governance Matters" and "Certain Transactions" in the
Proxy Statement is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The information presented under the caption "Selection and Relationship
with Independent Auditor" in the Proxy Statement is incorporated herein by
reference.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a)(1) Financial Statements. The following financial statements and reports
of Independent Registered Public Accounting Firm of Community Central
Bank Corporation are filed as part of this report:

Reports of Independent Registered Public Accounting Firm dated March
17, 2008

Consolidated Balance Sheet - December 31, 2007 and 2006

Consolidated Statement of Income for each of the three years in the
period ended December 31, 2007

Consolidated Statement of Comprehensive Income for each of the three
years in the period ended December 31, 2007

Consolidated Statements of Changes in Stockholders' Equity for each of
the three years in the period ended December 31, 2007

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

Consolidated Statement of Cash Flow for each of the three years in the
period ended December 31, 2007

Notes to Consolidated Financial Statements, the financial statements,
the notes to financial statements, and the report of independent
registered public accounting firm listed above are incorporated by
reference in Item 8 of this report.

(a)(2) Financial Statement Schedules

Not applicable.

(a)(3) See Exhibits below

(B) EXHIBITS

The exhibits to this report on Form 10-K are listed below.

3.1 Articles of Incorporation are incorporated by reference to Exhibit 3.1
of the Corporation's Registration Statement on Form SB-2 (SEC File No.
333-04113).

3.2 Bylaws, as amended, of the Corporation are incorporated by reference
to Exhibit 3 of the Corporation's Current Report on Form 8-Kfiled on
September 19, 2007 (SEC File No. 000-33373).

4.1 Specimen stock certificate of Community Central Bank Corporation is
incorporated by reference to Exhibit 4.2 of the Corporation's
Registration Statement on Form SB-2 (SEC File No. 333-04113).

10.1 1996 Employee Stock Option Plan is incorporated by reference to
Exhibit 10.1 of the Corporation's Registration Statement on Form SB-2
(SEC File No. 333-04113).

10.2 2000 Employee Stock Option Plan is incorporated by reference to
Exhibit 10.6 of the Corporation's Annual Report on Form 10-KSB for the
year ended December 31, 2000 (SEC File No. 000-33373).10.3 2002
Incentive Plan is incorporated by reference to Exhibit 10.7 of the
Corporation's Annual Report on Form 10-KSB for the year ended December
31, 2001 (SEC File No. 000-33373).10.4 Community Central Bank
Supplemental Executive Retirement Plan, as amended, and Individual
Particpant Agreements are incorporated by reference to Exhibit 10.6 of
the Corporation's Annual Report on Form 10-K for the year ended
December 31, 2006 (SEC File No. 000-33373).

10.5 Community Central Bank Death Benefit Plan, as amended, is incorporated
by reference to Exhibit 10.7 of the Corporation's Annual Report on
Form 10-K for the year ended December 31, 2006 (SEC File No.
000-33373).

10.6 Form of Incentive Stock Option Agreement incorporated by reference to
Exhibit 99.1 of the Corporation's Current Report on Form 8-K filed on
March 25, 2005. (SEC File No. 000-33373)

10.7 Form of Non-qualified Stock Option Agreement incorporated by reference
to Exhibit 99.1 of the Corporation's Current Report on Form 8-K filed
on January 17, 2006. (SEC File No. 000-33373)

10.8 Summary of Current Director Fee Arrangements is incorporated by
reference to Exhibit 10.10 of the Corporation's Annual Report on Form
10-KSB for the year ended December 31, 2004. (SEC File No. 000-33373)

10.9 Form of Separation Agreement entered into between Community Central
Bank and Ronald Reed is incorporate by reference to Exhibit 10.11 of
the Corporation's Current Report on Form 8-K filed on Auguast 14,
2008. (SEC File No. 000-33373)

11 Computation of Per Share Earnings

13 2007 Stockholder Report (Except for the portions of the 2007
Stockholder Report that are expressly incorporated by reference in
this Annual Report on Form 10-K, the 2007 Stockholder Report of the
Corporation shall not be deemed filed as a part hereof.)

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

14 Code of Business Conduct and Ethics is incorporated by reference to
Exhibit 14 of the Corporation's Form 10-KSB for the year ended
December 31, 2003 (SEC File No. 000-33373).

21 List of subsidiaries of the Corporation

23 Consent of Independent Registered Public Accounting Firm

31.1 Rule 13a - 14(a) Certification (Chief Executive Officer)

31.2 Rule 13a - 14(a) Certification (Chief Financial Officer)

32 Rule 1350 Certifications

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized, on March 31, 2008:

COMMUNITY CENTRAL BANK CORPORATION

/S/ DAVID A. WIDLAK
----------------------------------------
David A. Widlak; President and
Chief Executive Officer
(Duly authorized officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on March 31, 2008:

/S/ GEBRAN S. ANTON /S/ JAMES T. MESTDAGH
------------------------------------- ----------------------------------------
Gebran S. Anton; Director James T. Mestdagh; Director

/S/ JOSEPH CATENACCI /S/ DEAN S. PETITPREN
------------------------------------- ----------------------------------------
Joseph Catenacci; Director Dean S. Petitpren; Chairman Director

/S/ SALVATORE COTTONE /S/ JOHN W. STROH, III
------------------------------------- ----------------------------------------
Salvatore Cottone; Director John W. Stroh, III; Director

/S/ CELESTINA GILES /S/ DAVID A. WIDLAK
------------------------------------- ----------------------------------------
Celestina Giles; Director David A. Widlak; President and Chief
Executive Officer and Director
(principal executive officer)
/S/ JOSEPH F. JEANNETTE
-------------------------------------
Joseph F. Jeannette; Director

/S/ RAY T. COLONIUS
-------------------------------------
Ray T. Colonius, CFO and Treasurer
(principal financial and accounting officer)

COMMUNITY CENTRAL BANK CORPORATION
FORM 10-K (continued)

EXHIBIT INDEX

EXHIBIT
NUMBER EXHIBIT DESCRIPTION
------- ----------------------------------------------------------------------

11 Computation of Per Share Earnings

13 2007 Stockholder Report. Except for the portions of the 2007
Stockholder Report that are expressly incorporated by reference in
this Annual Report on Form 10-K, the 2007 Stockholder Report of the
Corporation shall not be deemed filed as a part hereof.

21 List of subsidiaries of the Corporation

23 Consent of Independent Registered Public Accounting Firm

31.1 Rule 13a - 14(a) Certification (Chief Executive Officer)

31.2 Rule 13a - 14(a) Certification (Chief Financial Officer)

32 Rule 1350 Certification