Oakwood State Bank

Oakwood Bank
Privately held company
Industry Banking
Founded 1900 (1900)
Headquarters Oakwood, Texas
Key people
 Roy J. Salley, CEO
Total assets $108 million (2017)
Total equity $26 million (2017)
Website www.oakwoodbank.com
Footnotes / references
[1]

Oakwood Bank is bank headquartered in Dallas, Texas. The bank has 2 branches: one in Oakwood, Texas and one in Dallas, Texas. The bank is a subsidiary of Oakwood Bancshares, Inc., a bank holding company.

History

The bank was founded in 1900.[1]

In 1958, Roddy Rawls Wiley, Jr. took over the bank after his father died.

In 2005, the bank received a "substantial noncompliance" rating for lack of compliance with the Community Reinvestment Act.[2]

In 2009, the bank was referred to as "America's Smallest Bank" as it had only $3 million in total assets and $2.13 million in total deposits.[3]

For most of its existence, in addition to Wiley, the bank had only 2 other employees, 76-year-old Lela Coates and 71-year-old Neta Eldridge. It had no automated teller machines.[4][5]

After the death of Wiley in 2010, the bank was acquired by Dorothy Cadenhead.

In April 2017, the bank raised $38 million in capital by selling a controlling stake to new management, allowing the bank to open a branch in Dallas, Texas. The bank also changed its name from "Oakwood State Bank" to "Oakwood Bank".[6]

References

  1. 1 2 "FDIC Bank Info: Oakwood Bank (FDIC # 10334)". Federal Deposit Insurance Corporation.
  2. ↑ Adler, Joe (May 5, 2006). "Oakwood's CRA Problems Continue". American Banker. (subscription required)
  3. ↑ Perry, Mark J. (August 28, 2009). "America's Smallest Bank: Oakwood Bank of Texas". American Enterprise Institute.
  4. ↑ OWENS, RYAN (August 23, 2009). "Small-Town Texas Bank Still Open for Business After 100 Years". ABC News.
  5. ↑ HARTMAN, STEVE (April 25, 2008). "The Bank Of Yesterday - Still Open". CBS News.
  6. ↑ Prior, Jon (May 15, 2017). "Capital raise gives smallest bank in U.S. chance to expand to Dallas". American City Business Journals. (subscription required)
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