Oakwood Bank

History

The bank was founded in 1900 under the name Oakwood State Bank. 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. 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.

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.

After the death of Wiley in 2010, the bank was acquired by Dorothy Cadenhead. In April 2017, it raised $38 million in capital by selling a controlling stake to new management, allowing the bank to open a branch in Dallas.

On October 1, 2024, Business First Bancshares, Inc. completed the purchase of the holding company that controls the financial institution that was once known as Oakwood State Bank until obtaining its current name.

References

References

1. "FDIC Bank Info: Oakwood Bank (FDIC # 10334)". [[Federal Deposit Insurance Corporation]].
2. Adler, Joe. (May 5, 2006). "Oakwood's CRA Problems Continue". [[American Banker]].
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 (United States).
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]].
7. "Business First Bancshares, Inc., completes acquisition of Oakwood Bancshares, Inc.". GlobeNewswire.