Oakwood State Bank


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.
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, 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".