Oxford Bank Marks 140 Years of Community Banking

Rhea-AI Summary

Oxford Bank (OTC: OXBC), established in 1884 and the oldest commercial bank in Oakland County, Michigan, celebrates its 140th anniversary. The bank has endured historical economic challenges, including two world wars and the Great Depression. As of 2024, it has $816.666 million in deposits and a 36% increase in earnings since 2022. It operates seven branches and three customer experience centers in Michigan, offering advanced services like interactive teller machines and fraud prevention tools.

Recent expansions include the 2022 launch of Oxford Commercial Finance and the rebranding of wealth services to Oxford Wealth Management. The bank is also committed to community service, pledging 1400 volunteer hours to local non-profits in 2024. Celebratory events will be held throughout the year, including a historical exhibit and community celebrations.

Positive

• Oxford Bank has $816.666 million in deposits.
• Earnings have increased by 36% since 2022.
• The bank has expanded to seven branches and three customer experience centers.
• Launched Oxford Commercial Finance in 2022.
• Rebranded wealth services to Oxford Wealth Management.
• Committed 1400 volunteer hours to local non-profits in 2024.
• Adopted advanced technologies like interactive teller machines and fraud prevention tools.

Negative

• None reported in the PR.

Michigan-based bank has thrived since 1884 – through two world wars, the Great Depression, and historic bank failures – by focusing on "Delivering Value for Life" to its customers

OXFORD, Mich., June 4, 2024 /PRNewswire/ -- Founded in 1884, Oxford Bank (OTC: OXBC), the oldest commercial bank in Oakland County, Michigan, has survived through some of the toughest times in history, including two world wars, the Great Depression, and numerous banking crises. Celebrating its 140th year, the bank continues to thrive under local ownership and management, ranking within the 93rd percentile of long-standing U.S. banks.

Strong Banks Weather National Crises

Since the inception of the first U.S. commercial bank in 1782, banks have played a crucial role in maintaining financial security for American depositors and borrowers. However, history shows that not all have withstood tough times: over 9,000 banks failed during the Great Depression, around 2,900 during the 1980s and 1990s savings and loan crisis, and more than 450 during the 2008 financial crisis, as reported by the Pew Research Center and FDIC.

Despite such challenges, Oxford Bank has expanded and diversified significantly over its 140-year history. It became a publicly traded company in 2016, now boasting $816.666 million in bank deposits and a 36% increase in earnings since 2022. With seven branches and three customer experience centers across Michigan, the bank embraces cutting-edge technologies like interactive teller machines (ITMs) and sophisticated fraud prevention tools.

"Our continual growth can largely be credited to our focus on strategic diversification and expansion, relentless focus on our team and customer experience, and the commitment of our dedicated team," says David Lamb, Chairman, President, and CEO of Oxford Bank.

Banking Services That Support Communities

In recent years, Oxford Bank has expanded its offerings: launching Oxford Commercial Finance in 2022 to provide flexible working capital solutions nationwide and rebranding its wealth and advisory services as Oxford Wealth Management to assist clients with asset management. In 2024, the bank introduced a Financial Literacy Program aimed at educating individuals from youth to retirees on making sound financial decisions.

To commemorate its 140th anniversary, Oxford Bank is committing 1400 volunteer hours to local non-profits in 2024.

A Rich Heritage – A Focus on Future

"As we celebrate 140 years of 'Delivering Value for Life' throughout Michigan, I'm reminded of our rich heritage but acutely mindful that we must always remain forward-facing. Our goals remain steadfast on exceptional customer experience, adopting advanced technologies, and our enduring commitment to the communities where we operate," states David Lamb. "We enjoy doing business in Michigan and foresee a bright future for the state, our valued customers, and our team."

Celebrating 140 Years

The Northeast Oakland Historical Museum and Oxford Bank will present an exhibit showcasing Oxford's storied past at the bank's headquarters in Oxford, MI, from June 3 to June 30, later moving to the museum for display throughout 2024.

Events include:

• June 17: Branch celebrations at all Oxford Bank locations with cupcakes and keepsakes.
• June 23 (2 p.m. – 5 p.m.): A community celebration at the headquarters, featuring presentations, refreshments, and games.
• June through October 2024: Student tours and time capsule installations as part of the Oxford Bank Money Masters program.

About Oxford Bank

Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County, MI, and operates 7 branches in Clarkston, Davison, Dryden, Lake Orion, Oakland Township, Ortonville, and Oxford. The Bank also has Customer Experience Centers in Rochester Hills, Ann Arbor, and Macomb MI, with transactional services provided by Interactive Teller Machines. In addition, Oxford Bank has business banking centers in Wixom, Oxford, and Flint, MI. The Bank's wholly owned subsidiary, Oxford Commercial Finance, offers commercial finance services across the country. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.bank.

Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation's reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.

Media Contact:
Hilary McCarthy
Clearpoint Agency
774.364.1440
Hilary@clearpointagency.com

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SOURCE Oxford Bank Corporation

FAQ

What is the significance of Oxford Bank's 140th anniversary?

Oxford Bank, established in 1884, is celebrating its 140th anniversary, marking its long-standing history and resilience through major economic challenges.

How has Oxford Bank performed financially?

Oxford Bank reported $816.666 million in deposits and a 36% increase in earnings since 2022.

What new services has Oxford Bank introduced?

Oxford Bank launched Oxford Commercial Finance in 2022 and rebranded its wealth services to Oxford Wealth Management.

What community initiatives is Oxford Bank involved in?

Oxford Bank has committed 1400 volunteer hours to local non-profits in 2024 as part of its 140th anniversary celebrations.

What technologies has Oxford Bank adopted?

Oxford Bank has adopted interactive teller machines and sophisticated fraud prevention tools to enhance customer experience.