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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."