Oakwood Bank (TX) Has Top-Rate 48-Month CD

Oakwood Bank (Oakwood) is currently offering a 48-month CD earning 2.02% APY. The minimum opening deposit is $2.5k, with no stated balance cap.

I found this CD by chance, as DA collects no rate data from Oakwood. (No rates are listed on Oakwood’s website.) When I was checking out the 48-month CD (2.02% APY) offered by Community Bank of Snyder (CBoS), I noticed Oakwood branches listed as CBoS branches. Long story short, CBoS was acquired by Oakwood in the beginning of the year and operates as a division of Oakwood under the CBoS brand, offering the same product line as Oakwood.

According to CSR, the Early Withdrawal Penalty is six months of interest, with partial withdrawals allowed.

Availability

Headquartered in Dallas, Texas, Oakwood Bank’s primary market area is the greater Dallas metropolitan area, but also has a presence in the towns of Oakwood (Leon County) and Snyder (Scurry County).

Opening a CD can be done at any of three Texas branches, located in Dallas (2) and Oakwood. The Community Bank of Snyder (located in Snyder) was recently acquired by Oakwood Bank and offers the same product line (with the same rates).

Oakwood Bank’s online banking platform is currently limited to account management and bill pay services.

Bank Overview

Oakwood Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on December 31, 2019 data. In the past year, Oakwood Bank has increased its total non-brokered deposits by $78.86 million, an excellent annual growth rate of 37.34%. Please refer to our financial overview of Oakwood Bank (FDIC Certificate # 10334) for more details.

Established in 1900, the founding bank was known as The Oakwood State Bank. (Oakwood, Texas, was founded in 1872 as a stop on the International Railroad, a railway line that was supposed to span from Arkansas to Mexico.) In 2009, Oakwood State Bank was America’s smallest bank, with approximately $3 million in total assets and $2.13 million in total deposits. Rather than try to describe how small the smallest bank was, this short video should suffice.

In 2017, Oakwood Bancshares was formed and raised $38 million in capital to acquire Oakwood State Bank. The bank rebranded as Oakwood Bank and its headquarters were moved to Dallas. The acquisition of Community Bank of Snyder was formalized on January 1, 2020, with CBoS operating as a division of Oakwood.

How the CD Compares

When compared to 226 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit of and are available in the Dallas metro area, Oakwood Bank’s 48-month CD APY currently ranks first.

The above rates are accurate as of 6/24/2020.

Looking for the best CD rates, either nationwide or state-specific? Please refer to our CD Rates Table page.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.