One of the cornerstones of a thriving society are old banks. While newer banks offer fresh perspectives, older banks can provide wisdom and stability in times of great change.

For example, earlier in July 2024, ATM Marketplace spoke withLiberty Bank on its 200th anniversary and how it plans to embrace technological innovations going forward. But there are many other banks approaching important anniversaries, such as Oxford Bank which is celebrating its 140th anniversary by delivering stronger technology, investigating AI and promoting financial education for its customers and larger community.

ATM Marketplace reached out to Emily Anderson, VP, director of operations at Oxford Bank, in an email interview, to learn more about how the bank is celebrating its 140th anniversary.

Q: Can you tell us a bit of the history of Oxford Bank?

Anderson: When Oxford Bank was founded in 1884, it was a time of historic change and advances for the country. The first long-distance phone call was made; the eight-hour workday became standard; and the Oxford Dictionary and first Dow Jones stock index were published.

Gabriel S. Holbert and 18 associates saw a bright future in Oxford, Michigan and founded Oxford Savings (now Oxford Bank) on June 17, 1884. Oxford Savings moved to several locations in the Village of Oxford through 1973, as it started opening branches throughout Southeast Michigan. In 1985, it changed its name to Oxford Bank and eventually became a publicly traded company in 2016.

Since that time, Oxford Bank has survived two world wars, the Great Depression and numerous economic crises. Today the bank remains focused on prioritizing diversification, expanding throughout Michigan, focusing on customer experience, providing innovative technology and giving back to the community.

Q. What have been the biggest changes during its history?

Anderson: At Oxford Bank, we were founded on and continue to uphold a mission to create and realize value every day for our clients, shareholders, team members and regulators. “Delivering value for life” is the mantra that we all like to say and work towards every day. And as a result, even despite challenging times (such as the pandemic and bank failures), we have continued to grow services and our coverage area over time, when other banks might have faltered.

While we make technology a priority — with our state-of-the art security measures, Interactive Teller Machines and ability to Facetime, text and talk with bankers and more — we also prioritize customer service, because relationships matter. Through the years, we have also made a point to diversify offerings to help businesses, and consumers, to reach goals and thrive. So far, we have helped to get $3.8M in ERC refunds to Michigan businesses, and were also a strong participant in 2020 PPP, with our per capita amount of PPP loans ($247 million) and number of businesses helped (1,350) — and ranked as one of the best in the country.

We offer expanded flexible working capital solutions like Accounts Receivable Funding, Asset Based Lending and more through our subsidiary, Oxford Commercial Finance. And, in 2022, we launched Oxford Commercial Finance, a wholly owned subsidiary, to provide flexible working capital solutions for small to medium-sized businesses across the nation. Additionally, we offer advisory services, and recently rebranding this business to Oxford Wealth Management offered through Osaic Institutions to more clearly convey specialized expertise to help clients manage, grow, and preserve capital through personalized wealth management. Our Small Business Administration team was recently recognized as a Top 10 Lender for FY 2023 by the U.S. Small Business Administration Michigan District Office. It was also recognized in FY 2022, as well as a finalist for “Community Lender of the Year.”

Geographically, in the past decade, we have grown from seven full-service bank branches to the full-service branches plus three customer experience locations, three employee-centric offices in Michigan In early 2024, for instance, we opened a 3,600-square-foot customer experience center in Ann Arbor MI. We have also grown to $816.666 million in bank deposits today and a 36% increase in earnings since 2022. Assets, and “loans and leases,” each also grew by over 156%, from 2015-2023.

Lastly, we never forget our roots and continue to focus on our employees in making Oxford Bank a great place to work. We also offer regular customer appreciation and educational events, continually make it a priority to give back — committing to 140 local volunteer hours in honor of our 140th anniversary — and recently launched our Money Masters Financial Education Program to help people navigate their money journey from childhood to retirement.

Q: What has been the biggest tech upgrades it has undergone?

Anderson: Some of recent technology updates at Oxford Bank have included obtaining Dot Bank domain accreditation; implementing online banking enhancements, positive pay, and ACH payments; digitizing core aspects of our commercial loan origination process to address the needs of customers and credit policies from end-to-end, and revamping our entire vendor management process.

We evaluated our needs and also made the decision to outsource much of our IT infrastructure management to a technology partner that specializes in banking technology and security. The outsourcing process was lengthy and detailed, but was worth it in the end, as our employees can now dedicate more time to enhancing customer relationships.

Q: Where do you see AI fitting into Oxford Bank’s future?

Anderson: We see a lot of promise in AI for banking and financial services, and have started to explore potential use cases. We are always looking for ways to enhance the experience our customers receive and are examining ways to leverage AI for their benefit.

Q: What about ATMs?

Anderson: We are big proponents, at Oxford Bank, for making things easier and more convenient for customers. For instance, we offer ITMs in addition to ATMs at branches to allow customers to speak with a live Oxford Bank teller through video chat for added convenience — as well as the personal service we pride ourselves on.

Q: How does Oxford Bank plan to celebrate its 140 year anniversary?

Anderson: The Northeast Oakland Historical Museum and Oxford Bank presented an exhibit showcasing Oxford’s past at the bank’s headquarters in Oxford, Michigan starting in July and moving to the museum for display throughout 2024.

Some of our other events will include:

• Branch celebrations at all Oxford Bank locations with cupcakes and keepsakes.
• A community celebration at the headquarters, featuring presentations, refreshments, and games.
• Student tours and time capsule installations as part of the Oxford Bank Money Masters program.