Professor Mark J. Perry's Blog for Economics and Finance
Oakwood Bank, America's smallest bank, has about $3 million in total assets and about $2.13 million in total deposits (bank data here). In contrast, America's largest bank, Chase, has about $1.60 trillion of assets and almost $1 trillion of deposits, more than 500,000 times the size of Oakwood (bank data here).
Originally posted at Carpe Diem.
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
8 Comments:
Those UBS millionaires should have stashed their money here instead of Switzerland. If they didn't have an interest bearing account, it'd be highly unlikely anyone would ever find it.
dude, are you sure 1.5 billion is the correct number for boA?
Note that Oakwood Tx has a population of 471 and the bank has 600 customers so they must be doing something right. The bank is a remnant of the old country Texas bank. A single office (which used to be what all Tx banks had to be due to Jacksonian/Jeffersonian rage at banks)Given the age of the employees (85,70,71)the banks days are clearly limited. This is the antithesis of financial innovation which has (benefited, cost)(choose one) society so much
Oops! 1.5 trillion / 3 million = 500,000 not 500.
thousand 1000
million 1,000,000
billion 1,000,000,000
trillion 1,000,000,000,000
What do you bet (unless someone has bought it up) the Oakwood bank won't be part of this crowd?
This is terrific. He sounds like my father, who was chairman of a small---but not nearly that small---and still very prosperous bank here in Tennessee.
Q: "Why is this still here?"
A: "I don't know....***I guess we're still providing a service here."****
And that just about says it all.
I work for a bank. When I saw this posting - all I was thinking was - how can a bank with this bank (oakwood) make business sense with $3 million in assets ? I made a google search and found this:
http://www.cbsnews.com/stories/2008/04/25/assignment_america/main4047743.shtml
They still have typewriters and each statement is typed ...........
Quite interesting !!!
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