The Bank Of Yesterday - Still Open

America's Smallest Bank: It's An Analog Institution In A Digital World

(CBS)  The town of Oakwood in east Texas used to be known for growing cotton. Now, CBS News correspondent Steve Hartman reports, it's mostly known as a town that used to be. Every business from its heyday is gone, with one very small exception: The Oakwood State Bank, the smallest bank in America.

Its 84-year-old president, R.R. Wiley, says the bank has just 600 checking accounts, no savings accounts and no CDs … and no compact disks, either.

"Here's our 8-track player," Wiley joked.

The place is pretty much frozen in 1973.

"There's not many like this around," quipped Lela Coates, an employee at the bank.

75-year-old Coates personally types every entry on every statement. She's assisted by her 71-year-old trainee, JoAnn Bing.

"I'm posting them and she's filing them," Coates explained. "I don't post too good."

"Why don't you get updated machines?" Hartman asked.

"Computers?" asked Wiley incredulously.

"Yeah, that's what they're called," Hartman said.

"And that's all we want to know about them," Wiley quipped. "We're an antique bank. We're run by antiques."

But it's a modern world, so how does The Oakwood Bank keep running on typewritten deposit slips?

"He's the last holdout; there's no doubt about it," says George Solomen, who sells data processing systems to banks.

Solomen says he's been trying to get Wiley to close the deal for 20 years.

And for 20 years, Wiley has given the same response:

"We like the way we're doing it now," he says.

Wiley says no automated phone system can compare to Lela's voice recognition abilities.

And no computer has ever won the hearts of its customers.

"They take care of me," said one customer.

And CBS News heard that repeatedly from other customers. Even the hard-sell salesman seemed to soften a bit.

"Why is there a part of me that's rooting for him - that he doesn't have to get a computer?" Hartman asked Solomen.

"Because we don't want to go forward," Solomen said. "I'm rooting for him too."

Unfortunately, you can't live forever in the past. Mostly because eventually they stop making parts for it.

Such is the case with Lela's old electronic posting machine; when it goes, they may have no choice but to computerize.

Which is why, every night she carefully tucks it in and prays that it'll fire up again, that when tomorrow comes to Texas, it can still be yesterday in Oakwood.

[sfutado]

this sounds like the type of bank all communities need. if they ever want to reward their top customers i have a site that's a great gift incentive program where the recepient chooses their own gift at www.sfutado.ordermygift.com. i think the customers would like that. keep up the good work and maybe they can pass on some good advice for us at-home business owners trying to succeed.

[shafree]

I''m a native Texan who remembers when some bankers still had integrity. Now, I don''t bank with a Federal Reserve monopoly bank. Yours for peace, accountability, "liberty & justice for ALL"!!!

[ov442]

is this a joke?
everyone at this bank is over 70.

what if, god forbid, everyone dies of a heart attack in like 1 week of each other.

how is all this to be resolved quickly for those customers that need their money?
odd.
whatever works for them i guess

[commentator8]

There has never been, is not now nor will there ever be anything to compare with friendly personal service from people who know you well. It is a once common but now rare part of American life that is sorely missed by all of us fortunate enough to have ever experienced it. I applaud and admire these people for remaining true to their beliefs.

[katienews3]

I would no more put my money here to let 75-84 year old people watch than I would my grandchild. Your money would be safer, at home, under the bed. Cute story but I can see why the town died...no business sense! If they''re happy, they need to raise their bar of "standards"

[tiemore]

Hey. How''s all things? To bad about the gas prices, but things are the same out here in Canada so well... anywho... I like this story simply because it reminds me that not everything HAS to change "just because it does" especially if we don''t want it to. Right? Right. So on to what this message is about: In the story you said that they are, or could be without choice to change if their equipment breaks down. Their old equipment. You said it differently, but ya know whut ah meen. Is there any way to find out exactly what this equipment, or the parts are? IE: The make, model etc..AND what those great folks might need. I have been in a-lot of places right here in town that have hundreds if not thousands of "used" (old and not needed due to change)types of machinery/equipment/parts and so on. If it is at all possible, and i like to believe all things are possible, I would like to see if i could help them out in any way. Free of charge!!!

[tiemore]

Hey. How''s all things? To bad about the gas prices, but things are the same out here in Canada so well... anywho... I like this story simply because it reminds me that not everything HAS to change "just because it does" especially if we don''t want it to. Right? Right. So on to what this message is about: In the story you said that they are, or could be without choice to change if their equipment breaks down. Their old equipment. You said it differently, but ya know whut ah meen. Is there any way to find out exactly what this equipment, or the parts are? IE: The make, model etc..AND what those great folks might need. I have been in a-lot of places right here in town that have hundreds if not thousands of "used" (old and not needed due to change)types of machinery/equipment/parts and so on. If it is at all possible, and i like to believe all things are possible, I would like to see if i could help them out in any way. Free of charge!!!

[beckymike1]

My Husband & I moved to The Big town of Oakwood (pop: 471) last year. When we was building our house I got the chance to meet the Ladys that work in the Bank. I had locked my keys in my car in front of the bank. Everyone in the Bank was so Sweet to help me out. And CBS News missed the best part of our little Bank . One day I was driving home and there was a HORSE tied up in front of the Bank. I thought no where but Oakwood would you find that. I Love our Little Town. That is why we moved here.

[thirdcoast61]

I lived in Oakwood Texas until I graduated High School in 1980 with JoAnne''s son(class of 12 students), a year before Mr. Wiley''s daughter''s graduation. The population then was 606 and must have been counted on Saturday counting everyone twice. I had my first bank account there, bought my first car through them and felt like I just came out of a Bonnie and Clyde movie every time I went there. You don''t need ID there. The tellers all know you and your account number. It was even used in a movie back in ''79. Loved the story, was a great flashback!

[cfin5]

Never thought that I would say I like a bank, but this appeals to my old fashioned likes. I would bank with them exclusively if I lived there. They sound like trustworthy folks!