Oakwood Bank Denies Acquisition Rumors

DALLAS--()--Oakwood Bancshares, Inc., a Texas corporation (“Oakwood” or the “Company”), the parent company of Oakwood Bank, announced today that recent reports that Oakwood had been acquired by a Vietnamese business as reported by certain media outlets are utterly false.

“We are very concerned that Tin Thahn Group will take advantage of unsuspecting individuals, particularly with respect to its false assertion that Oakwood Bank is somehow guarantying any investments made through Tin Thahn Group’s EB-5 program. Oakwood Bank is not and never has been associated with the Tin Thahn Group”

“For its entire history, Oakwood Bank has served Texans and been owned by Texans,” said Roy J. Salley, Oakwood’s Chief Executive Officer. “The Company’s acquisition of The Oakwood State Bank was completed on April 17, 2017 and led by myself and my fellow board members with the support of our shareholders who believe in community banks with local ownership in the communities the bank serves,” added Mr. Salley. Following the Company’s acquisition, the Company changed the name of The Oakwood State Bank to Oakwood Bank.

The Company specifically denies the statements of the Tin Thahn Group that allege that it has acquired The Oakwood State Bank. “While we are unsure of the motives behind the Tin Thahn Group’s statement, we can assure you that Oakwood Bank is locally-owned. We have discussed this matter with our bank regulators and legal counsel and will continue to investigate this fraud,” Mr. Salley added.

“We are very concerned that Tin Thahn Group will take advantage of unsuspecting individuals, particularly with respect to its false assertion that Oakwood Bank is somehow guarantying any investments made through Tin Thahn Group’s EB-5 program. Oakwood Bank is not and never has been associated with the Tin Thahn Group,” stated Mr. Salley.

The Texas Department of Banking has issued a press release on December 15, 2017 confirming that the Tin Thahn Group’s claims are false. A copy of the press release is available on the Texas Department of Banking’s website at www.dob.texas.gov/public/uploads/files/news/press-releases/2017/12-15-17cpr.pdf.

About Oakwood Bancshares

Oakwood Bancshares, Inc. is the holding company for Oakwood Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, and treasury management services. As of September 30, 2017, the Company had $73.7 million in consolidated total assets, with 2 locations in North Dallas and Oakwood, Texas. Learn more at www.oakwoodbank.com.

Contacts

Media and Investors:
Oakwood Bancshares, Inc.
Roy J. Salley, 469-687-2200
Chief Executive Officer
rsalley@oakwoodbank.com