O.A.K. Financial Corporation · Byron Center, MI United States ·(OTC: OKFC)
Company Description
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This link will open in a new window O.A.K. Financial is A-OK. The holding company owns Byron Bank, which serves western Michigan through about a dozen branches. It offers standard banking services such as checking and savings accounts, certificates of deposit, and credit cards. Commercial real estate loans comprise nearly 60% of the bank's lending portfolio; business loans account for about 25%. The bank also writes residential mortgages and consumer loans. Subsidiary Byron Investment Services provides mutual funds, investment management, and brokerage services through an agreement with Raymond James Financial , while Byron Insurance sells personal and commercial coverage. To read the full description, subscribe now.
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Key O.A.K. Financial Corporation Financials
| Company Type | Public - OTC: OKFC Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $29.7 |
| 2008 Employees | 253 |
O.A.K. Financial Corporation Executives
29 executives listed for O.A.K. Financial Corporation's Byron Center, MI location.
| Title | Name & Bio | Contact |
| President, CEO, and Director; President and CEO, Byron Bank | Patrick Gill | Network |
| EVP, COO, and CFO, O.A.K. Financial and Byron Bank | James Luyk | Network |
| EVP and Chief Lending Officer, Byron Bank | Joel Rahn | Network |
Competition
Competitive Landscape for O.A.K. Financial Corporation
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top O.A.K. Financial Corporation Competitors
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