In 1958, Roddy Rawls Wiley, Jr. took over the bank after his father died.
In 2005, the bank received a "substantial noncompliance" rating for lack of compliance with the Community Reinvestment Act.
[3] For most of its existence, in addition to Wiley, the bank had only 2 other employees, 76-year-old Lela Coates and 71-year-old Neta Eldridge.
In April 2017, it raised $38 million in capital by selling a controlling stake to new management, allowing the bank to open a branch in Dallas.
[6] On October 1, 2024, Business First Bancshares, Inc. completed the purchase of the holding company that controls the financial institution that was once known as Oakwood State Bank until obtaining its current name.