With the granting of statehood on November 11, 1907, Article XIV of the Oklahoma Constitution created the Banking Department.

Governor Dewey F. Bartlett was chairman of the board, and Herbert H. Smock was the department's first banking commissioner.

The State Banking Commissioner serves as chairman of the board, but may only vote in case of a tie.

All members of the board are appointed by the governor, by and with the advice and consent of the Oklahoma Senate, to serve a six-year term.

Should the OBA fail to nominate a list of candidates within 30 days of a vacancy, the governor is free to select anyone who meets the qualifications of office.