This time period saw big changes in the school district, with Muncie Fithian consolidating to become K-12, Newtown taking on the position of Middle School several years later (to later transition to a Jr. High), then as the turn of the century approached elementary schools started consolidating into a newly expanded Oakwood Grade School. By the end of the changes, Muncie Fithian and Diamond schools had closed and Oakwood was left with one grade school, one middle school, and one high school.
Businesses changed but constants still remained, including the grocery store. The bank became a library as a new bank was built, and became a meeting spot in the basement. As time went on the library was torn down and a new library was built.
At the 125th anniversary, Oakwood was separated from Danville by forested areas, the Salt Fork and the Middle Fork rivers. Large farms were on the edges of the Village of Oakwood as well as two large truck stops one on each side of the road by Interstate 74. A water tower with the village name. Additionally Oakwood included four churches, a bank, a post office, a grocery, a library, a print shop, four auto repair shops, several hairdressers, a town hall, a grade school, a fire department, a rescue squad, a laundromat, a landscaper, a union office, a realtor, an independent contractor, a tavern, two video stores, several restaurants, an ice cream place, and a convenience store, all in a village of 1500 people. Additionally Oakwood had two Main Streets. Farm land at the time was valued up to $3000/acre.