We study a stochastic version of the Wilson-Cowan model of neural dynamics, where the response function of neurons grows faster than linearly above the threshold. The model shows a region of parameters where two attractive fixed points of the dynamics exist simultaneously. One fixed point is characterized by lower activity and scale-free critical behavior, while the second fixed point corresponds to a higher (supercritical) persistent activity, with small fluctuations around a mean value. When the number of neurons is not too large, the system can switch between these two different states with a probability depending on the parameters of the network. Along with alternation of states, the model displays a bimodal distribution of the avalanches of activity, with a power-law behavior corresponding to the critical state, and a bump of very large avalanches due to the high-activity supercritical state. The bistability is due to the presence of a first-order (discontinuous) transition in the phase diagram, and the observed critical behavior is connected with the line where the low-activity state becomes unstable (spinodal line).