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185:(FDIC) was formed, the uninsured depositors suffered losses as no other bank was willing to assume the deposits. As most of the deposits came from other financial institutions and represented high interest-rate jumbo certificates of deposit that were largely uninsured, this represented a major loss for the depositors. The investigation by the FDIC after the bank failure uncovered 451 possible criminal violations.
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oil boom. Between 1974 and 1982, the bank's assets increased more than 15 times to $ 525 million and its deposits swelled from $ 29 million to more than $ 450 million. As a result primarily of irresponsible lending practices in connection with the sale of over $ 1 billion in "loan participations" to
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and Penn Square was the first of 139 Oklahoma banks that failed in the 1980s. The insolvency was the subject of two best-selling books and led to a two-year prison term for the bank's energy-lending chief, Bill
Patterson.
305:- Decided: 02/18/1992 * OPINION HUNTER, Judge - ¶12 The failure of Penn Square Bank on July 5, 1982 marked the beginning of a banking and savings and loan crisis of a size not seen in the United States since the 1930s.
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PENN SQUARE BANK FAILURE; HEARINGS BEFORE THE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS; HOUSE OF REPRESENTATIVES; NINETY-SEVENTH CONGRESS; SECOND SESSION; PART 1; JULY 15; AND AUGUST 16, 1982
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PENN SQUARE BANK FAILURE; HEARINGS BEFORE THE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS; HOUSE OF REPRESENTATIVES; NINETY-SEVENTH CONGRESS; SECOND SESSION; PART 2; SEPTEMBER 29 AND 30, 1982
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FAILURE OF PENN SQUARE BANK; HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS; UNITED STATES SENATE NINETY-SEVENTH CONGRESS; SECOND SESSION; DECEMBER 10, 1982
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energy-related loans that it sold to other banks. Losses on these loans led to significant financial problems in these banks. Penn Square Bank declared bankruptcy in July 1982.
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other banks throughout
America, Penn Square Bank failed in July 1982. Unlike most previous bank failures since the
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Hightower, Michael J., “Penn Square: The
Shopping Center Bank That Shook the World, Part 2 – Bust,”
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Hightower, Michael J., “Penn Square: The
Shopping Center Bank That Shook the World, Part 1 — Boom,”
367:? . - Ottawa Citizen - Jun 12, 1984 Google News CHICAGO — A controversial new book speculating that
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317:"Penn Square Bank: Anniversary of a Failure that Changed Finance Forever | StateImpact Oklahoma"
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NewsOK - Split on Rooney
Interests Announced by Owners - Oklahoman • Published: October 25, 1984
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Zweig, Phillip L., Belly Up: The
Collapse of the Penn Square Bank. (1985) Crown Publishers
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StateImpact
Oklahoma | Environment, Education, Energy, Health And Justice: Policy to People
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172:. The bank made its name in high-risk energy loans during the late 1970s and early 1980s
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may ... as 1965 Continental
Illinois National Bank and Trust Co. of Chicago
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The bank is often cited as being partly responsible for the collapse of
260:"Penn Square Bank | The Encyclopedia of Oklahoma History and Culture"
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Oklahoma bank that went bankrupt after making energy-related loans
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The bank was founded in 1960 and was located in the rear of the
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Bill
Patterson (energy-lending chief that was convicted)
436:"Key Figure in Penn Square Collapse Keeps Long Silence"
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in New York. The bank's collapse coincided with the
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Continental
Illinois National Bank and Trust Company
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New York Times Article - 'MICKEY MOUSE IN OKLAHOMA'
545:"Breaking the Bank" OETA Television; May 5, 2016
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303:Cimarron Federal Sav. and Loan Ass'n v. McKnight
551:Belly Up: The Collapse of the Penn Square Bank
521:FDIC history of the Penn Square Bank failure
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222:Bill P. (Beep) Jennings (b. 1923, d. 2003)
78:Bankrupt after making energy-related loans
344:. Dell Publishing Co., Inc. p. 188.
152:. The bank made a large number of poorly
503:Singer, Mark, Funny Money. (1985) Knopf
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183:Federal Deposit Insurance Corporation
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611:Bank failures in the United States
606:1982 disestablishments in Oklahoma
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412:. January 4, 2003. Archived from
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83:Headquarters
25:Company type
556:Funny Money
420:October 11,
342:Funny Money
148:located in
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391:2021-11-29
326:2021-11-29
269:2021-11-29
246:References
112:Key people
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121:Products
106:Oklahoma
35:Industry
194:Chicago
160:History
65: (
60:Defunct
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45:Founded
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178:Texas
132:Owner
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422:2008
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