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- Penn_Square_Bank abstract "Penn Square Bank was a small commercial bank located in the rear of the Penn Square Mall in Oklahoma City. The bank made its name in high-risk energy loans during the late 1970s and early 1980s Oklahoma and Texas 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 other banks throughout America, Penn Square Bank failed in July 1982. Unlike most previous bank failures since the Federal Deposit Insurance Corporation (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.The bank is often cited as being partly responsible for the collapse of Continental Illinois National Bank and Trust Company of Chicago, which had to write-off some US$500+ million in loans purchased from Penn Square. In addition, there were major losses at other banks, including Seattle First National Bank, Michigan National Bank, and Chase Manhattan Bank in New York (Seattle First and Continental Illinois were eventually acquired by Bank of America predecessor BankAmerica; the former in 1983 and the latter in 1994). The bank's collapse coincided with the 1980s oil glut 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. Abilene National Bank in Abilene, Texas did correspondent banking with Penn Square Bank. Abilene National Bank later became Mbank then Bank One then JPMorgan Chase bank.".
- Penn_Square_Bank wikiPageExternalLink fullpage.html?res=9D06E2DF1339F930A15755C0A963948260.
- Penn_Square_Bank wikiPageExternalLink history2-03.pdf.
- Penn_Square_Bank wikiPageID "7874876".
- Penn_Square_Bank wikiPageLength "4156".
- Penn_Square_Bank wikiPageOutDegree "21".
- Penn_Square_Bank wikiPageRevisionID "638738068".
- Penn_Square_Bank wikiPageWikiLink 1980s_oil_glut.
- Penn_Square_Bank wikiPageWikiLink Bank_One_Corporation.
- Penn_Square_Bank wikiPageWikiLink Bank_of_America.
- Penn_Square_Bank wikiPageWikiLink Category:Banks_based_in_Oklahoma.
- Penn_Square_Bank wikiPageWikiLink Category:Banks_disestablished_in_1982.
- Penn_Square_Bank wikiPageWikiLink Category:Banks_established_in_1960.
- Penn_Square_Bank wikiPageWikiLink Category:Companies_based_in_Oklahoma_City,_Oklahoma.
- Penn_Square_Bank wikiPageWikiLink Category:Defunct_banks_of_the_United_States.
- Penn_Square_Bank wikiPageWikiLink Category:Defunct_companies_based_in_Oklahoma.
- Penn_Square_Bank wikiPageWikiLink Chase_(bank).
- Penn_Square_Bank wikiPageWikiLink Chicago.
- Penn_Square_Bank wikiPageWikiLink Commercial_bank.
- Penn_Square_Bank wikiPageWikiLink Continental_Illinois.
- Penn_Square_Bank wikiPageWikiLink Federal_Deposit_Insurance_Corporation.
- Penn_Square_Bank wikiPageWikiLink JPMorgan_Chase.
- Penn_Square_Bank wikiPageWikiLink Michigan_National_Bank.
- Penn_Square_Bank wikiPageWikiLink Oklahoma.
- Penn_Square_Bank wikiPageWikiLink Oklahoma_City.
- Penn_Square_Bank wikiPageWikiLink Penn_Square_Mall.
- Penn_Square_Bank wikiPageWikiLink Seafirst_Bank.
- Penn_Square_Bank wikiPageWikiLink United_States_dollar.
- Penn_Square_Bank wikiPageWikiLinkText "Penn Square Bank".
- Penn_Square_Bank wikiPageUsesTemplate Template:Reflist.
- Penn_Square_Bank subject Category:Banks_based_in_Oklahoma.
- Penn_Square_Bank subject Category:Banks_disestablished_in_1982.
- Penn_Square_Bank subject Category:Banks_established_in_1960.
- Penn_Square_Bank subject Category:Companies_based_in_Oklahoma_City,_Oklahoma.
- Penn_Square_Bank subject Category:Defunct_banks_of_the_United_States.
- Penn_Square_Bank subject Category:Defunct_companies_based_in_Oklahoma.
- Penn_Square_Bank hypernym Bank.
- Penn_Square_Bank type Bank.
- Penn_Square_Bank type Company.
- Penn_Square_Bank type Bank.
- Penn_Square_Bank type Company.
- Penn_Square_Bank comment "Penn Square Bank was a small commercial bank located in the rear of the Penn Square Mall in Oklahoma City. The bank made its name in high-risk energy loans during the late 1970s and early 1980s Oklahoma and Texas 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.".
- Penn_Square_Bank label "Penn Square Bank".
- Penn_Square_Bank sameAs Q7163222.
- Penn_Square_Bank sameAs m.026h41l.
- Penn_Square_Bank sameAs Q7163222.
- Penn_Square_Bank wasDerivedFrom Penn_Square_Bank?oldid=638738068.
- Penn_Square_Bank isPrimaryTopicOf Penn_Square_Bank.