Outils :Vous avez un site web ? Un blog ?
 Technorati reactions rencontre |
Penn Square Bank was a large commercial bank located in 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, Penn Square Bank failed in July 1982.
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. The bank's collapse signaled the end of the oil boom and 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 prison term for the bank's energy-lending chief, Bill Patterson. [1]
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.
Contents |
