Oklahoma bank that went bankrupt after making energy-related loans
Penn Square Bank
Company type
Bank
Industry
Financial services
Founded
1960 (1960)
Defunct
1982 (1982)
Fate
Bankrupt after making energy-related loans
Headquarters
Oklahoma City, Oklahoma
,
United States
Area served
Oklahoma
Key people
Bill Patterson (energy-lending chief that was convicted)
Products
Loans for oil extraction, banking services
Owner
The Rooney family
Penn Square Bank was a small American commercial bank located in Oklahoma City, Oklahoma. The bank made a large number of poorly underwritten 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.[1]
^"Penn Square Bank | The Encyclopedia of Oklahoma History and Culture". www.okhistory.org. Retrieved 2021-11-29.
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removing 2 Penn Plaza and redeveloping other towers, and an extension of the High Line to Penn Station. Meanwhile, SOM proposed moving Madison Square Garden...
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(with $45 billion in assets), failed. The bank had first approached failure in July 1982, when the PennSquareBank, which had partnered with Continental...
one of the worst job and housing markets due to the bankruptcy of PennSquareBank in 1982 and then the post-1985 crash in oil prices (oil bust).[citation...
Manhattan locations, including Herald Square, the Empire State Building, Koreatown, and Macy's Herald Square. Penn Station has 21 tracks fed by seven tunnels...
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up the Delaware River and founded Philadelphia on the river's western bank. Penn's Quaker government was not viewed favorably by the previous Dutch, Swedish...
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for building budget", April 25, 1981 1983: "Series on the Failure of PennSquareBank" by Phillip L. Zweig, American Banker 1984: No award given 1985: "The...
"gentlemen's agreement" not to build higher than the top of the statue of William Penn atop City Hall, that building stood as the city's tallest structure for 93...
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& Crawford, a wholesale insurance broker. In April 2016, the bank acquired National Penn for $1.8 billion, which added 124 branches in Pennsylvania, New...
in April 2015, Penn Liberty Bank in November 2015, and Philadelphia-based Beneficial Bank in March 2019. Additionally, the WSFS Bank brand was introduced...
executive officer of Burson-Marsteller. Penn is the author of the books Microtrends (2007) and Microtrends Squared (2018). Together with Douglas Schoen,...