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Penn Square Bank information


Penn Square Bank
Company typeBank
IndustryFinancial services
Founded1960 (1960)
Defunct1982 (1982)
FateBankrupt after making energy-related loans
Headquarters
Oklahoma City, Oklahoma
,
United States
Area served
Oklahoma
Key people
Bill Patterson (energy-lending chief that was convicted)
ProductsLoans for oil extraction, banking services
OwnerThe 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]

  1. ^ "Penn Square Bank | The Encyclopedia of Oklahoma History and Culture". www.okhistory.org. Retrieved 2021-11-29.

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