Penn Square Bank
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Penn Square Bank was a modest-sized commercial bank located in Oklahoma City which made its name in energy loans during the late 1970s Oklahoma Texas oil boom. As a result of poorly documented loans and the collapse of the energy boom, Penn Square declared bankruptcy in 1982. The bank is often cited as being partially responsible for the collapse of Continental Illinois National Bank and Trust Company of Chicago, which had to write-off some $500 million in loans purchased from Penn Square.
