Word: oklahomas
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...strain. The drop in oil prices in the U.S. has stunned energy-producing regions and hurt a wide range of industries, from real estate to banking. Last week alone brought several seismic shocks: the bankruptcy filing by LTV, a major steel producer; the failure of First National Bank of Oklahoma City, a large oil-patch bank; and the $640 million loss reported by BankAmerica, which is saddled with numerous bad energy loans (see ECONOMY & BUSINESS). The dislocations caused by plunging oil prices have become a drag on the entire U.S. economy. Since January, the level of industrial production has dropped...
...rest stop in Pennsylvania, Mildred and Jim are sitting at a picnic table eating oranges. They are on their way home to Oklahoma from a vacation trip East. Their car has a sticker saying, JESUS LOVES COWBOYS . . . & cowgirls...
...them are going to make it. That became painfully clear last week, when the strains of economic change finally caught up with several companies and produced a chilling succession of financial calamities. The shocks came one right after another, starting on Monday, when the First National Bank & Trust of Oklahoma City (assets: $1.6 billion) collapsed from the weight of bad energy loans. It was the second-largest bank failure in U.S. history (after the 1974 fall of the New York-based Franklin National Bank) and a likely portent of another round of financial trauma in the oil patch. Just...
Though largely unrelated in their specific causes, the disasters last week were all accelerated by the 60% drop in the price of oil since the beginning of the year. By causing energy loans to go sour and depressing the whole Southwest, cheap oil pushed the Oklahoma City bank over the brink and aggravated BankAmerica's huge losses. The petroleum slide helped drag down LTV too, because the company is a major supplier of oil-drilling and pumping gear, which almost no one wants to buy right now. Last week the number of oil rigs operating in the U.S. reached...
First National of Oklahoma City embarked on a bid to become a regional banking power during the 1970s oil boom. When prices fell, however, the bank's long-shot energy loans began to misfire. The bank slipped in position from the state's No. 1 institution to third-largest and during the past four years lost more than $200 million. Last September federal banking regulators forced the resignation of First National's chairman and largest stockholder, Charles A. Vose Sr., 85, who had led the bank since 1945. But the new chairman, J.G. Cairns Jr., found the institution in disarray...