Word: oklahomas
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Last month the blue-chip banking fraternity received another blow when Perm Square Bank, a small and poorly managed Oklahoma City lender, folded after having invested heavily in risky oil and gas ventures. Penn Square's lending had been supported by, among others, Continental Illinois, the sixth largest commercial bank, Chase Manhattan and Seafirst Corp. of Seattle...
Jill Winkler Oklahoma City...
...start of business early last week, depositors crowded into the lobby of Oklahoma City's Perm Square Bank and patiently stood in line to take out all their money. Still more customers waited outside so that they could also withdraw their funds. Penn Square was in the process of becoming the 22nd bank in the U.S. to collapse this year...
...Oklahoma bank had assets of only about $525 million, or a mere fraction of those held by large commercial lenders like New York's Citibank, which counts nearly $105 billion in assets. Yet the tremors from Penn Square's fall were felt far beyond the bank's stuccoed shopping-mall office...
...modest oil glut developed in the past year, however, the price of Oklahoma crude started slumping, from a peak of $38 per bbl. to a trough of about $32. Penn Square's once attractive loans suddenly became big burdens for borrowers increasingly unable to repay...