Bank Failure
Penn Square Bank, N.A.
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Closed July 5, 1982 · Oklahoma City, OK · FDIC Cert #18153.
- Closing date
- July 5, 1982
- Headquarters
- Oklahoma City, OK
- FDIC Certificate
- 18153
- Total assets at closing
- $436.5M
- Total deposits at closing
- $390.0M
- Estimated loss to the insurance fund
- $65.0M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On July 5, 1982, regulators closed Penn Square Bank, N.A., headquartered in Oklahoma City, OK. At closing, the institution held approximately $436.5M in assets and $390.0M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the FDIC insurance fund was approximately $65.0M.
By assets at closing this is the 422nd largest of the 3,526 bank failures in the FDIC record, and the 2nd of 34 in 1982. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Penn Square Bank, N.A. fail?
Penn Square Bank, N.A. was closed by regulators on July 5, 1982.
How big was Penn Square Bank, N.A. when it failed?
Penn Square Bank, N.A. had approximately $436.5M in total assets and $390.0M in deposits at the time of failure.
Other failures in 1982
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1982 | The Security State Bank | $11.6M |
| Dec 10, 1982 | Bollinger County Bank | $15.9M |
| Nov 19, 1982 | North Kansas Sa | $36.5M |
| Nov 19, 1982 | Ranchlander National Bank | $4.3M |
| Nov 12, 1982 | Bank of Quitman | $17.4M |
| Nov 5, 1982 | The First National Bank of South Charlesto | $28.6M |
| Nov 5, 1982 | Texas BK of Amarillo | $13.1M |
| Nov 2, 1982 | Cedar Bluff Bank | $13.7M |
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