Penn Square Bankとは 意味・読み方・使い方

Penn Square Bank was a small commercial bank located in the rear of the Penn Square Mall in Oklahoma City. The bank made its name in high-risk energy loans during the late 1970s and early 1980s Oklahoma and Texas oil boom. Between 1974 and 1982, the bank's assets increased more than 15 times to $525 million and its deposits swelled from $29 million to more than $450 million. As a result primarily of irresponsible lending practices in connection with the sale of over $1 billion in "loan participations" to other banks throughout America, Penn Square Bank failed in July 1982. Unlike most previous bank failures since the Federal Deposit Insurance Corporation (FDIC) was formed, the uninsured depositors suffered losses as no other bank was willing to assume the deposits. As most of the deposits came from other financial institutions and represented high interest-rate jumbo certificates of deposit that were largely uninsured, this represented a major loss for the depositors. The investigation by the FDIC after the bank failure uncovered 451 possible criminal violations.