Anniversary of Penn Square bank collapse

Monday, July 1st 2002, 12:00 am
By: News On 6

It was 20-years ago this week that Oklahoma City's Penn Square Bank shut down.

That signaled the start of the oil bust. In July 1982, the country was in a recession. As word spread of the bank's problems, hundreds of people lined up to withdraw their money.

It was, at the time, the nation's largest bank failure and the first Oklahoma City bank to fall into insolvency since the Great Depression.

Six years later, bank administrator Bill Patterson was sentenced to two years in federal prison for his role in the collapse.