The collapse of Penn Square Bank in 1982 caused the bank’s closure by the FDIC, many oil and gas companies to declare bankruptcy, and .

A. the temporary shutdown of the Oklahoma state government

B. the subsequent collapse of other banks across the United States

C. the recall of US loans made to OPEC nations

D. a domestic oil embargo

The correct option is B

Explanation:

Penn Square Bank was a small commercial bank located in Oklahoma City, Oklahoma, that failed in July 1982. The bank made a large amount of poorly underwritten energy-related loans that it sold to other banks.These loans given to other banks subsquently caused problems for these banks too.

The bank is often cited as being partly responsible for the collapse of Continental Illinois National Bank and Trust Company of Chicago, which had to write-off some millions in loans purchased from Penn Square, there were major losses at other banks, including Seattle First National Bank, Michigan National Bank, and Chase Manhattan Bank in New York

B. the subsequent collapse of other banks across the United States.

Explanation:

Penn Square Bank which was founded in 1960 and located in Oklahoma city, Oklahoma was a small commercial bank that made a bulk of ill-fated oil and gas loans that it sold to other banks.

When oil prices dropped in 1981, it led to significant financial problems for the bank.

Furthermore, the collapse of Penn Square Bank in the month of July, 1982 led to the subsequent collapse of numerous banks across the United States.

This banks include;

- Seattle First National Bank

- Chase Manhattan Bank in New York

- Michigan National Bank

- Trust Company of Chicago,

- Continental Illinois National Bank.

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