Penn Square Mall and the 1982 Penn Square Bank failure

Penn Square Mall, at the address below, was the location of Penn Square Bank, whose collapse in July 1982 followed heavy lending to the oil and gas sector. The bank sold participations in those energy loans to other banks and its failure caused significant losses for purchasers nationwide. Those losses are widely cited as a contributing factor in the broader banking turmoil of the early 1980s, including stress on Continental Illinois.