The Sunday Constitution (Lawton, Okla.), Vol. 10, No. 1, Ed. 1 Sunday, August 8, 1982 Page: 11 of 60
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THE SUNDAY CONSTITUTION, August 8, 1982 11A
after 30-year term
Student ready to get a job
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Last-minute efforts
Failed to save bank
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COOL BATH. Michelle Allen, 10, cools down her six-year-old
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He said he didn't graduate from high grees, including two who received
school — “I spent my last year in high bachelor of science degrees.
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OKLAHOMA CITY (AP) — Last-minute efforts by officials of the now-
defunct Penn Square Bank to find funding that would keep the bank open
included tapping preferred customers for stock purchases, a newspaper here
reports.
In a copyright story, The Sunday Oklahoman reported Bill P. Jennings,
chairman of the bank’s board, had received pledges of $20 million or more in an
attempt to stave off the bank’s collapse, which came July 5.
The fund-raising effort took on new importance on June 1, when the U.S.
comptroller of the currency gave the bank 24 hours to raise $30 million in
capital, the Oklahoman reported.
One preferred customer of the bank, who asked not to be identified, told the
newspaper he was approached by Bill Patterson, executive vice president in
charge of the bank’s energy loan department, a week before the Federal
Deposit Insurance Corporation took over the bank, seeking help for the
troubled institution.
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he’s bored by the basic college for the associate degree from the Altus
courses.” college includes required studies in
Fischer, who will be 28 in September, math, English, science, humanities and
said he didn’t have any trouble making psychology plus 38 elective credit
perfect marks and added. “I’ve got hours. He said that, so far, 18 reforma-
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“BILL PATTERSON called me from Chicago or some place and he said, I
would like to see you for a few minutes. The bank needs $10 million capital and
we’re calling on all our major customers and asking if you would like to invest
in some common stock (in Penn Square Bank),” the customer told the
newspaper.
He said Patterson came to his house and said he was asking other customeis
to “buy $200,000 worth of bank stock each," the newspaper reported.
The customer told the newspaper that Patterson said, federal ofsicias
“forced us to write off $10 million in bad loans, and the bank needs capital to
" Patterson said the bank was “offering our major customers an opportunity
to buy stock; it’s a good investment,” the customer told the newspaper.
HE URGED the customer to buy $200,000 worth of stock and said the bank
could finance the purchase through bank loans, the customer told the newspa-
The customer declined to agree to purchase the stock and said he never
heard from Patterson again, the customer said.
The customer said Patterson’s appeal was “low key’ and without any sense
of knowledge that the bank’s takeover was imminent, the newspaper reported
Both Jennings and Patterson have repeatedly refused to discuss any aspect
of the bank’s failure.
Meanwhile Fortune magazine, in its Aug. 23 issue, reports Robert A. Hefner
IIL deep-gas-drilling magnate, made a personal note to Patterson, galley
proofs obtained by the Oklahoman show.
Hefner's company acknowledged on July 7 it had removed funds from the
bank on June 30 and July 1. days before the comptroller closed the bnak.
THE REPORT says that when the note was submitted to Chase Manhattan
Bank in New York for funding, the $30 million figure was crossed out and $31.3
million was penned in.
The missing $1.3 million remains a mystery, the report continues.
The money was to be repaid in two weeks through sale of some oil rigs taken
by Penn Square Bank in a foreclosure, the account says. But Hefner discovered
a sale reported by Patterson was "a fiction," the magazine reports.
In the midst of the fund-raising effort, the bank's holding company borrowed
$5 million from Michigan National Bank. $2 million of which was advanced on
June 25. The remainder was received June 30.
On Wednesday, June 30, the bank borrowed $20 million from the Federal
Reserve System. The money was repaid the following day.
BANK OFFICIALS and representatives of Continental Illinois and Seattle
First National Bank two of the three major participants in $2 billion in loans
venerated by Penn' Square Bank, worked through the Independence Day
weekend in Washington on a merger plan to save the bank, a source told te
Oklahoman.
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GRANITE, Okla. (AP) — Johnny school in Lawton” — but earned his Some students also are participating a variety of scholarships, some he said November 1984, but I'm trying to get it hopes to enroll in Tulsa University
Fischer wants to finish his basic col- general equivalency degree while in in talkback TV courses conducted by provided by the state Department of moved up.” “They have an excellent computer
lege courses, earn a degree in comput- custody at Lexington. the University of Oklahoma and Okla- Corrections, to finance their education. If he is parolled, Fischer said, he science curriculum,” he said.
er sciences “and hopefully get a job “Right now I’m just taking general homa State University, he said. “There are always more people seek-
with one of the big computer studies,” he said. “We’re between se- In addition to Fischer, whose perfect ing the scholarships than there is mon-
companies, like IBM or Telex. mesters now, but last semester I took grades put him on the President's Hon- ey to go around, he said. Generally,
It would seem that his chances would philosophy and American history. This or Roll, Warren said inmates Rodney if you have a scholarship, you can keep
be pretty good since Fischer had a next semester I’ll take economics, Eatmon, Timothy Engle, Fred Munn, it until you finish if you are doing well.
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perfect 4.0 grade record the past se- world literature, intermediate algebra, Bryan Ramer and Michael Smith made “But those without a scholarship or
mester at Western Oklahoma State Col- speech and geography ” the Dean’s Honor Roll at the Altus money of their own are pretty well shut
one thing standing in his He said he "enjoyed the philosophy a grade point average getting any further educa
way — the 30-year term he’s serving course and i eally liked e si Fischer said the tuition for the TV Fischer said he had been behind bars
fora burglary conviction. courses he has taken. courses is “about $12 an hour,” with since his conviction of burglarizing a
Fischer is one of about 20 inmates at Warren said the college studies are the total cost running to about $200 a Tulsa store in October 1976.
the Oklahoma State Reformatory who an outgrowth of the high school pro- semester. “I’m studying under a schol- “I was parolled from an 18-year bur-
are taking college work through talk- gram that has been conducted at the arship from the United Methodist glary sentence in February and began
back television courses sponsored by reformatory since 1947. Church Scholarship Fund,” he said. serving the 30-year sentence,” he said,
several state colleges and universities. . Fischer said other inmates are using “I’m scheduled for a parole hearing in
Under the system, students in the re- "We don 1 have as many enro
formatory — and other areas — are on classes as we used to since t e. re or-
a two-way TV hookup with the profes- matory has been converted to aumax
sor and their distant classmates. mum security institution, "arren
“Johnny is a real smart guy,” said said. "There are about 20 w o are
Tom Warren, principal of the reforma- taking some college courses ou o a
tory’s Lakeside School, which conducts prison population of roughly
its end of the TV courses. “Frankly, Warren said the 60-hour study plan
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Bentley, Bill F. The Sunday Constitution (Lawton, Okla.), Vol. 10, No. 1, Ed. 1 Sunday, August 8, 1982, newspaper, August 8, 1982; Lawton, Oklahoma. (https://gateway.okhistory.org/ark:/67531/metadc2039221/m1/11/?q=%22%22~1: accessed July 17, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.