Banking in Oklahoma, 1907–2000 by Michael J. Hightower,Frank Keating

By Michael J. Hightower,Frank Keating

The tale of banking in twentieth-century Oklahoma is usually the tale of the earlier State’s first hundred years, as Michael J. Hightower’s new publication demonstrates. Oklahoma statehood coincided with the Panic of 1907, and either occasions signaled seismic shifts in nation banking practices. a lot as Oklahoma banks shed their frontier character to develop into extra tightly built-in within the nationwide economic climate, so too was once decentralized banking printed as an anachronism, completely unsuited to an more and more international economic climate. With production of the Federal Reserve process in 1913 and next selection of Oklahoma urban because the situation for a department financial institution, frontier banking all started yielding to platforms commensurate with the wishes of the hot century.

via meticulous examine and private interviews with bankers statewide, Hightower has crafted a compelling narrative of Oklahoma banking within the 20th century. one of many first acts of the recent nation legislature was once to assure that depositors in state-chartered banks could by no means lose a penny. in the meantime, land and oil speculators and the bankers who funded their goals have been raising get-rich-quick (and frequently get-poor-quick) schemes to an paintings shape. In security of state banks, the Oklahoma Bankers organization dispatched armed vigilantes to prevent robbers of their tracks.

next advancements in Oklahoma banking comprise variation to rules spawned via the good melancholy, the post–World battle II increase, the Eighties melancholy within the oil patch, and alterations fostered through rapid-fire advances in expertise and conversation. The loss of life of Penn sq. financial institution deals considered one of history’s few unambiguous classes, and it warrants chapters—one at the upward thrust, and one at the fall. expanding legislation of the banking undefined, the survival of relations banks, and the resilience of neighborhood banking are constant subject matters in a kingdom that's just a couple of generations faraway from the frontier.

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