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Banking in Oklahoma, 1907-2000 (Paperback)
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Banking in Oklahoma, 1907-2000 (Paperback)
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The story of banking in twentieth-century Oklahoma is also the
story of the Sooner State's first hundred years, as Michael J.
Hightower's new book demonstrates. Oklahoma statehood coincided
with the Panic of 1907, and both events signaled seismic shifts in
state banking practices. Much as Oklahoma banks shed their frontier
persona to become more tightly integrated in the national economy,
so too was decentralized banking revealed as an anachronism,
utterly unsuited to an increasingly global economy. With creation
of the Federal Reserve System in 1913 and subsequent choice of
Oklahoma City as the location for a branch bank, frontier banking
began yielding to systems commensurate with the needs of the new
century. Through meticulous research and personal interviews with
bankers statewide, Hightower has crafted a compelling narrative of
Oklahoma banking in the twentieth century. One of the first acts of
the new state legislature was to guarantee that depositors in
state-chartered banks would never lose a penny. Meanwhile, land and
oil speculators and the bankers who funded their dreams were
elevating get-rich-quick (and often get-poor-quick) schemes to an
art form. In defense of country banks, the Oklahoma Bankers
Association dispatched armed vigilantes to stop robbers in their
tracks. Subsequent developments in Oklahoma banking include
adaptation to regulations spawned by the Great Depression, the
post-World War II boom, the 1980s depression in the oil patch, and
changes fostered by rapid-fire advances in technology and
communication. The demise of Penn Square Bank offers one of
history's few unambiguous lessons, and it warrants two chapters -
one on the rise, and one on the fall. Increasing regulation of the
banking industry, the survival of family banks, and the resilience
of community banking are consistent themes in a state that is only
a few generations removed from the frontier.
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