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 __________.

Penn Square Bank made risky energy-sector loans during the oil boom, and its 1982 failure left other banks holding large losses on loans they had bought from it. Those losses contributed to the later troubles and failures of other banks, including major institutions outside Oklahoma. Thus the best answer is “the subsequent collapse of other banks across the United States.”

AI-written and checked against the verified answer.