TMfrisco said:
It's done, it's just a matter of time. It will never be a thriving, well-growing tree.
I've had trees that were worse that came back and thrived. Also lost some that weren't as bad. Best I can tell you is to pry off all the loose bark with a screwdriver, make sure it does not retain any moisture in the open wounds which increases the rot, treat the tree with anti-borer chemicals and give it some suprthrive for good measure. If the topside totally turns brown and dies it is a goner, it you have green on top it might make it.
The problem could be scalding from our summers, but more likely IMHO to be wood borders. After you take all the loose bark off look for bore holes.
Same advice for red oaks and live oaks... just my opinion based on 4-5 that made it and 4-5 that didn't over the years.