During the 1920s about 300 banks closed in Iowa leading up to the Great Depression.
If farmers suffered, then small towns suffered. And if small towns suffered, then their financial centers, the banks, suffered. When news got out that a bank was about to close, people panicked and rushed to withdraw their savings. This only made the inevitable death of a bank come sooner. During the 1920s over 300 banks closed in Iowa and customers at the end of the line found their savings had vanished over night.
The Iowa Heritage Hard Times