What was the Banking Crisis?

The banking crisis was one of the consequences of the Wall Street crash. This
was when banks in America were failing and becoming bankrupt. In 1929,659
banks failed and because of this people lost their trust in them and withdrew
their savings. A billion dollars was withdrawn from banks in 1931 because
many believed that there money was safer at home or in safe deposit boxes.
By 1933, 5,000 banks became bankrupt. USA was in the most serious economic
depression that world had ever seen.
Moreover people were saving their money than buying new goods or shares.
However While this was going on President Hoover was optimistically speaking
about how Americas economy was going to go far and do well.