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A billion dollars was withdrawn from banks in 1931 because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.