This Day in Wall Street History 1930: N.Y. branch of Bank of U.S. goes bankrupt

This day in 1930 brought another ominous sign that the nation was sliding toward a prolonged and difficult economic slump, as New York's branch of Bank of the United States announced that it had gone belly-up.

Up until its downfall, the bank held the savings of some 400,000 depositors, including a number of immigrants. Its subsequent demise imperiled the finances of roughly one-third of New York and stood as the nation's single-worst bank failure.

Source: History.com