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1985 Ohio bank collapse triggered one of biggest industry failures in US history

Historical footage of the Home State Savings Bank collapse

1985 Ohio bank collapse triggered one of biggest industry failures in US history

Historical footage of the Home State Savings Bank collapse

Just how safe is the money we put in our banks. The fact of the matter is that virtually every bank and savings alone is insured either by the federal government or by the state. It started as *** trickle but it quickly grew to *** river depositors rushing to withdraw their money from home state savings bank. Now estimated that depositors withdrew over $150 million dollars in three days. Home States crisis grew out of the collapse of *** Florida securities firm that held millions of dollars of the bank's assets because it's not F D I C guaranteed. I have instructed the Director of Commerce and the superintendent of savings and loans to impose *** three day bank holiday. It's like believing in God and then you die and there isn't any God. Here's what Holm States collapse left us with the end of the Ohio deposit guarantee fund. The temporary closing of 71 s and L's in the state turmoil on world gold and money markets. The Senate would take up an emergency bill that would allow each person or organization to withdraw $750 during *** 30 day period. All closed. Snl's will have to apply for federal insurance. There is an exception if the state is confident the federal insurance will be approved, that particular SNL can open for full service business as usual as soon as the state says, yes, you lose your confidence during the closing or is everything okay? No, everything's okay. I don't like this bank. It's been very good and they helped us in *** lot of times. Did you ever have any doubts about this place?
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1985 Ohio bank collapse triggered one of biggest industry failures in US history

Historical footage of the Home State Savings Bank collapse

The historic failure of Silicon Valley Bank caused a run on the system last week. The federal government stepped in and said all clients would be protected and able to access their money.The events echoed the Home State Savings Bank collapse of 1985 that shook the state of Ohio and reverberated throughout the country. It caused a cascade of events that left thousands of depositors unable to access their funds, other thrift institutions to fail and the government spending millions of dollars in buyouts.The effects of the collapse lasted for years.WATCH the video above to find out what happened in one of the most significant banking failures in U.S. history.

The historic failure of Silicon Valley Bank caused a run on the system last week. The federal government stepped in and said all clients would be protected and able to access their money.

The events echoed the Home State Savings Bank collapse of 1985 that shook the state of Ohio and reverberated throughout the country.

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It caused a cascade of events that left thousands of depositors unable to access their funds, other thrift institutions to fail and the government spending millions of dollars in buyouts.

The effects of the collapse lasted for years.

WATCH the video above to find out what happened in one of the most significant banking failures in U.S. history.