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The worsening Depression led Governor
William A. Comstock to issue a declaration closing the state's banks.
Wary depositors had withdrawn their funds leaving many banks insolvent.
A total of 436 banks and trust companies were closed. Of that number,
207 were soon allowed to reopen and their depositors suffered no loss.
Of the remainder, 170 were authorized to reorganize and 59 were placed
in receivership.
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