The rumored failure of Guardian [[and First National Bank of Detroit) led to the wave of bank holidays first in Michigan and then 36 other states in February and March 1933. Eventually, the new Roosevelt administration declared a federal bank holiday before reopening in late March. Guardian and First National were forced to merge to form National Bank of Detroit.
This was three years into the Depression, and things had slowed down a lot by then. Detroit may have had over 400,000 unemployed. The link has many more details.
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