Bank failures in the U. S. were almost 50% less prevalent in 1928 than in 1927, reported the American Bankers' Association. In 1928484 failures; in 1927 there were 831 banks closed. The improvement was general throughout the country. Nebraska was the only State reporting a marked increase (23 to 48) in failures. Best records were made by Georgia (90 in 1927, 8 in 1928); Michigan (from 22 to 6); South Carolina (from 51 to 12). Maryland had only one bank failure, the first in four years.
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