In February 1933, the state of Michigan declared a bank holiday, it being especially hit hard by the Great Depression. It quickly spread into a nation wide financial panic. So severe was the situation that President Franklin Roosevelt declared a national bank holiday that began on March 6, and would last for additional four days.
Lassen County, at that time, had three banks: Bank of America, Bank of Lassen County and the Westwood National Bank. The impacts were minimal for the most part. The biggest issue was the lack of cash in circulation. Merchants extended credit to their customers, and even accepted checks, even though they would be unable to deposit them until the banks re-opened.