Answer:
true
Explanation:
The state insurance funds were unable to cope with the economic events of the 1920s. The depression of 1921, and the severe agricultural problems that persisted throughout much of the decade, resulted in numerous bank failures. The resultant claims on the various insurance funds generally exceeded their size. Although the Texas fund was able to meet all claims, the insured deposits in the other states that were never paid from any source ranged as high as 70 percent.
