Between 1890 and1893, a severe economic depression caused the closure and collapse of many banks. The Federal Bank of Australia ran out of money and closed. In April 1893 the Commercial Bank of Australia, one of Australia's largest banks, suspended operations. Twelve other banks soon followed. Those who had put their savings into building societies, as well as those who had borrowed heavily to fund their own speculative investments, found themselves in desperate straits. Businessmen, pastoralist farmers and land speculators weren't able to pay their overdrafts, and thousands of small and large investors were ruined.