Franklin National Bank collapses due to fraud and mismanagement; at the time it is the largest bank failure in the history of the United States.

Franklin National Bank

Historic commercial building in New York, United States

Franklin National Bank was a bank based in Franklin Square on Long Island, New York. It was once the United States' 20th largest bank. On October 8, 1974, it collapsed in obscure circumstances involving Michele Sindona, who was a renowned Mafia-banker and member of the irregular…