Demise of the Kirtland Safety Society intensified the economic problems of the Kirtland Saints. The two hundred individuals who invested in the bank lost nearly everything they subscribed; others secured notes issued by the company and redeemed their currency at heavy discounts. As the months passed, many still held bills that had no redeemable value. When the company failed, many persons lost their savings and a few were ruined financially. It has been estimated that the financial loss approached $40,000, almost the total coast of building the Kirtland Temple. This loss was sustained by persons whose income averaged about $400 annually.

Joseph Smith’s economic losses from the failure of the Kirtland Safety Society were greater than those of any other individual. While seeking to establish and then sustain the company and at the same time purchase land in Kirtland and goods for his store, he had accumulated debts amounting to approximately $100,000. Although he had asserts in lands and goods that were of greater value in some respects than his debts, he was unable to immediately transform these asserts into a form that could be used to pay his creditors.