Paul M. Edwards notes the inexperience of Church leaders in banking and financial affairs.
Paul M. Edwards, Our Legacy of Faith: A Brief History of the Reorganized Church of Jesus Christ of Latter Day Saints (Independence, MO: Herald Publishing House, 1991), 80
The failure to receive a bank charter led to the formation of the Kirtland Safety Soclety Anti-Banking Company organized by Joseph Smith and Sidney Rigdon. The directors were inexperienced and unable to meet the demands, or to save the bank as economic failure swept the country. When the bank closed in November, considerable resentment was directed toward Joseph. Over a score of wildcat banks of this type in Ohio, some even with state charters, failed during this time.