Soon after the closing of the Bank of United States, another bank, the Chelsea Bank, was taken over by the state banking superintendent, Joseph A. Broderick, amidst allegations attributed to "reliable sources" that the Communist Party of America was actively trying to create a run on the bank (the Soviet Union was also accused of financing short sellers). Meanwhile, a $50 million stockholder suit was launched against the directors of the bank on the grounds of negligence and incompetence, a woman with deposits of $20,000 in the bank hanged herself, and the Equity Casualty and Surety Company, which had invested more than $1 million in Bank of United States stock, declared bankruptcy.