Later that year the New York Stock Exchange suffered a major collapse in trading. Banks across the country collapsed from bank runs by worried customers, but Mechanics and Farmers Bank weathered the financial turmoil, and 1929 was reported to be its most successful year up to that point. It was one of only two banks to continue operations in Raleigh in the wake of the stock market crash. The institution played a key role in helping African-American businesses in Durham survive the subsequent Great Depression. In 1933 U.S. President Franklin D. Roosevelt secured a mandated bank holiday, forcing all banks in the United States to temporarily close to prevent further economic decline. When Mechanics and Farmers Bank reopened, it was the first in the state to do so, was not burdened by any legal restrictions, and was able to meet its financial obligations. The institution became one of eight African-American banks in the country to survive the Great Depression. In 1935 it became the first lending institution in North Carolina to earn a Certificate of Authority from the U.S. Federal Housing Administration. By 1940 the bank's stock was worth $210,000. In 1952 John H. Wheeler became chief executive of the institution. He held the post until 1978.