Its failure in March 1985 led to a bank holiday for 70 other savings institutions that were insured by the Ohio Deposit Guarantee Fund, a private organization.
Warner was also a substantial political donor, and had been appointed as the United States ambassador to Switzerland in 1977 by President Jimmy Carter.
[citation needed] Home State Savings Bank was doing substantial business with ESM.
Public confidence declined in financial institutions insured by other state guaranty funds.
[4] Marvin Warner was convicted in March 1987 of nine counts of fraud-related charges relating to Home State Savings Bank and served 28 months in prison.