My first bank account was established at Gary-Wheaton Bank. Elbridge Gary started out in Wheaton IL.
One horse towns, such as Elgin IL, just up the road from Wheaton, faced the same problem - just not on the same scale as Gary. Gary failed for two reasons: bigotry and lack of foresight.
Other towns around Chicago had the foresight to turn themselves into bedroom burgs. Gary thought it could become Milwaukee.