The two views of bankrun

There are two views of bankrun. One view is bankrun is sunspot that it happens completely exogenous of the performance of  the economy and happens to be a coordination game where players choose to cooperate on the inefficient equilibrium. On the other hand, there is the business cycle view that bankrun is associated with economic condition, especially in a downturn, a bankrun is more likely to happen. There is a probability of the incentive compatibility constraint violated when people happen to be more likely to be early consumers. Then banks may not have sufficient liquidity to demand the excess demand in the market. Banks know this probability; however, they may accept such a probability due to their maximizing expected utility method. Therefore bankrun may happen. Both views suggest that bank run can be an equilibrium phenomenon. I personally more agree with the business cycle view.