Bank Failure
East Gadsden Bank
BankRegReports is independent of East Gadsden Bank and never asks for online banking logins or passwords.
Closed December 31, 1980 · Gadsden, AL · FDIC Cert #40.
- Closing date
- December 31, 1980
- Headquarters
- Gadsden, AL
- FDIC Certificate
- 40
- Total assets at closing
- $44.0M
- Total deposits at closing
- $40.7M
- Estimated loss to the insurance fund
- $957K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Central Bank of Alabama
Context
On December 31, 1980, regulators closed East Gadsden Bank, headquartered in Gadsden, AL. At closing, the institution held approximately $44.0M in assets and $40.7M in deposits. The FDIC record names Central Bank of Alabama as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $957K.
By assets at closing this is the 1747th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 10 in 1980. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did East Gadsden Bank fail?
East Gadsden Bank was closed by regulators on December 31, 1980.
Who acquired East Gadsden Bank?
The FDIC record names Central Bank of Alabama as the acquiring institution in the resolution of East Gadsden Bank.
How big was East Gadsden Bank when it failed?
East Gadsden Bank had approximately $44.0M in total assets and $40.7M in deposits at the time of failure.
Other failures in 1980
| Date | Bank | Assets |
|---|---|---|
| Nov 21, 1980 | Citizens State BK of Galena | $10.3M |
| Oct 11, 1980 | The Rochelle BK & TR Co. | $8.4M |
| Sep 12, 1980 | The Metro BK of Huntington, Inc. | $27.0M |
| Aug 8, 1980 | The Mission State BK & TR Co. | $86.4M |
| Jun 28, 1980 | City & County BK of Campbell CTY | $39.8M |
| Jun 4, 1980 | The Citizens State Bank | $2.0M |
| Feb 16, 1980 | Mohawk BK & TR Co. | $5.9M |
| Feb 12, 1980 | First National BK of Carrington | $12.4M |
Explore: all failures · AL bank events · 1980 events · events hub