Bank failure · AL

East Gadsden Bank (Gadsden, AL) — failed December 31, 1980

East Gadsden Bank of Gadsden, Alabama was closed on December 31, 1980 and resolved through a purchase and assumption. Central Bank of Alabama (AL) took over its insured deposits. At failure it held $44.0M in assets and $40.7M in deposits. The FDIC's estimated loss on the failure is $957K (2.2% of assets).