Data / Bank failures / 1980 / East Gadsden Bank
East Gadsden Bank, Gadsden, AL: failed December 31, 1980
East Gadsden Bank in Gadsden, Alabama, failed on December 31, 1980. Central Bank of Alabama of Decatur, AL, took over its deposits. It held $44 million in assets and $40.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $957,432 (2.2% of its assets). By assets it was the 10th largest of 22 banks closed or assisted in 1980.
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The FDIC's record
- Closed
- December 31, 1980
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Central Bank of Alabama, Decatur, AL
- Total assets
- $43,980,000
- Total deposits
- $40,680,000
- Estimated cost to the FDIC
- $957,432 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 40
Other bank failures in Alabama, 1978 to 1982
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Cedar Bluff Bank | Cedar Bluff | November 2, 1982 | $13.7 million | $12.7 million | $1.5 million | Union State Bank |
| Southern National Bank | Birmingham | June 14, 1979 | $32.6 million | $24 million | ||
| Watkins Banking Company | Faunsdale | July 21, 1978 | $1.7 million | $1.3 million | ||
| Wilcox County Bank | Camden | March 1, 1978 | $12.7 million | $10.6 million | ||
| First Bank of Macon County | Notasulga | January 26, 1978 | $4.5 million | $3.8 million |
All bank failures in 1980 · All bank failures in Alabama · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.