EAST GADSDEN BANK Failed 1980

GADSDEN, AL · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

EAST GADSDEN BANK of GADSDEN, AL was closed on 1980-12-31. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to CENTRAL BANK OF ALABAMA (DECATUR, AL). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
584
FDIC Certificate
40
FDIC FIN
2286
Bank name
EAST GADSDEN BANK
Location
GADSDEN, AL
Failure date
1980-12-31
FDIC resolution date
1980-12-31
Charter type
State commercial bank, non-Federal Reserve member (FDIC-supervised)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$1M
Deposits at failure
$41M
Assets at failure
$44M
Acquiring bank
CENTRAL BANK OF ALABAMA (DECATUR, AL)