Data / Bank failures / 1981 / South Side Bank
South Side Bank, Chicago, IL: failed March 14, 1981
South Side Bank in Chicago, Illinois, failed on March 14, 1981. Drexel National Bank of Chicago, IL, took over its deposits. It held $27.5 million in assets and $26 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.5 million (12.8% of its assets). By assets it was the 31st largest of 40 banks closed or assisted in 1981.
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The FDIC's record
- Closed
- March 14, 1981
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Drexel National Bank, Chicago, IL
- Total assets
- $27,505,000
- Total deposits
- $25,983,000
- Estimated cost to the FDIC
- $3,514,913 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- FDIC
- FDIC certificate
- 20688
Other bank failures in Illinois, 1979 to 1983
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Atkinson Trust & Savings Bank | Atkinson | November 25, 1983 | $21.1 million | $18.5 million | $9.5 million | |
| The First Nat BK of Danvers | Danvers | August 5, 1983 | $12.5 million | $11.7 million | $3.2 million | First State Bank of Danv |
| Antioch S&LA | Antioch | July 8, 1983 | $57.9 million | $52.2 million | $3.2 million | |
| Union Nat BK of Chicago | Chicago | July 8, 1983 | $26.3 million | $24.4 million | $4.4 million | |
| First Nat BK of Oak Lawn | Oak Lawn | April 29, 1983 | $130.3 million | $123.3 million | $21.4 million | Oak Lawn National Bank |
| The Ina State Bank | Ina | April 8, 1983 | $17.7 million | $16.6 million | $2.8 million | First B&T Co MT Vernon |
| American State Bank | Bradley | February 12, 1983 | $14.1 million | $13.8 million | $1.2 million | Midwest T&SB of Bradley |
| Manning S&LA | Chicago | February 3, 1983 | $78.7 million | $60.7 million | $19.8 million |
All bank failures in 1981 · All bank failures in Illinois · 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.