SOUTH SIDE BANK Failed 1981

CHICAGO, IL · State commercial bank, Federal Reserve member · view on FDIC BankFind ↗

What happened

SOUTH SIDE BANK of CHICAGO, IL was closed on 1981-03-14. The FDIC was named receiver.

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

Deposits were transferred to DREXEL NATIONAL BANK (CHICAGO, IL). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
589
FDIC Certificate
20688
FDIC FIN
2287
Bank name
SOUTH SIDE BANK
Location
CHICAGO, IL
Failure date
1981-03-14
FDIC resolution date
1981-03-14
Charter type
State commercial bank, Federal Reserve member
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$4M
Deposits at failure
$26M
Assets at failure
$28M
Acquiring bank
DREXEL NATIONAL BANK (CHICAGO, IL)