# SOUTH SIDE BANK

> **Failed bank** · CHICAGO, IL · failed 1981-03-14 · State commercial bank, Federal Reserve member · FDIC cost $4M

## What happened

SOUTH SIDE BANK of CHICAGO, IL was closed by state regulators 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
- **Estimated FDIC DIF cost:** $4M
- **Deposits at failure:** $26M
- **Assets at failure:** $28M
- **Acquiring bank:** DREXEL NATIONAL BANK (CHICAGO, IL)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=SOUTH%20SIDE%20BANK

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, SOUTH SIDE BANK (FDIC ID 589), failed 1981-03-14. Retrieved via AI Analytics 2026-05-17 from https://api.ai-analytics.org/failed-bank/589.

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*[FDIC failures dataset](/datasets/fdic-failures) · CC0 1.0*