Bank failure · IL

South Side Bank (Chicago, IL) — failed March 14, 1981

South Side Bank of Chicago, Illinois was closed on March 14, 1981 and resolved through a purchase and assumption. Drexel National Bank (IL) took over its insured deposits. At failure it held $27.5M in assets and $26.0M in deposits. The FDIC's estimated loss on the failure is $3.5M (12.8% of assets).