Bank Failure
South Side Bank
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Closed March 14, 1981 · Chicago, IL · FDIC Cert #20688.
- Closing date
- March 14, 1981
- Headquarters
- Chicago, IL
- FDIC Certificate
- 20688
- Total assets at closing
- $27.5M
- Total deposits at closing
- $26.0M
- Estimated loss to the insurance fund
- $3.5M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Drexel National Bank
Context
On March 14, 1981, regulators closed South Side Bank, headquartered in Chicago, IL. At closing, the institution held approximately $27.5M in assets and $26.0M in deposits. The FDIC record names Drexel National Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $3.5M.
By assets at closing this is the 2106th largest of the 3,526 bank failures in the FDIC record, and the 4th of 9 in 1981. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did South Side Bank fail?
South Side Bank was closed by regulators on March 14, 1981.
Who acquired South Side Bank?
The FDIC record names Drexel National Bank as the acquiring institution in the resolution of South Side Bank.
How big was South Side Bank when it failed?
South Side Bank had approximately $27.5M in total assets and $26.0M in deposits at the time of failure.
Other failures in 1981
| Date | Bank | Assets |
|---|---|---|
| Oct 30, 1981 | Midtown National Bank | $10.6M |
| Oct 23, 1981 | High Lakes Community Bank | $3.7M |
| Sep 25, 1981 | Southwestern Bank | $5.3M |
| Sep 8, 1981 | First FS&LA of Rochester | $1.20B |
| Jun 19, 1981 | Northwest Commerce Bank | $6.7M |
| May 18, 1981 | Economy S&LA | $73.9M |
| Mar 17, 1981 | Peoples Banking Company | $8.4M |
| Mar 14, 1981 | The Des Plaines Bank | $46.5M |
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