EXHIBIT 23

                         CONSENT OF INDEPENDENT AUDITORS



We consent to the  incorporation  by reference in this Annual Report (Form 10-K)
of Indiana Federal  Corporation of our report dated February 28, 1997,  included
in the 1996 Annual Report to Shareholders of Indiana Federal Corporation.

We also consent to the incorporation by reference in the Registration  Statement
(Form S-8 No. 33- 66618)  pertaining to the 1986 Stock Option and Incentive Plan
of Indiana  Federal  Corporation  of our report dated  February  28, 1997,  with
respect to the consolidated  financial statements of Indiana Federal Corporation
incorporated  by reference  in the Annual  Report (Form 10-K) for the year ended
December 31, 1996.



/s/ Ernst & Young LLP

Chicago, Illinois
March 26, 1997