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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                   FORM 10-K/A

                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL PERIOD ENDED DECEMBER 31, 1997    COMMISSION FILE NUMBER 0-19829

                              CALUMET BANCORP, INC.

        DELAWARE                                    36-3785272
  (State of incorporation)            (I.R.S. Employer Identification Number)

               1350 EAST SIBLEY BOULEVARD, DOLTON, ILLINOIS 60419
                         TELEPHONE NUMBER (708) 841-9010

Securities registered pursuant to Section 12(b) of the Act: NONE 
Securities registered pursuant to Section 12(g) of the Act:


COMMON STOCK, PAR VALUE $.01 PER SHARE                    NASDAQ
     (Title of Class)                          (Name of each exchange on which 
                                                registered)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months ( or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No ___

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

As of March 1, 1998 there were issued and outstanding 3,141,497 shares of the
registrant's Common Stock. The aggregate market value of the voting stock held
by non-affiliates of the registrant, based on the closing sales price of the
registrant's Common Stock as quoted on the NASDAQ/NMS on March 1, 1998 was
$117,806,138. Solely for purposes of this calculation, all directors and
executive officers of the registrant are considered non-affiliates of the
registrant.

                       DOCUMENTS INCORPORATED BY REFERENCE

Part III - Portions of the Proxy Statement for the 1997 Annual Meeting of
Stockholders to be held on April 29, 1998 are incorporated by reference into
Part III hereof.


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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

At the September 24, 1996, meeting of the Board of Directors of the Registrant,
the Board of Directors terminated the service of Ernst & Young LLP as the
Registrant's independent certified public accountants. There were no
disagreements between the Registrant and Ernst & Young LLP on any matter of
accounting principles or practice, financial statement disclosure, or auditing
scope or procedure. On September 25, 1996, the Registrant engaged the firm of
Crowe, Chizek and Company LLP as independent certified public accountants for
the Registrant. Form 8-K was filed on October 1, 1996, with the United States
Securities and Exchange Commission. Amendment No. 1 to Form 8-K was filed on
October 11, 1996.



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                                    SIGNATURE

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereto duly authorized.

                                               CALUMET BANCORP, INC.
                                               -----------------------
                                               (Registrant)

Date:  September 21, 1998

                                               /s/  John Garlanger
                                               -----------------------
                                               Chief Financial Officer