CONSENT OF INDEPENDENT AUDITORS


We consent to the references to our firm under the captions "Selected
Consolidated Financial Information" and "Experts" in Amendment No. 2 to the
Registration Statement (Form S-3 No. 333-18677) and related Prospectus of St.
Paul Bancorp, Inc. for the registration of $100,000,000 of Senior Notes and to
the incorporation by reference therein of our report dated January 17, 1996,
with respect to the consolidated financial statements of St. Paul Bancorp, Inc.
incorporated by reference in its Annual Report (Form 10-K) for the year ended
December 31, 1995, filed with the Securities and Exchange Commission.


                                        ERNST & YOUNG LLP

Chicago, Illinois
February 5, 1997