EXHIBIT 21
 
                            AVONDALE FINANCIAL CORP.
 
                    SUBSIDIARIES OF AVONDALE FINANCIAL CORP.
 
                         AVONDALE FEDERAL SAVINGS BANK
                                 20 NORTH CLARK
                            CHICAGO, ILLINOIS 60602
 
                        STATE OF INCORPORATION--ILLINOIS
 
                          A WHOLLY-OWNED SUBSIDIARY OF
                            AVONDALE FINANCIAL CORP.