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.
                                        
                                      83