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                                  EXHIBIT 21
                                      
                        SUBSIDIARIES OF THE REGISTRANT

PARENT
Calumet Bancorp, Inc.


                                                            PERCENTAGE     JURISDICTION OR
SUBSIDIARY                                                    OWNED     STATE OF INCORPORATION
- ----------                                                  ==================================
                                                                      
Calumet Federal Savings and Loan Association of Chicago        100%         United States

Calumet Savings Service Corporation ("CSSC") (1)               100%            Illinois

Calumet Residential Corporation ("CRC") (1)                    100%            Illinois

Calumet Financial Corporation ("CFC") (2)                      100%            Illinois

Calumet Mortgage Corporation of Idaho ("CMCID") (2)            100%             Idaho

Calumet United Limited Liability Corporation ("CULLC") (3)     51%             Wyoming


(1)  First tier subsidiary of Calumet Federal Savings
(2)  First tier subsidiary of Calumet Savings Service Corporation
(3)  51% owned by Calumet Residential Corporation and 49% by two individuals


                                       
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