Exhibit 21
United Bancshares, Inc. Subsidiaries
The Union Bank Company
Ohio banking corporation
Columbus Grove, Ohio
United (OH) Statutory Trust I
Connecticut statutory trust
Columbus Grove, Ohio
UBC Investments, Inc. – a wholly-owned subsidiary of The Union Bank Company
Delaware corporation
Wilmington, Delaware
UBC Property, Inc. – a wholly-owned subsidiary of The Union Bank Company
Ohio corporation
Columbus Grove, Ohio
