Exhibit 21 - Subsidiaries of Registrant North County Bank and Trust - 100% owned (incorporated as a Michigan banking corporation) First Manistique Agency - 100% owned (incorporated as a Michigan corporation) First Rural Relending Company - 100% owned (incorporated as a Michigan corporation) North Country Financial Group - 100% owned (incorporated as a Michigan corporation) North Country Capital Trust - 100% owned (organized as a Delaware business trust) NCB Real Estate Company - 100% owned (incorporated as a Michigan corporation) All subsidiaries are directly owned by North Country Financial Corporation, except NCB Real Estate Company, which is owned directly by North Country Bank and Trust.