EXHIBIT 21.1

                              Subsidiary of BSM Bancorp

              The current wholly-owned subsidiary of BSM Bancorp
         is BSM Merger Company.  Pursuant to the Plan of
         Reorganization and Merger Agreement (the "Plan") dated
         November 20, 1996, attached as Annex I to the Written
         Consent Statement/Prospectus, upon consummation of the
         Plan, BSM Merger Company will merge into Bank of Santa
         Maria, which will then become a wholly-owned subsidiary
         of BSM Bancorp.