EXHIBIT 21.1

                           Subsidiaries of Registrant
                           --------------------------

THE FEDERAL SAVINGS BANK (Federal) is a Federally chartered stock savings bank
which converted from a mutual savings bank in December 1993 and is a wholly
owned subsidiary of Affiliated.

MAIN STREET BUILDING CORPORATION, a Massachusetts corporation and wholly owned
subsidiary of Federal, was established on July 19, 1990.  The corporation was
formed for the purpose of holding and disposing of OREO Federal. This
corporation was dissolved on January 8, 1998.

MAIN STREET INVESTMENT CORPORATION, established June 10, 1994, is a
Massachusetts corporation and a wholly owned subsidiary of Federal. It is a
service corporation established under 12 CFR (S)545.75 (c)(4) for the purpose of
providing brokerage services.  It is currently inactive.

TFSB SECURITIES CORP I, TFSB SECURITIES CORP II AND TFSB SECURITIES CORP III are
wholly owned operating subsidiaries of Federal, established as Massachusetts
securities corporations: February 2, 1996; February 2, 1996 and May 24, 1997
respectively.  They were formed for the sole purpose of buying, holding and
selling securities.  No "operational" or "banking" activities take place in
these subsidiaries.

LEXINGTON SAVINGS BANK (Lexington) is a Massachusetts chartered stock savings
bank and is a wholly owned subsidiary of Affiliated.

LEXINGTON FINANCIAL PLANNING, INC. was incorporated in 1988 for the purpose of
offering financial planning services to individuals and small business.  It is a
wholly owned subsidiary of Lexington.

LEXINGTON SECURITIES CORPORATION, MASS. AVE SECURITIES CORPORATION and MINUTEMAN
INVESTMENTS CORPORATION were all organized under Massachusetts law in 1993 for
the sole purpose of holding taxable securities that would otherwise be held
directly by Lexington.  These operational subsidiaries are wholly owned by
Lexington and no "operational" or banking" activities take place within.

MIDDLESEX BANK & TRUST COMPANY (Middlesex) is a Massachusetts chartered bank and
trust company and is a wholly owned subsidiary of Affiliated.


3/5/98