EXHIBIT 21

                        SUBSIDIARIES OF THE REGISTRANT





Parent
- ------
 
SouthBanc Shares, Inc.
 
                                                     Percentage              Jurisdiction or     
Subsidiaries (a)                                    of Ownership          State of Incorporation 
- ----------------                                    ------------          ---------------------- 
                                                                                        
Perpetual Bank, A Federal Savings Bank (1)              100%                    United States    
                                                                                                 
United Service Corporation of Anderson, Inc. (2)        100%                    South Carolina   
                                                                                                 
United Investments Services, Inc. (2)                   100%                    South Carolina   
                                                                                                 
Mortgage First Service Corporation (2)                  100%                    South Carolina    


_______________________
(1)  Upon consummation of the Conversion and Reorganization, Perpetual Bank, A
     Federal Savings Bank will become a wholly-owned subsidiary of the
     Registrant.
(2)  This corporation is a wholly owned subsidiary of Perpetual Bank, A Federal
     Savings Bank.