EXHIBIT 21

                                  SUBSIDIARIES


     1.   Downey Affiliated Insurance Agency, (a California corporation)

     2.   Downey  Savings  and  Loan  Association,   F.A.,  (a  federal  savings
          association)

     3.   DSL  Service  Company,  (a  California  corporation,  a  wholly  owned
          subsidiary of Downey Savings and Loan Association, F.A.)

     4.   Butterfield Services, Inc. (a California  corporation,  a wholly owned
          subsidiary of Downey Savings and Loan Association, F.A.)