EXHIBIT 21



                                   EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT

Parent
- ------

FSF Financial Corp.


                                      Percentage           State of
Subsidiaries                            Owned            Incorporation
- ------------                            -----            -------------

First Federal fsb                        100%            United States
Insurance Planners (a)                   100%            Minnesota
Homeowners Mortgage Corporation (b)      100%            Minnesota
- ---------------

(a)  Insurance  Planners became a wholly owned subsidiary of FSF Financial Corp.
     on June 1, 1998.

(b)  Homeowners  Mortgage  Corporation  became a wholly owned  subsidiary of FSF
     Financial Corporation on November 17, 1998.

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