EXHIBIT 21

                          Subsidiary of the Registrant




                                   Exhibit 21

                            Subsidiary of Registrant





                                      Percentage                 Jurisdiction or
Subsidiary (1)                          Owned             State of Incorporation

Klamath First Federal Savings
  and Loan Association                   100%                      United States



(1)  The  operations of the Company's  subsidiary  are included in the Company's
     consolidated financial statements.