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.