Exhibit 21
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                         SUBSIDIARIES OF THE REGISTRANT


1.   Farmers First Bank, 9 East Main Street, Lititz, Pennsylvania; a Bank and
     Trust Company organized under the Pennsylvania Banking Code of 1965.

2.   The Citizens National Bank of Southern Pennsylvania, 35 North Carlisle
     Street, Greencastle, Pennsylvania; a National Bank organized under the
     National Bank Act.

3.   First National Trust Bank, 400 Market Street, Sunbury, Pennsylvania; a
     National Bank organized under the National Bank Act.

4.   Williamsport National Bank, 329 Pine Street, Williamsport, Pennsylvania; a
     National Bank organized under the National Bank Act.

5.   Farmers & Merchants Bank and Trust, 59 West Washington Street, Hagerstown,
     Maryland; a Bank organized under the Maryland Banking Code.

6.   Susque-Bancshares Life Insurance Company, Phoenix, Arizona; an insurance
     company organized under the laws of the State of Arizona.

7.   Susque-Bancshares Leasing Company, Inc., 9 East Main Street, Lititz,
     Pennsylvania; a company organized under the laws of the Commonwealth of
     Pennsylvania.

8.   Susquehanna Bancshares South, Inc., 100 West Road, Baltimore, Maryland; a
     thrift holding company organized under the laws of the State of Delaware.

9.   Atlantic Federal Savings Bank, 100 West Road, Baltimore, Maryland; a
     wholly-owned subsidiary of Susquehanna Bancshares South, Inc.

10.  Reisterstown Federal Savings Bank, 11817 Reisterstown Road, Reisterstown,
     Maryland; a wholly-owned subsidiary of Susquehanna Bancshares South, Inc.

11.  Fairfax Savings Bank, a FSB, 17 Light Street, Baltimore, Maryland; a
     wholly-owned subsidiary of Susquehanna Bancshares South, Inc.

12.  Equity National Bank, 8000 Sagemore Drive, Suite 8101, Marlton, New Jersey;
     a wholly-owned subsidiary of Susquehanna Bancshares East, Inc.

13.  Farmers National Bank, 114 North Main Street, Mullica Hill, New Jersey; a
     wholly-owned subsidiary of Susquehanna Bancshares East, Inc.

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