EXHIBIT 21

                      Subsidiaries of PCB Holding Company

 
                                  EXHIBIT 21

                        Subsidiaries of the Registrant


Parent
- ------
 
PCB Holding Company


 
                                        Percentage            Jurisdiction or
Subsidiaries (a)                       of Ownership       State of Incorporation
- ----------------                       ------------       ----------------------
                                                       
Peoples Building and Loan                   100%                 United States
 Association, F.A. (1)
 
Peoples Building and Loan Association       100%                 Indiana
  Service Corporation (2)


_____________
(1)  Upon consummation of the Conversion, Peoples Building and Loan Association,
     F.A. will become a wholly-owned subsidiary of the Registrant.

(2)  Wholly owned by Peoples Building and Loan Association, F.A.