1

                                   EXHIBIT 21

                          SUBSIDIARIES OF THE COMPANY

     The following bank subsidiary is a national bank and is organized under the
laws of the United States:

        First National Bank in Manitowoc

     The following non-bank subsidiary is organized under the laws of the State
of Wisconsin and is a subsidiary of First National Bank in Manitowoc:

        United Financial Services, Inc. (data center subsidiary)

     The following non-bank subsidiary is organized under the laws of the State
of Nevada and is a subsidiary of First National Bank in Manitowoc:

        FNBM Investment Corp. (investment subsidiary)