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                                                                      EXHIBIT 21



                 Subsidiaries of Mahaska Investment Company





                                                    State or Other
                             Name Under             Jurisdiction
                             Which Doing            in which
Subsidiary Name              Business               Incorporated
- ---------------              --------               ------------
                                              
Mahaska State Bank            ----                  Iowa
                                             
Central Valley Bank           ----                  United States
                                             
MIC Leasing Co.              On-Site                Iowa
                             Commercial      
                             Services