1


                                   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

On-Site Credit Services, Inc.                ----                       Iowa

Pella State Bank                             ----                       Iowa