Exhibit 21

                              LIST OF SUBSIDIARIES


The Registrant has six subsidiaries:

1.    MountainBank, a state chartered commercial bank organized and incorporated
      under the laws of the State of North Carolina.

2.    MountainBanc Mortgage Corporation, a provider of mortgage banking services
      organized and incorporated under the laws of the State of North Carolina.

3.    MountainBank Capital I Trust, a Delaware statutory business trust.

4.    Trust Company of the South, a state chartered trust company organized and
      incorporated under the laws of the State of South Carolina.

5.    Asset Management of the South, a registered investment advisor organized
      and incorporated under the laws of the State of South Carolina.

6.    Mtnbk Ltd., a holder of deeds of trusts organized and incorporated under
      the laws of the State of North Carolina.