Exhibit 21


               List of Subsidiaries of Farmers & Merchants Bancorp

F & M Bancorp, Inc. (incorporated in California)

Farmers & Merchants Bank of Central California (incorporated in California)

Farmers & Merchants Investment Corporation (incorporated in California), a
subsidiary of Farmers & Merchants Bank of Central California.

Farmers/Merchants Corp. (incorporated in California), a subsidiary of Farmers &
Merchants Bank of Central California.