Exhibit 21
List of Subsidiaries
| Name | State of Incorporation | |
| The State Bank and Trust Company | Ohio | |
| SBFG Title, LLC | Ohio | |
| SBFG Mortgage, LLC | Ohio | |
| RFCBC, Inc | Ohio | |
| SB Captive, Inc | Nevada | |
| Rurban Mortgage Company | Ohio | |
| SBT Insurance, LLC | Ohio | |
| Rurbanc Data Services, Inc. | Ohio | |
| Rurban Statutory Trust II | Declaration of Trust – State of Delaware | |
| NC Merger Corp.* | Ohio |
| * | NC Merger Corp. is a wholly-owned subsidiary of Rurbanc Data Services, Inc. NC Merger Corp. has no assets or liabilities and is inactive. |