<DOCUMENT>
<TYPE>EX-99.21
<SEQUENCE>6
<FILENAME>ex_21.txt
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
<PAGE>

                                                                     Exhibit 21

List of Subsidiaries

                                            Northway Financial, Inc.
                                       2003 Annual report on Form 10-K
                                        Subsidiaries of the Registrant


                                                        Jurisdiction of
Name of Significant Subsidiary       % Owned             Incorporation
------------------------------       -------             -------------

Berlin City Bank                         100            New Hampshire
Pemigewasset National Bank               100            United States
Northway Capital Trust I                 100            Delaware
Northway Capital Trust II                100            Delaware

</TEXT>
</DOCUMENT>