EXHIBIT 21

                           SUBSIDIARIES OF THE COMPANY
                           ---------------------------



Central                             Co-operative Bank 100% owned by the Company,
                                    incorporated under the laws of the
                                    Commonwealth of Massachusetts.

Central Securities Corporation      100% owned by the Bank, incorporated under
                                    the laws of the Commonwealth of
                                    Massachusetts.

Central                             Preferred Capital Corporation 100% of the
                                    common stock and 89% of the preferred stock
                                    owned by the Bank, incorporated under the
                                    laws of the Commonwealth of Massachusetts.