<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>5
<FILENAME>amesexhbt21.txt
<TEXT>
                                                                      EXHIBIT 21

                             SUBSIDIARIES OF COMPANY

Parent

Ames National Corporation

Subsidiaries (a)                                         Percentage of Ownership
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First National Bank, Ames, Iowa, a National Bank                  100%
Boone Bank and Trust Co., Boone, Iowa, an Iowa
  State Bank                                                      100%
State Bank & Trust Co., Nevada, Iowa, an Iowa
  State Bank                                                      100%
Randall-Story State Bank, Story City, Iowa,
  an Iowa State Bank                                              100%
United Bank & Trust NA, Marshalltown, Iowa,
  a National Bank                                                 100%

(a)  The operation of Ames National Corporation's five wholly owned subsidiaries
     are included in the financial statements set forth in this Form 10-K.


                                       1

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