EXHIBIT 21

SUBSIDIARIES OF COMPANY

Parent

Ames National Corporation

Subsidiaries (1)	Percentage of Ownership
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	%
Reliance State Bank, Story City, Iowa, an Iowa State Bank		100	%
United Bank & Trust NA, Marshalltown, Iowa, a National Bank		100	%
Iowa State Savings Bank, Creston, Iowa, an Iowa State Bank		100	%

Note:

1. The operation of Ames National Corporation’s six wholly owned subsidiaries are included in the financial statements set forth in this Form 10-K.