Exhibit 21



                                   SUBSIDIARY
                                       OF
                                 LSB CORPORATION


Lawrence Savings Bank: LSB Corporation's wholly-owned subsidiary is a
Massachusetts-chartered savings bank organized in 1868 and headquartered at 30
Massachusetts Avenue, North Andover, Massachusetts.

                                  SUBSIDIARIES
                                       OF
                              LAWRENCE SAVINGS BANK



Pemberton Corporation: Holds real estate for sale.

Spruce Wood Realty Trust: Holds real estate used in the normal course of
business.

Shawsheen Security Corporation and Shawsheen Security Corporation II: Engages
exclusively in buying, selling, dealing in and holding investment securities on
its own behalf.

Each of the subsidiaries is organized or incorporated in Massachusetts.