EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT

<TABLE>
<CAPTION>
                                                                                        State of
                                                                                        Incorporation or
                                                                       Percent of       Organization of
         Parent                     Subsidiary                         Ownership        Parent
         ------                     ----------                         ----------       ------
<S>                                 <C>                                <C>              <C>
Troy Financial Corporation          The Troy Savings Bank              100%              New York

Troy Financial Corporation          The Troy Commercial Bank           100%              New York
</TABLE>



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