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<PAGE> EXHIBIT 21 <PAGE> SUBSIDIARIES OF COMPANY <TABLE> <CAPTION> Parent ------ <S> <C> Valley Community Bancshares, Inc. <CAPTION> Subsidiaries (a) Percentage of Ownership ---------------- ----------------------- <S> <C> Puyallup Valley Bank, a Washington State Bank 100% Valley Bank, a Washington State Bank 100% </TABLE> (a) The operation of Valley Community Bancshares, Inc.'s two wholly owned subsidiaries are included in the financial statements set forth in this Registration Statement.
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