##### 



Exhibit 21

SUBSIDIARIES OF THE REGISTRANT

|                                  |                                                       |                                      |          |          |  |            |     |  |  | 
|--------------------------------- | ----------------------------------------------------- | ------------------------------------ | -------- | -------- |  | ---------- | --- |  |  | 
|                                  |                                                       |                                      |          | STATE OF |  | PERCENTAGE
|LEGAL NAME                        |                                                       | INCORPORATION                        |          | OWNED   
|MERCANTILE BANKSHARES CORPORATION |                                                       | Maryland                             |          |          |  |           
|                                  | Annapolis Banking and Trust Company, The              |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | A B & T Holdings & Investments, Inc. |          | Delaware |  |            | 100 | 
|                                  |                                                       | Annapolis Mortgage Company           |          | Maryland |  |            | 100 | 
|                                  | Baltimore Trust Company                               |                                      | Delaware |          |  | 100        |    
|                                  | Bank of Southern Maryland                             |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | B S M Holdings & Investments, Inc.   |          | Delaware |  |            | 100 | 
|                                  | Calvert Bank and Trust Company                        |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | C B & T Holdings & Investments, Inc. |          | Delaware |  |            | 100 | 
|                                  | Chestertown Bank of Maryland, The                     |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | C B M Holdings & Investments, Inc.   |          | Delaware |  |            | 100 | 
|                                  | Citizens National Bank, The                           |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | C N B Holdings & Investments, Inc.   |          | Delaware |  |            | 100 | 
|                                  |                                                       | C N B Realty Holdings, Inc.          |          | Maryland |  |            | 100 | 
|                                  | County Banking and Trust Company                      |                                      | Maryland |          |  | 100        |    
|                                  | Farmers & Mechanics Bank                              |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | Keller Stonebraker Insurance, Inc.   |          | Maryland |  |            | 100 | 
|                                  |                                                       | Key Holdings, Inc.                   |          | Maryland |  |            | 100 | 
|                                  |                                                       | Key Management, Inc.                 |          | Maryland |  |            | 100 | 
|                                  |                                                       | Potomac Basin Group Associates       |          | Maryland |  |            | 100 | 
|                                  | Farmers and Merchants Bank-Eastern Shore              |                                      | Virginia |          |  | 100        |    
|                                  |                                                       | Property Acquisition Corporation     |          | Virginia |  |            | 100 | 
|                                  | Fidelity Bank, The                                    |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | FB Holdings & Investments, Inc.      |          | Delaware |  |            | 100 | 
|                                  | First National Bank of St. Marys at Leonardtown, The |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | FNBSM Holdings & Investments, Inc.   |          | Delaware |  |            | 100 | 
|                                  | Forest Hill State Bank, The                           |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | FHSB Holdings & Investments, Inc.    |          | Delaware |  |            | 100 | 
|                                  | Marshall National Bank and Trust Company              |                                      | Virginia |          |  | 100        |    
|                                  | MBC Agency, Inc.                                      |                                      | Maryland |          |  | 100        |    
|                                  |                                                       | Mercantile Life Insurance Company    |          | Arizona  |  |            | 100 | 
|                                  | MBC Financial Corporation                             |                                      | Maryland |          |  | 100        |    
|                                  | MBC Realty, LLC                                       |                                      | Maryland |          |  | 100        |    
|                                  | Mercantile/Colorado, LLC                              |                                      | Delaware |          |  | 100        |    

continued





---



##### 



Exhibit 21

(Continued)

SUBSIDIARIES OF THE REGISTRANT

|                                          |                                      |                                            |                          |          |          |     |            |      |  |  | 
|----------------------------------------- | ------------------------------------ | ------------------------------------------ | ------------------------ | -------- | -------- | --- | ---------- | ---- |  |  | 
|                                          |                                      |                                            |                          |          | STATE OF |     | PERCENTAGE
|LEGAL NAME                                |                                      | INCORPORATION                              |                          | OWNED   
|Mercantile-Safe Deposit and Trust Company |                                      | Maryland                                   |                          |          | 100      |    
|                                          | MBC Leasing Corp.                    |                                            | Maryland                 |          |          | 100 |           
|                                          | Mercantile Agency, Inc.              |                                            | Maryland                 |          |          | 100 |           
|                                          | Mercantile Capital Advisors, Inc.    |                                            | Maryland                 |          |          | 100 |           
|                                          | Mercantile/Cleveland, LLC            |                                            | Delaware                 |          |          | 100 |           
|                                          |                                      | Boyd Watterson Asset Management, LLC       |                          | Ohio     |          |     | 100        |     
|                                          | Mercantile/Peremel, LLC              |                                            | Delaware                 |          |          | 100 |           
|                                          |                                      | Peremel & Co                               |                          | Maryland |          |     | 100        |     
|                                          | Mercantile Securities, Inc.          |                                            | Maryland                 |          |          | 100 |           
|                                          | MSD&T Holdings & Investments, Inc.   |                                            | Delaware                 |          |          | 100 |           
|                                          | MSD&T LPC, Inc.                      |                                            | Delaware                 |          |          | 100 |           
|                                          | MPA York, Inc.                       |                                            | Maryland                 |          |          | 100 |           
|                                          | Mercantile Mortgage Corporation      |                                            | Maryland                 |          |          | 100 |           
|                                          |                                      | Dewland Corp.                              |                          | Maryland |          |     | 100        |     
|                                          |                                      | L. G. & M. Corporation                     |                          | Delaware |          |     | 100        |     
|                                          |                                      | Columbia National Real Estate Finance, LLC |                          | Delaware |          |     | 60         |     
|                                          |                                      |                                            | Mercantile Mortgage, LLC |          | Maryland |     |            | 49.9 | 
|                                          | 17 F Hamill Road, LLC                |                                            | Maryland                 |          |          | 100 |           
|                                          | 7050 Oakland Mills Road Corporation  |                                            | Maryland                 |          |          | 100 |           
|                                          | Orange Central Corporation           |                                            | Maryland                 |          |          | 100 |           
|National Bank of Fredericksburg, The      |                                      | Virginia                                   |                          |          | 100      |    
|                                          | Labrador Holdings, Inc.              |                                            | Virginia                 |          |          | 100 |           
|Peninsula Bank                            |                                      | Maryland                                   |                          |          | 100      |    
|                                          | PB Holdings & Investments, Inc.      |                                            | Delaware                 |          |          | 100 |           
|Peoples Bank of Maryland, The             |                                      | Maryland                                   |                          |          | 100      |    
|                                          | P B M Holdings & Investments, Inc.   |                                            | Delaware                 |          |          | 100 |           
|Potomac Valley Bank                       |                                      | Maryland                                   |                          |          | 100      |    
|                                          | P V B Holdings & Investments, Inc.   |                                            | Delaware                 |          |          | 100 |           
|Saint Michaels Bank                       |                                      | Maryland                                   |                          |          | 100      |    
|                                          | S M B Holdings & Investments, Inc.   |                                            | Delaware                 |          |          | 100 |           
|Westminster Union Bank                    |                                      | Maryland                                   |                          |          | 100      |    
|                                          | W B & T Holdings & Investments, Inc. |                                            | Delaware                 |          |          | 100 |