Exhibit 21​

United Bancshares, Inc. Subsidiaries

The Union Bank Company
Ohio banking corporation
Columbus Grove, Ohio

United (OH) Statutory Trust I
Connecticut statutory trust
Columbus Grove, Ohio

Ohio State Bancshares Capital Trust 1
Delaware statutory trust
Acquired thru The OSB acquisition
Columbus Grove, OH

UBC Investments, Inc. — a wholly-owned subsidiary of The Union Bank Company
Delaware Corporation
Wilmington, Delaware

UBC Property, Inc. — a wholly-owned subsidiary of The Union Bank Company
Ohio Corporation
Columbus Grove, Ohio