EXHIBIT 21

Subsidiaries of NationsBank Corporation and Its Subsidiaries at 12/31/95
(100% Owned by NationsBank Corporation Unless Otherwise Noted)

American Security Insurance Corporation
ASB Capital Management, Inc.
Atlantic Equity Corporation
Carolina Mountain Holding Company
Equitable Bancorporation Overseas Finance N.V.
Export Funding Corporation
Fayette Insurance Corporation
MAR, Inc.
MN Credit Corporation
MN World Trade Corporation
MNC Affiliates Group, Inc.
MNC American Corporation 1
MNC Credit Corp 1
A/M Properties, Inc. 2
American Financial Service Group, Inc. (LEASEFIRST)2
Maryland National Realty Investors, Inc. 2
MNC Capital Corporation 2
Maryland National Leasing Services Corporation 2
MNC Canadian Real Property, Inc. 2
Nations Credit Funding Corporation
Greyrock Capital Group Inc. 3
ALS II, Inc. 4
ALS Superior, Inc. 4
American Acceptance Corporation 4
Cape Canterbury, Ltd. 4
Central Texas Small Business Investment Corporation 4
Portfolio Acceptance Corp. 4
Canterbury Indiana Holdings, Inc. 5
SunStar Acceptance Corporation 4
SunStar Acceptance Corporation (Hawaii) 4
USW SIS I, Inc. 4
USW SIS II, Inc. 4
USWFS/Oxford 1992-A Limited Partnership 6
USWFS/Oxford Fixed Rate, L.P. 7
NationsCredit Corporation 3
NationsCredit Acceptance Corporation 8
NationsCredit Commercial Corporation 8
Ariens Credit Corporation 9
Gravely Credit Corporation 9
Komatsu Forklift Credit Corporation 9
Korg Acceptance Corporation 9
Mercury Marine Acceptance Corporation 9
NationsCredit Commercial Corporation Ltd. 9
NIMAC Finance Corp. 9
Sea Ray Credit Corporation 9
Winnebago Acceptance Corporation 9
NationsCredit Consumer Discount Company 8
NationsCredit Consumer Services, Inc. 8
NationsCredit Finance Group Inc. 8
NationsCredit Financial Acceptance Corporation 8

1

NationsCredit Financial Services Corporation 8
NationsCredit Financial Services Corporation of Alabama 8
NationsCredit Financial Services Corporation of America 8
NationsCredit Financial Services Corporation of Florida 8
NationsCredit Mortgage Corporation of Florida 10
NationsCredit Financial Services Corporation of Nevada 8
NationsCredit Financial Services Corporation of Virginia 8
NationsCredit Home Equity Corporation of Kentucky 8
NationsCredit Home Equity Corporation of Virginia 8
NationsCredit Insurance Agency, Inc. 8
NationsCredit Insurance Corporation 8
NationsCredit Management Corporation 3
NationsBanc Business Credit, Inc.
NationsBanc Capital Markets, Inc
NationsBanc-CRT Energy (U.K.), Ltd.
NationsBanc-CRT Services, Inc.
NationsBanc Leasing Corporation
Atlantic Credit Corporation 11
McCormick Realty Limited Partnership 11
NationsBanc Mortgage Capital Corporation
Tryon Mortgage Funding, Inc. 12
NB Holdings Corporation
NationsBank, N.A. 13
American Security (Louisiana) Ltd. 14
AS Land II, Inc. 14
ASB Realty, Inc. 14
Ashburn A Corp. 14
Baltic M Corp. 14
Baltin Yachting M Corp. 14
Beaumeade M Corp. 14
Bright Seat M Corp. 14
BT Building Corporation 14
Central City General, L.P. 15
Campus Hills M Corp. 14
Caradoc Estates, Inc. 14
Carlin M Springs Corp. 14
Carolina Pacific, Inc. 14
CC Plaza M Corp. 14
Chalmers M Corp. 14
Chesapeake M Corp. 14
Courtcom M Corp. 14
CSB Insurance Agency 14
Devon A Corp. 14
Down Under Finance Corporation 14
Dulaney Valley Corporation 14
Education Financing Services, LLC 16
Elwin Company, Inc. 14
FCOP, Inc. 14
Federal Properties I, Inc. 14
Fifty West Corp. 14
First Development Corporation 14
Floresville Company Ltd. 17
Fountain Square Corporation of Maryland 14

2


Glen M Corp. 14
Hallmark-Renaissance M Corp. 14
Harper Farm M Corp. 14
HICO Park M Corp. 14
Madison Park A Corp. 14
Manab Properties, Inc. 14
Mar A Lowe Corp. 14
Marco Properties, Inc. 14
Greenburgh Marco, Inc. 18
Reprise, Inc. 18
Woodside Corporation 18
Maryland National Community Development Corporation 14
Greensides Elderly Limited Partnership 19
The Maryland National/Enterprise Equity Fund Limited Partnership 19
Montgomery Homes Limited Partnership II 20
Montgomery Homes Limited Partnership III 19
Montgomery Homes Limited Partnership IV 19
Neighborhood Rental Limited Partnership II 21
The Newington Limited Partnership 21
Rosedale Terrace Limited Partnership 21
St. Wenceslaus Limited Partnership 21
Maryland National Financial Corporation 14
Maryland Nationalease Corporation 14
Melwood M Corp. 14
Metropo M Corp. 14
Metropolitan Commercial Properties Corporation I 14
Metropolitan Commercial Properties Corporation VIII 14
Metropolitan Commercial Properties Corporation X 14
Mirror Ridge A Corp. 14
MNC Consumer Discount Company 14
MNC National Direct Mail Services Corp. 22
MNC Investment Bank, Ltd. 14
Multi-State Properties, Inc. 14
MYM Holdings Corporation 14
MECA Software L.L.C. 23
NationsBanc Advisors, Inc. 14
NationsBanc Charlotte Center, Inc. 14
Nations-CRT Options, Inc. 14
NationsBanc Dealer Leasing, Inc. 14
NationsBanc Discount Brokerage, Inc. 14
NationsBanc Enterprise, Inc. 14
NationsSecurities 24
NSI Agency, LLC 25
NationsBanc Equity Mortgage Corporation 14
NationsBanc Lease Investments, Inc. 14
NationsBanc Leasing Corporation of Virginia 14
NationsBanc SBIC Corporation 14
NationsBanc Venture Corporation 14
NationsBank Carolinas Merchant Services, Inc. 14
NationsBank Merchant Services 26
Unified Merchant Services 27
Terminal Management Systems, Inc. 28
NationsBank Community Development Corporation of Virginia 14

3

NationsBank Europe Limited 14
Carolina Leasing Ltd. 29
Demandand Supply Company Ltd. 29
Friary Nominees Ltd. 29
NationsBank Panmure Investment Management Limited 29
Commonwealth Securities Limited 30
NCNB (Export Finance) Ltd. 29
Panmure Gordon & Co. Limited 29
NationsBank Securities Services Ltd. 31
Panmure Gordon Financial Futures Limited 31
Parish Nominees Limited 31
Rectory Nominees Limited 31
St. Michael Nominees Limited 31
Panmure Gordon Investments Limited 29
NationsBank International 14
NationsBank Overseas Corporation 14
AF Funding (1993), Inc. 32
Kill Devil Hills Finance Limited Partnership 33
Air France/NationsBank (Grantor Trust) 34
Wrightbrothers Ltd. 35
AF Funding II (1993), Inc. 32
Kill Devil Hills II Limited Partnership 36
Air France/KDHF II (NGHGI)(Grantor Trust) 37
Florita Finance Ltd. 38
Binfield Ltd. 32
Carolina Investments Limited 32
Cathay Pacific/NationsBank Trust 1 (Grantor Trust) 32
Wanda Finance Ltd. 39
Clenston Ltd. 32
Friary Leasing Limited 32
Hatteras Finance Ltd. 32
InterFirst Leasing Ltd. (London) 40
Japan Airlines/NCNB 1993-1 (Grantor Trust) 32
First in Flight Finance Ltd. 41
Nations-CRT Asia, Inc. 32
Nations-CRT Hong Kong, Limited 32
Nations-CRT International, Inc. 32
Nations-CRT International 42
Nations . CRT Japan, Inc. 32
Nations-CRT Overseas, Inc. 32
Nations-CRT Overseas Inc. & Co. 43
Nations-CRT U.K. & Co. 32
NationsBank International Trust (Jersey) Limited 44
NCNB Lease Atlantic, Inc. 32
NCNB Lease Finance III 45
Blue Ridge Finance Ltd. 46
NCNB Lease Finance 32
Wingtip Finance Limited 47
NCNB Lease Finance IV 32
Sandhills Finance Ltd. 48
NCNB Lease Finance V 32
Piedmont Finance Ltd. 49

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NCNB Lease Finance VI 32
Kitty Hawk Finance Ltd. 50
NCNB Lease International, Inc. 32
Barnesbury, Ltd. 51
NCNB Lease Offshore, Inc. 32
NCNB Lease Finance II 52
Outerbanks Finance Ltd. 53
NCNB Overseas Services, Inc. 32
Phaestos FSC, Inc. 54
Republic Dallas Ltd. (U.K.) 55
TransPacific Funding (1993), Inc. 56
TransPacific Finance Limited Partnership 57
ANA II (Grantor Trust) 58
Fontana Finance Ltd. 59
NationsBank Trust Company, N.A. 14
NB Partner Corp. 14
NationsGartmore Investment Management 60
NCNB Community Development Corporation 61
Gateway Hotel Enterprises, Inc. 62
Trico Investment, Inc. 62
Occoquan M Corp. 14
Palisades A Corp. 14
Pratt Management Company 14
Quality A Corp. 14
Rabbit Road M Corp. 14
Ritchie Court M Corporation 14
Rive Gauche A Corp. 14
SCRC Carrolltowne, Inc. 14
SCRC Process Service Corp. 14
Service-Wright Corporation 14
Seventeenth Commerce Properties Corporation 14
Shockey M Corp. 14
SOB-A Corp. 14
SOP M Corp. 14
Sorrento M Corp. 14
South Charles Realty Corp 14
South Point Shopping Center, Inc. 14
Spotted Horse Holdings, Inc. 14
Stevens Pier A Corp. 14
Sully A Corp. 14
Sunset Hill Corporation 14
Sweitzer M Corp. 14
Sykesville M Corp. 14
Three Ponds M Corp. 14
Vernon M Corp. 14
Vigrun A Corp. 14
Wales B Corp. 14
Washington View (H) Corporation 63
Washington View (NH) Corporation 63
Wellington Land Co., Inc. 14
Westfields M Corp. 14
Wickliffe A Corp. 14
Windemere M Corp. 14

5

Woods M Corp. 14
NationsBank of Delaware, N.A. 13
NationsBank, N.A. (South) 13
Atico Financial Corporation dba Cavalier Properties 64
Atico Investment Management 64
EXHO Properties, Inc. 64
First Land Sales, Inc. 64
NationsBanc Commercial Corporation 64
NationsBanc Leasing Corporation of North Carolina 64
DFF Funding I, Inc. 65
DFF Funding II, Inc. 65
DFF Funding III, Inc. 65
DFF Funding IV, Inc. 65
NNW Utility Funding I, Inc. 65
NNW Utility Funding II, Inc. 65
NationsBank Florida Merchant Services, Inc. 64
NationsBank Merchant Services 26
Unified Merchant Services 27
Terminal Management Systems, Inc. 28
The Ocmulgee Corporation 64
Pan American Mortgage Corp. 64
200 Service Corp. 64
NationsBank of Kentucky, N.A. 13
NationsBank of Tennessee, N.A. 13
Commerce Place Company 66
Commerce Trading Corporation 66
NationsBank Texas Bancorporation, Inc. 13
NationsBank of Texas, N.A. 67
APL, Inc. 68
Austin National Realty Corporation 68
Capitol Information Networks, Inc. 68
DPC, Inc. 68
Main Place Funding Corporation 68
NationsBanc Capital Corporation 68
NationsBanc Energy Group Denver, Inc. 68
NationsBanc Mortgage Corporation 68
NationsBanc Services, Inc. 68
Republic National Corporation 68
Texas Nationalease Corporation 68
RepublicBank Insurance Agency, Inc. 67
Bancshares Properties, Inc. 13
Cash Flow, Inc. 13
C&S Premises, Inc. 13
DC Bancorp Venture Capital Company 13
First Mortgage Corporation 13
NationsBanc Insurance Agency, Inc. 13
NationsBanc Insurance Company, Inc. 13
NationsBanc Insurance Inc. 13
NationsBanc Insurance Services, Inc. 13
NationsBanc Investment Corporation 13
NationsBanc Leasing & Finance Corporation 13
NationsBanc Mortgage Corporation of Georgia 13

6


NationsBank Trust Company of New York 13
On Call, Inc. 13
Second Land Sales, Inc. 13
Sovran Capital Management Corporation 13
Suburban Service Corporation 13
Three Commercial Place Associates 69
NationsBank Community Development Corporation 70
Atlanta Affordable Housing Fund Limited Partnership 71
Biscayne Apartments, Inc. 72
Campbellton Glen Apartments LLC 72
The Charlotte Affordable Housing LLC 73
Carlton Court Community Development Corporation 72
Historic District Redevelopment Partnership 74
Kenilworth Industrial Park Limited Liability Company 75
Leon Avenue Redevelopment Company 76
NationsBank CDC Special Holding Company, Inc. 72
Southern Oaks Condominium Partners, Ltd. 77
Stanton Road LLC 78
Terry Street Redevelopment Limited Liability Company 79
University Park Shopping Center, LLC 80
NationsBank Housing Fund Investment Corporation 81
Nations Housing Fund Limited Partnership 82
Nations Housing Fund II Limited Partnership 82
NCNB Corporate Services, Inc.
NCNB Properties, Inc.
TIM, Inc.
Tryon Assurance Company, Ltd.


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1 MNC Affiliates Group, Inc. owns 100% of this entity.
2 MNC Credit Corp owns 100% of this entity.
3 Nations Credit Funding Corporation owns 100% of this entity.
4 Greyrock Capital Group Inc. owns 100% of this entity.
5 Portfolio Acceptance Corp. owns 100% of this entity.
6 Greyrock Capital Group Inc. owns 67.33% of this entity.
7 Greyrock Capital Group Inc. owns 62.5% of this entity.
8 NationsCredit Corporation owns 100% of this entity.
9 NationsCredit Commercial Corporation owns 100% of this entity.
10 NationsCredit Financial Services Corporation of Florida owns 100% of this
entity.
11 NationsBanc Leasing Corporation owns 100% of this entity.
12 NationsBanc Mortgage Capital Corporation owns 100% of this entity.
13 NB Holdings Corporation owns 100% of this entity.
14 NationsBank, N.A. owns 100% of this entity.
15 BT Building Corporation has a 19% general partnership interest and a 43%
limited partnership interest in this entity.
16 NationsBank, N.A. owns up to 22.26% of this entity; definitive % depends on
total number of participants.
17 NationsBank, N.A. holds 100% of this entity in trust.
18 Marco Properties, Inc. owns 100% of this entity.
19 Maryland National Community Development Corporation owns 99% of this entity.
20 Maryland National Community Development Corporation and NationsBank, N.A.,
each, has a 33% interest in this entity.
21 Maryland National Community Development Corporation owns 98.99% of this
entity.
22 MNC Consumer Discount Company owns 100% of this entity.
23 MYM Holdings Corporation owns 50% of this entity.

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24 NationsBanc Enterprise, Inc. and NationsBanc Discount Brokerage, Inc., each,
has a 50% interest in this general partnership.
25 NationsSecurities and NationsBanc Enterprise, Inc. have 99% and 1% interests,
respectively, in this entity.
26 NationsBank Carolinas Merchant Services, Inc. and NationsBank Florida
Merchant Services, Inc. own 51% and 49%, respectively, of this entity.
27 NationsBank Merchant Services owns 20% of this entity.
28 Unified Merchant Services owns 100% of this entity.
29 NationsBank Europe Limited owns 100% of this entity.
30 NationsBank Panmure Investment Management Limited owns 100% of this entity.
31 Panmure Gordon & Co. Limited owns 100% of this entity.
32 NationsBank Overseas Corporation owns 100% of this entity.
33 AF Funding (1993), Inc. holds a 1% general partnership and a 49% limited
partnership interest in this entity.
34 Kill Devil Hills Finance Limited Partnership owns 100% of this entity.
35 Air France/NationsBank (Grantor Trust) owns 100% of this entity.
36 AF Funding II (1993), Inc. holds a 1% general partnership and a 34% limited
partnership interest in this entity.
37 Kill Devil Hills II Limited Partnership owns 100% of this entity.
38 Air France/KDHF II (NGHGI)(Grantor Trust) owns 100% of this entity.
39 Cathay Pacific/NationsBank Trust I (Grantor Trust) owns 100% of this entity.
40 NationsBank Overseas Corporation owns 99.5% of this entity.
41 Japan Airlines/NCNB 1993-1 (Grantor Trust) owns 100% of this entity.
42 Nations-CRT U.K. & Co. and Nations-CRT International, Inc., respectively,
have 1% and 99% general partnership interests in this entity.
43 Nations-CRT U.K. & Co. and Nations-CRT Overseas, Inc., respectively, have 1%
and 99% general partnership interests in this entity.
44 NationsBank Overseas Corporation and NationsBank, N.A. own 99.33% and .67%,
respectively, of this entity.
45 NCNB Lease Atlantic, Inc. owns 100% of this entity.
46 NCNB Lease Finance III owns 100% of this entity.
47 NCNB Lease Finance owns 100% of this entity.
48 NCNB Lease Finance IV owns 100% of this entity.
49 NCNB Lease Finance V owns 100% of this entity.
50 NCNB Lease Finance VI owns 100% of this entity.
51 NCNB Lease International, Inc. owns 99.9% of this entity.
52 NCNB Lease Offshore, Inc. owns 100% of this entity.
53 NCNB Lease Finance II owns 100% of this entity.
54 NationsBank Overseas Corporation owns 50% of this entity.
55 NationsBank Overseas Corporation owns 98% of this entity.
56 NationsBank Overseas Corporation owns 66% of this entity.
57 TransPacific Funding (1993), Inc. holds a 1% general partnership and a 65%
limited partnership interest in this entity.
58 TransPacific Finance Limited Partnership owns 100% of this entity.
59 ANA II (Grantor Trust) owns 100% of this entity.
60 NB Partner Corp. owns 50% of this entity.
61 NationsBank, N.A. is the sole member of this non-profit corporation.
62 NCNB Community Development Corporation owns 100% of this entity.
63 Washington View, Inc. owns 69% of this entity.
64 NationsBank, N.A. (South) owns 100% of this entity.
65 NationsBanc Leasing Corporation of North Carolina owns 100% of this entity.
66 NationsBank of Tennessee, N.A. owns 100% of this entity.
67 NationsBank Texas Bancorporation, Inc. owns 100% of this entity.
68 NationsBank of Texas, N.A. owns 100% of this entity.
69 NB Holdings Corporation owns 70% of this entity.
70 NationsBank, N.A. (South), NationsBank, N.A. and NationsBank of Texas, N.A.
own, respectively, 34%, 37% and 29% of this entity.

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71 NationsBank Community Development Corporation ("NBCDC")has a 95.4% general
partnership interest in this entity.
72 NBCDC owns 100% of this entity.
73 NBCDC and NCNB Community Development Corporation have 99% and 1% interests,
respectively, in this entity.
74 NBCDC has a 94.89% interest in this entity.
75 NBCDC owns 70% of this entity.
76 NBCDC owns 80% of this entity.
77 NBCDC has a 50.26% interest in this entity.
78 NBCDC owns 99% of this entity.
79 NBCDC owns 98% of this entity.
80 NBCDC owns 81% of this entity.
81 NationsBank, N.A. and NationsBank of Texas, N.A., each, owns 25% of the
voting stock of this entity, and NationsBank, N.A. (South) owns 50%.
82 NationsBank Housing Fund Investment Corporation has a 99% limited
partnership interest in this entity.


9