SWS Group, Inc.

State or Other Jurisdiction of Incorporation or Organization

Southwest Securities, Inc.

Delaware

SWS Financial Services, Inc.

Texas

Southwest Capital Corporation

Delaware

Southwest Investment Advisors, Inc.

Delaware

Southwest Insurance Agency, Inc.

Texas

Southwest Financial Insurance Agency, Inc.

Oklahoma

SWS Banc Holdings, Inc.

Delaware

  Southwest Securities, FSB

Federal

 FSB Development, LLC

Texas