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                                   EXHIBIT 11

     The FASB has issued Statement No. 128, Earnings Per Share. Statement No.
128 requires the presentation of earnings per share by all entries that have
common stock or potential common stock, such as options, warrants and
convertible securities, outstanding that trade in a public market. Those
entities that have only common stock outstanding are required to present basic
earnings per share amounts. Basic per share amounts are computed by dividing net
income (the numerator) by the weighted-average number of common shares
outstanding (the denominator). All other entities are required to present basic
and diluted per share amounts. Diluted per share amounts assume the conversion,
exercise or issuance of all potential common stock instruments unless the effect
is to reduce the loss or increase the income per common share from continuing
operations. For purposes of this computation, the number of shares of common
stock purchased by the Bank's employee stock ownership plan which have not been
allocated to participant accounts are not assumed to be outstanding. See Note 12
in the "Notes to the Consolidated Financial Statements" in the 2001 Annual
Report for further information. The following are reconciliations of the amounts
used in the per share calculations for 2001, 2000 and 1999, which are the years
the Company was in operation:

                                     For the Year Ended December 31, 2001
                                   ---------------------------------------
                                     Income         Shares       Per Share
                                   (Numerator)   (Denominator)     Amount
                                   ---------------------------------------
Basic and Dilutive EPS
Loss available to stockholders     $ (431,000)     630,768       $  (0.68)

                                     For the Year Ended December 31, 2000
                                   ---------------------------------------
                                     Income         Shares       Per Share
                                   (Numerator)   (Denominator)     Amount
                                   ---------------------------------------
Basic EPS
Income available to stockholders   $1,250,000      629,049       $   1.99

Effect of dilutive securities
Stock Options                              --        6,137
                                   -----------------------
Dilutive EPS
Income available to stockholders   $1,250,000      635,186       $   1.97
                                   ======================================

                                     For the Year Ended December 31, 1999
                                   ---------------------------------------
                                     Income         Shares       Per Share
                                   (Numerator)   (Denominator)     Amount
                                   ---------------------------------------

Basic EPS
Income available to stockholders   $1,386,000      630,442       $   2.20

Effect of dilutive securities
Stock Options                              --          233
                                   -----------------------
Dilutive EPS
Income available to stockholders   $1,386,000      630,675       $   2.20
                                   ======================================