EXHIBIT 11

                CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE

<TABLE>
     <CAPTION>                                               Nine Months Ended September     Three Months Ended September
                                                                         30,                              30,

     (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                    1997           1996              1997           1996

     <S>                                                            <C>            <C>              <C>            <C>
     Primary Earnings Per Share

     Reconciliation of net income (loss) per Statements
          of Operations to amount used in primary

          per share computation:

               Income (loss) from continuing operations         ($1,206)         ($892)            $102          ($225)
               Preferred dividend requirement                      (316)          (307)            (107)          (102)

               Accretion in carrying value of preferred             (27)           (27)              (9)            (9)


               Net loss, as adjusted                            ($1,549)       ($1,226)            ($14)         ($336)


     Reconciliation of weighted average number of shares

          outstanding to amount used in primary earnings
          share computation:

               Weighted average number of common shares

                    outstanding                                   2,602          2,614            2,597          2,612
               Add weighted average number of shares

                    from assumed exercise of stock                    0              0                0              0


               Weighted average number of shares of
                    stock and equivalents outstanding             2,602          2,614            2,597          2,612



     Loss from continuing operations                             ($0.55)        ($0.60)          ($0.01)        ($0.16)
     Discontinued operations                                      (0.05)          0.13                            0.03 

     Net loss per common and common equivalent share             ($0.60)        ($0.47)          ($0.01)        ($0.13)


</TABLE>



                                   EXHIBIT 11

                CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE

<TABLE>
     <CAPTION>                                               Nine Months Ended September     Three Months Ended September
                                                                         30,                              30,     
     (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                    1997           1996              1997           1996

     <S>                                                            <C>            <C>              <C>            <C>

     Fully Diluted Earnings Per Share
     Reconciliation of net income (loss) per Statements

          of  Operations to amount used in fully diluted
          earnings per share computation:


               Net loss                                         ($1,206)         ($892)            $102          ($225)



     Reconciliation of weighted average number of shares
          outstanding, as adjusted, per primary

          on preceding page, to amount used in fully
          earnings per share computation:



               Weighted average number of shares
                    as adjusted per primary computation

                    preceding page                                2,602          2,614            2,597          2,612


               Add shares issuable from assumed

                    8 1/2 % cumulative convertible                    713            713              713            713


               Weighted average number of shares of
                    stock and equivalents outstanding             3,315          3,327            3,310          3,325




     Fully Diluted Earnings Per Share                              *              *                *              *


     * Anti-dilutive
</TABLE>