EXHIBIT 11

                CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE

<TABLE>
     <CAPTION>                                                Six Months Ended June 30,       Three Months Ended June 30,

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

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

     Reconciliation of net loss per Statements of
        Operations to amount used in primary 
        earnings per share computation:

               Net loss                                         ($1,308)        ($667)            ($697)         ($243)
               Preferred dividend requirement                      (209)         (205)             (107)          (102)

               Accretion in carrying value of preferred             (18)          (18)               (9)            (9)


               Net loss, as adjusted                            ($1,535)        ($890)            ($813)         ($354)

        
     Reconciliation of weighted average number of shares
        outstanding to amount used in primary earnings
        share computation:

               Weighted average number of common shares
                outstanding                                        2,606         2,615            2,603          2,613


               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             2,606         2,615             2,603          2,613




     Net loss per common and common equivalent share             ($0.59)       ($0.34)           ($0.31)        ($0.14)


</TABLE>
                                   EXHIBIT 11

                CONSUMERS FINANCIAL CORPORATION AND SUBSIDIARIES
                    COMPUTATION OF EARNINGS PER COMMON SHARE

<TABLE>
     <CAPTION>                                                Six Months Ended June 30,       Three Months Ended June 30,


     (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                    1996           1995              1996           1995     
     <S>                                                            <C>           <C>               <C>            <C>

     Fully Diluted Earnings Per Share
     Reconciliation of net loss per Statements of

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


               Net loss                                         ($1,308)        ($667)            ($697)         ($243)



     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                                    2,606         2,615             2,603          2,613


               Add shares issuable from assumed
                    8 1/2 % cumulative convertible                  713           713               713            713



               Weighted average number of shares of
                    stock and equivalents outstanding             3,319         3,328             3,316          3,326




     Fully diluted earnings per share                              *             *                 *              *


     * Anti-dilutive
</TABLE>