Exhibit 11

                    Computation of Earnings Per Common Share
           (Dollars and shares in thousands except per share amounts)

<TABLE>
<CAPTION>
                                                                          THIRD QUARTER                    YEAR-TO-DATE
                                                                      Thirteen Weeks Ended           Thirty-nine Weeks Ended
                                                                   September 27,  September 28,   September 27,   September 28,
                                                                       1997            1996            1997            1996
<S>                                                                 <C>               <C>               <C>          <C>     
Primary Earnings (Loss) per Common Share

    Net earnings (loss) applicable to common stock
       Net earnings (loss)                                          $    133          (4,087)           (664)        (14,195)
       ESOP dividend requirements
            Preferred stock dividends declared                          (565)           (582)         (1,702)         (1,762)
            Tax benefit on dividends - unallocated shares                 61              83             198             267
                                                                    --------        --------        --------        --------
       Net earnings (loss) applicable to common stock               $   (371)         (4,586)         (2,168)        (15,690)
                                                                    --------        --------        --------        --------

    Weighted average number of common shares and
     equivalents outstanding
       Weighted average number of common shares outstanding           14,807          14,796          14,806          14,778
       Common stock equivalents                                          - *             - *             - *             - *
                                                                    --------        --------        --------        --------
       Weighted average number of common shares and
        equivalents outstanding                                       14,807          14,796          14,806          14,778
                                                                    --------        --------        --------        --------

    Primary Earnings (Loss) per Common Share                        $  (0.03)          (0.31)          (0.15)          (1.06)
                                                                    ========        ========        ========        ========

Fully Diluted Earnings (Loss) per Common Share

    Net earnings (loss) applicable to common stock
       Net earnings (loss)                                          $     --              --              --              --
       Incremental cash contribution to the ESOP assuming
            conversion of preferred stock to common                       --              --              --              --
       Tax benefit on the incremental cash contribution                   --              --              --              --
                                                                    --------        --------        --------        --------
       Net earnings (loss) applicable to common stock               $     --              --              --
                                                                    --------        --------        --------        --------

    Weighted average number of common shares and equivalents
     outstanding
       Weighted average number of common shares outstanding               --              --              --              --
       Common stock equivalents                                           --              --              --              --
       Assumed conversion of Series B ESOP preferred stock                --              --              --              --
                                                                    --------        --------        --------        --------
       Weighted average number of common shares and equivalents
        outstanding                                                       --              --              --              --
                                                                    --------        --------        --------        --------

    Fully Diluted Earnings (Loss) per Common Share                  $  (0.03)**        (0.31)**        (0.15)**        (1.06)**
                                                                    ========        ========        ========        ========
<FN>
    *    Not applicable because it would result in an antidilutive calculation.
    **  Fully diluted calculation is not presented because it is antidilutive.
</FN>
</TABLE>