Exhibit 11

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

                                                                                         FIRST QUARTER
                                                                                      Thirteen Weeks Ended
                                                                                    March 29,       March 30,
                                                                                      1997            1996
Primary Earnings (Loss) per Common Share
<S>                                                                                 <C>             <C>    
     Net earnings (loss) applicable to common stock
         Net earnings (loss)                                                        $ (1,978)       (4,375)
         ESOP dividend requirements
              Preferred stock dividends declared                                        (570)         (592)
              Tax benefit on dividends - unallocated shares                               71            96
                                                                                    --------      --------
         Net earnings (loss) applicable to common stock                             $ (2,477)       (4,871)
                                                                                    --------      --------

     Weighted average number of common shares and equivalents outstanding
         Weighted average number of common shares outstanding                         14,805        14,757
         Common stock equivalents:
              Stock options, assuming exercised at average market price                  --*           --*
                                                                                    --------      --------
         Weighted average number of common shares and equivalents outstanding         14,805        14,757
                                                                                    --------      --------

     Primary Earnings (Loss) per Common Share                                       $  (0.17)        (0.33)
                                                                                    ========      ========



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:
              Stock options, assuming exercised at greater of ending or average
                market price                                                            --            --
              Series B ESOP preferred stock                                             --            --
                                                                                    --------      --------
         Weighted average number of common shares and equivalents outstanding           --            --
                                                                                    --------      --------

     Fully Diluted Earnings (Loss) per Common Share                                 $ (0.17)**      (0.33)**
                                                                                    ========      ========
</TABLE>

   *   Not applicable because it would result in an antidilutive calculation.
   **  Fully diluted calculation is not presented because it is antidilutive.

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