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(a)  Exhibit 11 -COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARES


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<CAPTION>

                                                                          Three Months Ended     Six Months Ended
                                                                             June 30, 1997         June 30, 1997
                                                                             -------------      ----------------
<S>                                                                            <C>                  <C>
Primary
-------

Net income                                                                     $    1,962            $    3,678       
                                                                               ==========            ==========       
          
Weighted average shares outstanding                                                                                   
          
  Average Common shares                                                         4,945,122             5,013,239       
          
  Average unallocated ESOP shares                                                (262,734)             (268,698)      
          
  Common stock equivalents - options                                                                                  
   and warrants                                                                   321,762               259,993       
                                                                               ----------            ----------       
          
Total weighted average shares outstanding                                                                             
  during period                                                                 5,004,150             5,004,534       
                                                                               ==========            ==========       
          
Earnings per common and common share equivalent - primary                      $      .39            $      .73       
                                                                               ==========            ==========       
          
          
Fully Diluted                                                                                                         
          
Net income                                                                     $    1,962            $    3,678       
                                                                               ==========            ==========       
          
Weighted average shares outstanding                                                                                   
          
  Average common shares                                                         4,945,122             5,013,239       
          
  Average unallocated ESOP shares                                                (262,734)             (268,698)      
          
  Common stock equivalents - options and                                                                              
   warrants                                                                       349,179               352,569       
                                                                               ----------            ----------       
          
Total weighted average shares outstanding                                                                             
 during period                                                                  5,031,567             5,097,110       
                                                                               ==========            ==========       
          
Earnings per common and common share equivalent - fully diluted                     $ .39                 $ .72       
                                                                                    =====                 =====       
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