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

<TABLE>
<CAPTION>
                                                                              Three Months Ended
                                                                                March 31, 1997     
                                                                             -------------------    
Primary                                                                      
-------                                                                      
<S>                                                                          <C>
       

Net income                                                                      $1,716,406          
                                                                                 =========          
                                                                                                    
Weighted averages shares outstanding                                                                
                                                                                                    
   Average Common shares                                                         5,082,114          
                                                                                                    
   Average unallocated ESOP shares                                                (274,646)          
                                                                                                    
   Common stock equivalents - options                                                               
     and warrants                                                                  185,567          
                                                                                ----------          
                                                                                                    
Total weighted average shares outstanding                                                           
   during period                                                                 4,993,035          
                                                                                ==========          
                                                                                                    
Earnings per common and common share equivalent - primary                             $.34          
                                                                                ==========          
                                                                                                    
                                                                                                    
Fully Diluted                                                                                       
-------------                                                                                       
                                                                                                    
Net income                                                                      $1,716,406          
                                                                                ==========          
                                                                                                    
   Average common shares                                                         5,082,114          
                                                                                                    
   Average unallocated ESOP shares                                               (274,646)          
                                                                                                    
   Common stock equivalents - options and                                                           
     warrants                                                                      298,215          
                                                                                ----------          
                                                                                                    
Total weighted average shares outstanding                                                           
  during period                                                                  5,105,683          
                                                                                ==========          
                                                                                                    
Earnings per common and common share equivalent - fully diluted                       $.34          
                                                                                ==========          
</TABLE>