EXHIBIT 11

                      STATEMENT RE COMPUTATION OF EARNINGS PER SHARE

                                 Years Ended December 31,

                                          1996          1995         1994
- - -----------------------------------------------------------------------------
Weighted average number of shares 
  outstanding                           1,215,902     1,215,902     1,215,902
Net income (in thousands)              $    8,521    $    8,211    $    7,507
Earnings per share                     $     7.01    $     6.75    $     6.17

Note: Earnings per common share have been retroactively restated to reflect the
      7 for 5 stock in 1994.