Exhibit 11


   
                                    Wintrust Financial Corporation

                             Computation of Net Income Per Common Share

                                (in thousands, except per share data)



   
                                                       Nine Months Ended       Three Months Ended
                                                         September 30,            September 30,
                                                     ____________________    _____________________
   
                                                                         
                                                        1996       1995        1996       1995 
                                                      -------     ------      ------     ------
    Net income (loss).......................    (A)   $(1,521)    $1,133      $  301     $  116
                                                      =======     ======      ======     ======
    Average common shares outstanding.......            5,992      4,900       6,212      4,940
    Average common share equivalents  (1)...               --        671         634        725
                                                      -------     ------      ------     ------
    Weighted average common shares and
         common share equivalents...........    (B)     5,992      5,571       6,846      5,665
                                                      =======     ======      ======     ====== 
    Net income (loss) per average 
         common share.......................  (A/B)   $ (0.25)    $ 0.20      $ 0.04     $ 0.02
                                                      =======     ======      ======     ======

   

   (1)  Common share equivalents result from stock options, stock rights and
   stock warrants being treated as if they had been exercised and are computed
   by application of the treasury stock method.  No common share equivalents
   were assumed to be outstanding for the nine-month period ended September
   30, 1996 because accounting standards require that the computation of
   earnings per share shall not give effect to common stock equivalents for
   any period in which their inclusion would have the effect decreasing the
   loss per share amount otherwise computed.

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