FIRST SHENANGO BANCORP, INC.

                                   EXHIBIT 11

          Statement Regarding Computation of Primary Earnings Per Share


                                                 Three Months Ended
                                                      March 31,
                                                 1997           1996
                                             ---------------------------
Weighted average common shares outstanding     2,343,098      2,343,098
Net effect of dilutive stock options              79,960         78,435
Average unallocated ESOP shares                  (66,370)       (75,031)
Average MSBP shares in plan reserve              (10,367)        (9,012)
Weighted average treasury shares                (282,872)       (34,120)
                                             ---------------------------
Common stock equivalents                       2,063,449      2,303,370
                                             ===========================
Net earnings                                 $ 1,137,444    $   948,583
                                             ===========================
Per share amount                             $      0.55    $      0.41
                                             ===========================


Earnings  per share have been  computed  based on the  treasury  stock method in
using average market price for the common stock equivalents.

The Company  accounts for the shares  acquired by the Employee  Stock  Ownership
Plan ("ESOP") in accordance with Statement of Position 93-6;  shares  controlled
by the ESOP are not considered in the weighted average shares  outstanding until
the shares are committed for allocation.