FIRST SHENANGO BANCORP, INC.

                                   EXHIBIT 11

          Statement Regarding Computation of Primary Earnings Per Share




                                                                 Three Months Ended                  Six Months Ended
                                                                       June 30,                          June 30,
                                                                    1997            1996            1997             1996
                                                        ------------------------------------------------------------------

                                                                                                          
Weighted average common shares outstanding                     2,343,098       2,343,098       2,343,098        2,343,098
Net effect of dilutive stock options                              74,724          75,947          77,366           77,200
Average unallocated ESOP shares                                  (66,370)        (74,850)        (66,370)         (74,940)
Average MSBP shares in plan reserve                              (10,367)         (9,995)        (10,367)          (9,503)
Weighted average treasury shares                                (277,995)        (46,559)       (280,420)         (40,340)
                                                        -----------------  --------------  --------------  ---------------
Common stock equivalents                                       2,063,090       2,287,641       2,063,307        2,295,515
                                                        =================  ==============  ==============  ===============
Net earnings                                                  $1,206,267        $898,671      $2,343,711       $1,847,254
                                                        =================  ==============  ==============  ===============
Per share amount                                                   $0.58           $0.39           $1.14            $0.80
                                                        =================  ==============  ==============  ===============



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.