EXHIBIT 16

                         Letter of Former Accountants

 
                                                                      Exhibit 16

March 17, 1998

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Gentlemen:

We have read the statements made by Peoples Building and Loan Association (copy 
attached), which we understand will be filed with the Commission as part of the 
Company's Form SB-2. We agree with the statements concerning our Firm in such 
Form SB-2.

Very truly yours,

/s/ Umbach & Associates

UMBACH & ASSOCIATES

Attachment