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                                                                      EXHIBIT 11



                      INVESTORSBANCORP, INC. AND SUBSIDIARY
                 COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE
                       FOR PERIOD ENDED SEPTEMBER 30, 1998
                                   (UNAUDITED)


A reconciliation of the income and shares used in computing the
basic and diluted earnings per share for the three months and
nine months ended September 30, 1998 is as follows:





                                                  Three Months Ended      Nine Months Ended
                                                  September 30, 1998      September 30, 1998
                                                 ------------------       ------------------

                                                                     
Net income                                            
                                                       $   73,411          $  110,291  
                                                       ----------          ----------  
                                                                                       
Determination of shares:                                                               
                                                                                       
Weighted average common shares                                                         
                                                                                       
  outstanding (basic)                                   1,000,000           1,000,000  
                                                                                       
Assumed conversion of stock options                        24,204              23,686  
                                                       ----------          ----------  
Weighted average common shares                                                         
  outstanding (diluted)                                 1,024,204           1,023,686  
                                                       ==========          ==========  
Basic earnings per common share                        $     0.07          $     0.11  

Diluted earnings per common share                      $     0.07          $     0.11 



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