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                                                                      EXHIBIT 11


                     INVESTORSBANCORP, INC. AND SUBSIDIARY
                COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE
                                  (UNAUDITED)

        A reconciliation of the income and shares used in computing the
                basic and diluted loss per share is as follows:





                                     Three Months Ended  Three Months Ended
                                       March 31, 1999     March 31, 1998
                                     ------------------   -----------------
                                                                   
Net income                            $    18,248        $   (32,143)       
                                      -----------        -----------        
                                                                            
Determination of shares:                                                    
                                                                            
Weighted average common shares                                              
     outstanding (basic)                1,000,000          1,000,000        
                                                                            
Assumed conversion of stock options        14,560             24,204        
                                      -----------        -----------        
                                                                            
Weighted average common shares                                              
     outstanding (diluted)              1,014,560          1,024,204        
                                      ===========        ===========        
                                                                            
Basic earnings per common share       $      0.02        $     (0.03)       
                                                                            
Diluted earnings per common share     $      0.02        $     (0.03)       
                                                                            



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