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                            SUBURBFED FINANCIAL CORP


                                   EXHIBIT 11

             STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE





                                                         Three Months Ended  Nine Months Ended 
                                                         September 30, 1997  September 30, 1997
                                                         ------------------  ------------------
                                                                                      
Net Income                                                       $ 729,717          $2,077,763 
                                                         =================   ================= 
Weighted average shares outstanding                              1,262,190           1,260,200 
Common stock equivalents due to                                                                
Dilutive effect of stock options                                    85,709              76,088 
                                                         -----------------   ----------------- 
Total weighted average common shares                                                           
and equivalents outstanding                                      1,347,899           1,336,288 
                                                         =================   ================= 
Primary earnings per share                                       $     .54          $     1.55 
                                                         =================   ================= 
Total weighted average common shares                                                           
and equivalents outstanding for primary                                                        
computation                                                      1,347,899           1,336,288 
Additional dilutive shares using the end of                                                    
Period market value versus the average market                                                  
Value when applying the treasury stock method                        9,647*             19,268*
                                                         -----------------   ----------------- 
Total weighted average common shares and                                                       
Equivalents outstanding for fully diluted                                                      
Computation                                                      1,357,546           1,355,556 
                                                         =================   ================= 
Fully diluted earnings per share                                 $     .54          $     1.53 
                                                         =================   ================= 


*Note: If the average share price is greater than the ending price, use average
       price for both primary and fully diluted calculation.