27

                                  EXHIBIT 11.1

             Statement Regarding Computation of Per Share Earnings


  28

Computation of Earnings Per Share
- ---------------------------------

The following formula was used to calculate the earnings per share,
Consolidated Statements of Income for the three and six months ended June 30,
2000 and 1999, included in this report as Exhibit 13.3.


Earnings Per Share

Net Income /
Weighted average shares of common stock outstanding for the period



                                 Three months ended
                                      June 30,
                                 2000            1999
                               -------         -------
                                         
Weighted Average
Shares Outstanding              1,508,526      1,508,526

Net Income                        584,860        744,190

Per Share Amount                    .39            .49




                                  Six months ended
                                      June 30,
                                 2000            1999
                               -------         -------
                                         
Weighted Average
Shares Outstanding              1,508,526      1,508,526

Net Income                      1,144,403      1,292,406

Per Share Amount                    .76            .86



No common stock equivalents exist.