EXHIBIT 12(a)



                            D&N CAPITAL CORPORATION
               Computation of ratio of earnings to fixed charges
 


                                                  For the Three Months Ended
                                                             March 31,
                                                      1999           1998
                                                  ----------------------------
                                                  (In thousands, except ratio)

           Net income                                $ 904        $ 1,003
 
           Fixed charges:
                  Advisory fees                         31             31

           Total fixed charges                          31             31
 
           Earnings before fixed charges             $ 935        $ 1,034
 
           Fixed charges, as above                      31             31
 
           Ratio of earnings to fixed charges         30.2           33.4