EXHIBIT 12(b)



                            D&N CAPITAL CORPORATION
               Computation of ratio of earnings to fixed charges
                   and preferred stock dividend requirements



                                                   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
 
   Preferred stock dividend requirement                     681            681
 
   Fixed charges including preferred stock dividends      $ 712         $  712
 
   Ratio of earnings to fixed charges and preferred
       stock dividends requirements                        1.31           1.45