<DOCUMENT>
<TYPE>EX-12.(A)
<SEQUENCE>3
<FILENAME>dex12a.txt
<DESCRIPTION>COMP. OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<PAGE>

                                                                   EXHIBIT 12(A)

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

                                                       2001            2000
                                                   ----------------------------
                                                   (In thousands, except ratio)

Net income                                           $  3,878        $  3,898

Fixed charges:
       Advisory fees                                      125             125

Total fixed charges                                       125             125

Earnings before fixed charges                        $  4,003        $  4,023

Fixed charges, as above                              $    125        $    125

Ratio of earnings to fixed charges                       32.0            32.2

</TEXT>
</DOCUMENT>