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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
Reported): March 27, 1998
THE PROVIDENT BANK
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(Exact name of registrant as specified in its charter)
Ohio 333-45369 31-0412725
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One East Fourth Street
Cincinnati, Ohio 45202
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (513) 579-2000
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Item 5. Other Events.
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Filing of Derived Materials.
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In connection with the offering of the Provident Bank Home Equity Loan
Trust 1998-1, Home Equity Loan Asset-Backed Certificates, Series 1998-1 (the
"Certificates"), Lehman Brothers Inc. and Donaldson, Lufkin & Jenrette
Securities Corporation, as underwriters of the Certificates (the
"Underwriters"), have prepared certain materials (the "Derived Materials")
for distribution to its potential investors. Although The Provident Bank
(the "Company") provided the Underwriters with certain information regarding
the characteristics of the Mortgage Loans (the "Loans") in the related
portfolio, it did not participate in the preparation of the Derived
Materials. Concurrently with the filing hereof, pursuant to Rule 311(i) of
Regulation S-T, the Company is filing the Derived Materials by paper filing
on Form SE.
For purposes of this Form 8-K, Derived Materials shall mean computer
generated tables and/or charts displaying, with respect to the Certificates,
any of the following: yield; average life, duration; expected maturity;
interest rate sensitivity; loss sensitivity; cash flow characteristics;
background information regarding the Loans; the proposed structure; decrement
tables; or similar information (tabular or otherwise) of a statistical,
mathematical, tabular or computational nature. The Derived Materials are
attached hereto as Exhibit 99.1.
Incorporation of Certain Documents by Reference
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Pursuant to Rule 411 of Regulation C under the Securities Act of 1933
and in reliance on MBIA Insurance Corporation, SEC No-Action Letter
(September 6, 1996), the Company will incorporate by reference the financial
statement of MBIA Insurance Corporation ("MBIA") into the Company's
registration statement (File No. 333-45369). The financial statements will
be referred to in the prospectus supplement relating to the Company's Home
Equity Loan Asset-Backed Certificates, Series 1998-1. In connection with the
incorporation of such documents by reference, the Company is hereby filing
the consent of Coopers & Lybrand L.L.P. ("Coopers & Lybrand") to the use of
their name in such prospectus supplement. The consent of Coopers & Lybrand
is attached hereto as Exhibit 23.
Item 7. Financial Statements, Pro Forma Financial
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Information and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23. The Consent of Coopers & Lybrand.
99.1 Derived Materials
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE PROVIDENT BANK
By: /s/ Kevin Shea
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Name: Kevin M. Shea
Title: Vice President
Dated: March 26, 1998
Exhibit Index
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Exhibit Page
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23. The Consent of Coopers & Lybrand. . . . . . . . 7
99.1 Derived Materials . . . . . . . . . . . . . . . 8
EXHIBIT 23: CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Prospectus of Provident
Bank Home Equity Loan Trust 1998-1, of our report dated February 3, 1997, on
our audits of the consolidated financial statements of MBIA Insurance
Corporation and Subsidiaries as of December 31, 1996 and 1995 and for each of
the three years in the period ended December 31, 1996. We also consent to
the reference to our firm under the caption "Experts" in such Prospectus
Supplement.
\s\ Coopers & Lybrand L.L.P.
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Coopers & Lybrand L.L.P.
New York, New York
March 26, 1998
EXHIBIT 99.1
In accordance with Rule 311(i) of Regulation S-T, the Derived Materials
are being filed on paper pursuant to Form SE.
