<PAGE>
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: September 26, 1996
Provident Bancorp, Inc.
Incorporated under the laws of Ohio
Commission File No. 1-8019 IRS Employer Identification No. 31-0982792
One East Fourth Street, Cincinnati, Ohio 45202
(Address of Principal Executive Offices) (Zip Code)
(513) 579-2000
(Registrant's Telephone Number, Including Area Code)
<PAGE>
Item 5. Other Events
The following information was disclosed in a News Release dated
September 26, 1996:
Provident Bancorp, Inc. announced today that during
the third quarter 1996 it sold $200 million of closed end
non-conforming home equity loans. Provident sold $50
million of these loans in a private transaction and $150
million in a securitized public offering. Provident
believes that it will recognize pre-tax income of $13
million to $15 million from these sales. Provident has
also added to its loan loss reserve and recognized other
expenses in the quarter and expects net income to be
approximately $22 million for the quarter ending
September 30.
Allen Davis, President and Chief Executive Officer
of Provident said, "We are excited about the growth of
our non-conforming mortgage operation and the
opportunities it presents to us. Our goal is to
originate $800 million of this product within the next
year and sell at least $100 million of this product each
quarter, market conditions permitting."
This Report contains forward-looking information. These
forward-looking statements may be significantly impacted by various
factors, including market conditions as described herein. There can be
no assurance that anticipated developments will occur.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Provident Bancorp, Inc.
/S/ Allen L. Davis
By: Allen L. Davis
Chief Executive Officer
Signed: September 26, 1996
