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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) October 3, 1996
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Provident Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Ohio 1-8019 31-0982792
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification
of incorporation) No.)
One East Fourth Street, Cincinnati, Ohio 45202
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code (513) 579-2000
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
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Provident Bancorp, Inc. issued the attached press release on
October 3, 1996.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
99.1 Press Release dated October 3, 1996.
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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 hereunto duly authorized.
PROVIDENT BANCORP, INC.
Date: October 4, 1996 By:/s/Mark E. Magee
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Mark E. Magee
Vice President and
General Counsel
EXHIBIT INDEX
99.1 Press Release dated October 3, 1996
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FOR IMMEDIATE RELEASE
PROVIDENT BANCORP, INC. REPORTS SPECIAL SAIF ASSESSMENT
CINCINNATI, OHIO, October 3, 1996
Provident Bancorp, Inc. ( NASDAQ:PRBK ) ("Provident"),
announced today the one-time special assessment payable on
Savings Association Insurance Fund ("SAIF") deposits as of March
31, 1995, which special assessment was included in the Department
of Defense Appropriations Act signed into law on September 30,
1996, will be approximately $5 million for Provident on an after
tax basis. This special assessment will be recognized as a third
quarter 1996 expense.
On September 26, 1996 Provident announced it expected net
income for the third quarter of 1996 to be approximately $22
million. Taking into account the special SAIF assessment,
Provident now expects net income to be approximately $17 million
for the third quarter period.
Provident Bancorp, Inc. is a $6.4 billion Cincinnati, Ohio
based bank holding company with 71 offices in Ohio and Kentucky.
For further information, please contact:
John Farrenkopf
Vice President and CFO
(513) 579-2690
1-800-851-9521
Provident's press releases are available at no charge
through PR Newswire's Company News On-Call fax service. For a
menu of available Provident press releases or to retrieve a
specific release, call 1-800-758-5804, ext. 721925. These
releases are also available on the Internet via PR Newswire's
Home Page on the World Wide Web: (http://www.prnewswire.com).
