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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: January 28, 1999
Provident Financial Group, 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)
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Item 5. Other Events
For the nine months ended September 30, 1998 and the years ended
December 31, 1997 and 1996, Provident Financial Group, Inc.
changed the methodology used in the calculation of gains on its
securitizations of loans. In 1997 and 1996, Provident used the
"cash-in" method to calculate gains. During the fourth quarter
of 1998, the Financial Accounting Standards Board and Securities
and Exchange Commission indicated that the "cash-out" method is
the only acceptable method to calculate gains. Accordingly, the
change in methodology increased previously reported nine months
1998 net income by $1.2 million or 3 cents per share and reduced
1997 net income by $7.9 million or 18 cents per share to $107.4
million or $2.45 per share and reduced 1996 net income by $3.1
million or 7 cents per share to $78.1 million or $1.87 per share.
Provident will amend its Annual Report on Form 10-K for the year
ended December 31, 1997, in connection with the restatement.
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 Financial Group, Inc.
/S/ Christopher J. Carey
By: Christopher J. Carey
Executive Vice President and
Chief Financial Officer
Signed: January 28, 1999
