SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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/ / Soliciting Material Pursuant to Section 240.14a-11(c) or
Section 240.14a-12
CENIT Bancorp, Inc.
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement if other than the Registrant)
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News Release
CENIT Bancorp, Inc.
225 West Olney Road
Norfolk, Virginia 23510-1586
(757) 446-6600
DATE: November 14, 1997
CONTACT: Michael S. Ives
President and CEO
(757) 446-6600
CENIT REPORTS FILING OF SHAREHOLDER PROPOSAL
(Norfolk, Virginia) - CENIT Bancorp, Inc. (NASDAQ: CNIT) today reported
that it received a request from Mid-Atlantic Investors ("Mid-Atlantic") and
Jerry Zucker, two of its shareholders, to include a proposal in its proxy
statement for CENIT's 1998 annual meeting, which is scheduled to be held in the
spring of 1998.
The stockholder proposal would ask the shareholders of the Company to
express their desire that CENIT pursue an immediate sale of the Company.
At CENIT's 1997 annual meeting, CENIT's stockholders rejected a similar
proposal, as well as three director candidates nominated by Mid-Atlantic.
Michael S. Ives, President and Chief Executive Officer of CENIT, observed,
"Last April, we asked our shareholders to place their trust in the long-term
vision of our Board and management team. They expressed their confidence in
CENIT's management, and since then, CENIT's market value has risen dramatically.
Our management team has continued to demonstrate CENIT's ability to enhance
earnings and the return to our investors. We believe that we can continue to
improve performance and value, and we are confident that our investors will
reject Mid-Atlantic's current proposal."
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