UNITED STATES
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
March 24, 1998
Date of Report (Date of earliest event reported)
CENIT BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-20378 54-1592546
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
225 West Olney Road 23510
Norfolk, Virginia (Zip Code)
(Address of principal executive office)
Registrant's telephone number, including area code: (757) 446-6600
Item 5 - Other Events
On March 24, 1998, the Registrant issued a news release announcing a
three-for-one stock split, quarterly dividend payment and other information.
The press release is attached as EXHIBIT 99.1.
Item 7 - Financial statements and exhibits.
The exhibit listed in the Exhibit Index is filed herewith as part of this
Current Report on Form 8-K.
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.
CENIT BANCORP, INC.
DATE: March 26, 1998 /S/ Michael S. Ives
Michael S. Ives
President and Chief Executive Officer
DATE: March 26, 1998 /S/ John O. Guthrie
John O. Guthrie
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT DESCRIPTION OF EXHIBIT PAGE
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99.1 News Release dated March 24, 1998 3
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EXHIBIT 99.1
NEWS RELEASE
CENIT Bancorp, Inc.
225 West Olney Road
Norfolk, Virginia 23510-1586
(757) 446-6600
March 24, 1998
Contact: Michael S. Ives
President and CEO
(757) 446-6600
CENIT BANCORP ANNOUNCES THREE-FOR-ONE STOCK SPLIT AND
QUARTERLY DIVIDEND PAYMENT
(Norfolk, Virginia) - CENIT Bancorp, Inc (NASDAQ: CNIT) today announced a
three-for-one split of the Company's common stock for stockholders of record at
the close of business on April 8, 1998, payable on or about April 24, 1998.
CENIT also declared a quarterly cash dividend of $.10 per share, adjusted for
the three-for-one stock split, payable on or about May 18, 1998 to stockholders
of record at the close of business on May 8, 1998. The effect of the stock split
will be to give each stockholder two additional shares for each share already
owned by the stockholder.
"We are extremely pleased and gratified with an almost 600 percent increase
in the value of our stock since our initial public offering in 1992," said
Michael S. Ives, CENIT's president and chief executive officer. "In 1997 alone,
our stock price increased 92 percent. The three-for- one split will have the
effect of making our stock more affordable to a broader spectrum of investors,"
added Ives. The Company had 1,659,107 shares of common stock outstanding on
February 27, 1998.
The closing price of CENIT's stock was $76.50 per share on Monday,
March 23. CENIT earlier reported record earnings for 1997 of $6.25 million, or
$3.76 per diluted share, before various expenses related to its proxy contest
in early 1997.
CENIT Bancorp, Inc. is the holding company for CENIT Bank and CENIT Bank,
Virginia Beach (formerly Princess Anne Bank). With assets over $700 million, the
Company is the largest bank or thrift institution headquartered in the
Norfolk-Virginia Beach-Newport News, Virginia Metropolitan Statistical Area, the
nation's 27th largest and fourth largest MSA in the southeast.
Through its twenty banking offices, including three Super Kmart banking
centers and twenty-one automated teller machines, the Company provides a wide
range of banking and financial services in the Hampton Roads, Virginia market.
CENIT Bank has banking offices in Virginia Beach, Norfolk, Portsmouth,
Chesapeake, Hampton, Newport News and York County, Virginia.
The Annual Meeting of Stockholders of CENIT Bancorp, Inc. will be held
Wednesday, May 20, 1998 at 5:00 p.m. in the theater of the Chrysler Museum of
Art, 245 West Olney Road, Norfolk, Virginia. All stockholders are invited to
attend.
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