UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
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September 19, 2000
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
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
300 E. Main Street, Suite 1350
Norfolk, Virginia 23510
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (757) 446-6600
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Item 4 - Changes in Registrant's Certifying Accountant
On September 19, 2000, the Registrant's Board of Directors voted to engage
the accounting firm of KPMG LLP as the principal accountant to audit the
Registrant's financial statements for the fiscal year ending December 31, 2000,
to replace the firm of PricewaterhouseCoopers LLP, the principal accountant
engaged to audit the Registrant's financial statements as of December 31, 1999
and 1998, and for each of the years in the two year period ended December 31,
1999.
The Registrant conducted a competitive proposal process to select the
independent public accountant to audit the Registrant's financial statements for
the fiscal year ending December 31, 2000. The Registrant's Audit Committee
received bids from several independent public accounting firms including
PricewaterhouseCoopers LLP. After reviewing the proposals, the Registrant's
Audit Committee selected KPMG LLP, and the Registrant's Board of Directors
approved this selection on September 19, 2000.
PricewaterhouseCoopers LLP did not resign or decline to stand for
reelection. The Registrant decided, following the competitive proposal process,
not to retain PricewaterhouseCoopers LLP with respect to the audit of the
Registrant's consolidated financial statements for periods beginning with the
fiscal year ending December 31, 2000 and thereafter. PricewaterhouseCoopers
LLP's reports on the consolidated financial statements as of December 31, 1999
and 1998, and for each of the years in the two year period ended December 31,
1999, contained no adverse opinion or disclaimer of opinion and were not
qualified as to uncertainty, audit scope or accounting principles.
In connection with the audits of the two fiscal years ending December 31,
1999 and through the subsequent interim period preceding the engagement of KPMG
LLP, there were no disagreements with PricewaterhouseCoopers LLP on any matter
of accounting principles or practices, financial statement disclosure or
auditing scope or procedures, which disagreements if not resolved to their
satisfaction would have caused them to make reference in connection with their
reports on the financial statements to the subject matter of the disagreement.
The Registrant requested that PricewaterhouseCoopers LLP furnish it with a
letter addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of PricewaterhouseCoopers LLP's letter
to the Securities and Exchange Commission, dated September 26, 2000, is filed as
Exhibit 16.1 to this Form 8-K.
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.
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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 thereunto duly authorized.
CENIT BANCORP, INC.
DATE: September 26, 2000 /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
16.1 Letter from PricewaterhouseCoopers LLP 5
4
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EXHIBIT 16.1
Letter from PricewaterhouseCoopers LLP
September 26, 2000
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Commissioners:
We have read the statements made by Cenit Bancorp, Inc. (copy attached), which
we understand will be filed with the Commission, pursuant to Item 4 of Form 8-K,
as part of the Company's Form 8-K report dated September 19, 2000. We agree with
the statements concerning our Firm in such Form 8-K, except that we make no
comment regarding either the second paragraph of the Item 4 disclosure or the
second sentence of the third paragraph of the Item 4 disclosure.
Very truly yours,
PricewaterhouseCoopers LLP
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