UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                 --------------


                                    FORM 8-K


                        PURSUANT TO SECTION 13 or 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                                 --------------


                                January 22, 2001
                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)


300 E. Main Street, Suite 1350
      Norfolk, Virginia                                      23510
-------------------------------                              -----
(Address of principal executive office)                    (Zip code)


    Registrant's telephone number, including area code:     (757) 446-6600



Item 5 - Other Events

     On January  22,  2001,  the  Registrant  issued a News  Release  announcing
results  for the fourth  quarter and  year  ended  December  31,  2000 and other
information. The News 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 and 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:   January 24, 2001                /S/ Michael S. Ives
                                        Michael S. Ives
                                        President and Chief Executive Officer



Date:   January 24, 2001                /S/ John O. Guthrie
                                        John O. Guthrie
                                        Senior Vice President and
                                        Chief Financial Officer

                                      -1-
<PAGE>

EXHIBIT INDEX

EXHIBIT         DESCRIPTION OF EXHIBIT                   PAGE
-------         ----------------------                   ----

99.1            News Release dated January 22, 2001       3

                                       -2-

<PAGE>
EXHIBIT 99.1


News Release
--------------------------------------------------------------------------------


CENIT Bancorp, Inc.
Suite 1350, Main Street Tower
300 East Main Street
Norfolk, Virginia 23510-1753
Internet: www.cenit.com
[757] 446-6600

                                                [GRAPHIC OMITTED]




DATE:                January 22, 2001

CONTACT:             Michael S. Ives
                     President and CEO
                     (757) 446-6600


              CENIT REPORTS INCREASE IN EARNINGS PER SHARE FOR THE
              ----------------------------------------------------
                   FOURTH QUARTER AND THE YEAR BEFORE CHARGES
                   ------------------------------------------

     (Norfolk,  Virginia) - CENIT Bancorp,  Inc. (NASDAQ:  CNIT) today announced
fourth  quarter  earnings,   excluding   special  fourth  quarter  charges,   of
$1,513,000,  or $.35  per  diluted  share,  representing  an  increase  of 6% in
earnings  per share  compared  to earnings  of  $1,554,000,  or $.33 per diluted
share, in the fourth quarter of 1999.
     For the year ended December 31, 2000, CENIT had earnings, excluding special
fourth quarter  charges,  of $6,075,000  compared to earnings for the year ended
December 31, 1999, of $6,059,000.  Diluted earnings per share, excluding special
fourth  quarter  charges,  were  $1.36 per share for  2000,  an  increase  of 5%
compared to $1.30 per share earned in 1999.
     Cash basis operating results,  which exclude the amortization of intangible
assets,  and excluding  special fourth quarter  charges,  reflected  earnings of
$1,580,000,  or $.37 per  diluted  share,  for the  fourth  quarter  of 2000 and
$6,345,000,  or $1.42 per diluted  share,  for the year ended December 31, 2000.
These results  compared to  $1,622,000  or $.35 and  $6,334,000 or $1.36 for the
fourth quarter and year ended December 31, 1999, respectively.

                                     (more)
                                      -3-
<PAGE>

     During the fourth quarter of 2000, CENIT continued to successfully  execute
its business  strategy  focused on growth in its  checking,  savings,  and money
market deposits  (collectively,  "Transaction  Deposits") and the portion of its
loan portfolio excluding residential mortgage loans (collectively, "Core Banking
Loans").  For the year, CENIT increased the balance of its Transaction  Deposits
by $34.5  million,  or 16%, to a record  $251.4  million at December  31,  2000,
compared to $216.9 million at December 31, 1999.  Average  Transaction  Deposits
for the  quarter  ended  December 31,  2000,  were a record  $236.6  million and
average  noninterest-bearing  deposits were a record $77.7 million, increases of
8% and  17%,  respectively,  compared  to  $219.9  million  and  $66.3  million,
respectively,  for the quarter  ended  December  31, 1999.  Core  Banking  Loans
increased by $18.6 million, or 7%, in the year ended December 31, 2000.
     President and Chief Executive  Officer  Michael S. Ives commented,  "We are
pleased with the growth in our Transaction Deposits, Core Banking Loans, and our
earnings per share before special  fourth quarter  charges in 2000. The increase
of 17% in our average noninterest-bearing  deposits comparing the fourth quarter
of  2000  with  the  fourth  quarter  of  1999  was  a  significant  achievement
considering  the intense  competition  for these  types of  deposits  within the
banking industry."
     Asset quality remains excellent.  Nonperforming assets were $1,680,000,  or
 .27% of total  assets at December  31, 2000,  compared to  $1,981,000  and .31%,
respectively,  at  September  30,  2000.  CENIT  had no  real  estate  owned  at
December 31,   2000,  and  its  nonperforming   assets  consisted  primarily  of
$1,413,000  of  residential  mortgage  loans  in  the  process  of  foreclosure.
Historically,  residential mortgage loans have presented little risk of material
loss to the Company.
     Ives  continued,  "In order to  accelerate  the growth of our  earnings per
share during 2001, we are taking several initiatives,  which began in the fourth
quarter of 2000,  that are designed to enhance our operating  efficiency and net
income.  We have  (1)  restructured  a  significant  portion  of our  investment
portfolio, (2) repositioned some of our advances from the Federal Home Loan Bank
of Atlanta, and (3)
                                     (more)
                                      -4-
<PAGE>


consolidated  two of our retail offices and adjusted  operating hours at several
others. Collectively, these actions should have a substantial positive impact on
our operating earnings during 2001."
     CENIT incurred a total of $394,000 of special fourth quarter charges, after
income tax benefits, as follows:
     1.   A charge of $134,000 to consolidate the retail offices in Hampton into
          the Company's  retail office  located at 2205 Executive  Drive,  which
          should  result in an  annualized  reduction in  operating  expenses of
          approximately  $135,000, (or $85,000 after tax), commencing during the
          second quarter of 2001;
     2.   A loss of  $127,000  from the  sale of  approximately  $36,000,000  of
          federal  agency  securities.   The  proceeds  were  invested  in  GNMA
          adjustable rate mortgage-backed securities with a higher 2001 yield of
          approximately 95 basis points; and
     3.   Aggregate other special charges of $133,000.
     Ives noted, "As a result of our restructuring efforts, we expect that there
will be no material  increase in  compensation  expense in 2001.  We also expect
that  improvements in our cash management  practices and our deposit  processing
will further  enhance net income in 2001  compared to 2000 through  decreases in
noninterest-bearing asset balances and reductions in deposit processing costs."
     Including the special  fourth  quarter  charges,  net income for the fourth
quarter of 2000 totaled  $1,119,000,  or $.26 per diluted share,  and net income
for the year ending December 31, 2000, totaled $5,681,000,  or $1.27 per diluted
share.
     Ives also commented on the Company's  prospects for 2001: "As we look ahead
to 2001, we have focused our attention on  substantially  improving our earnings
per share for 2001 which  should  result in an  increase in our share price over
the levels that  prevailed  during 2000.  We expect to continue  our  successful
efforts to grow our Transaction Deposits,  particularly our  noninterest-bearing
deposits,  and our Core Banking Loans in 2001. Our mortgage  banking  operations
should improve

                                     (more)
                                      -5-
<PAGE>


substantially  over 2000 as a result of the recent decrease in mortgage  lending
rates.  As mortgage  lending  activity  increases,  CENIT  should  benefit  from
increases in our mortgage  banking income and increases in the average  balances
of our noninterest-bearing escrow accounts for those of our customers engaged in
closing residential mortgage loans. Accordingly,  we do not expect to see in the
first  quarter of 2001 the  shortfalls  in  mortgage  lending  income and escrow
account balances that we encountered in the first quarter of 2000."
     Ives  further  stated,  "Our net  interest  margin  was 3.59% in the fourth
quarter of 2000. Due to the rapid  decreases in the prime lending rate that have
occurred and that we believe may continue to occur in early 2001, we project our
margin  to  remain  flat in the  first  quarter  of 2001  and  then to  increase
gradually  in  subsequent  quarters  as our  interest-bearing  deposits  reprice
downward and offset the immediate  decrease in interest  income  associated with
the impact of a falling prime lending rate on our approximately $83 million loan
portfolio tied to prime."
     Addressing share  repurchases,  Ives said, "To enhance further earnings per
share, the Company has engaged in share repurchases over the past several years.
In 2000,  the Company  repurchased  321,283 of its  outstanding  shares over the
course of the year.  The full  benefit  of these  share  repurchases  for annual
earnings per share will be seen in 2001.  In addition,  our business  plan calls
for us to  continue  to  repurchase  shares  in 2001 as and  when  our  Board of
Directors determines that appropriate opportunities exist."
     Ives concluded, "Although we continued to execute successfully our business
plan to grow our Transaction Deposits and our Core Banking Loans during 2000, we
were  disappointed  that our  prevailing  share prices  throughout  2000 did not
appear to recognize the value  inherent in our  franchise.  Our depressed  share
prices prevented us from exploring any of the strategic  options for the Company
to which I had made reference in my Report To Our Stockholders  contained in our
Annual Report last year. Accordingly,  we have taken the steps that we announced
today to enhance
                                     (more)
                                      -6-
<PAGE>


earnings  per share  for 2001  with the  expectation  that  improvements  in our
earnings per share should result in increases in our share price."
     Ives added,  "The benefits from some of the changes that we have  announced
today and the benefits from the falling  interest rate  environment  will not be
fully  reflected in our net income  until the second  quarter.  However,  due to
improving  conditions in the  residential  mortgage  market,  we expect that our
diluted earnings per share for the first quarter of 2001 will be in the range of
$.35 to $.38,  well above the $.30 per diluted share that we earned in the first
quarter of 2000."

About CENIT
-----------
     CENIT Bancorp,  Inc. is the holding company for CENIT Bank. At December 31,
2000, the Bank has twenty banking  offices,  including three Super Kmart banking
centers and twenty-six automated teller machines.  The Bank's Internet Web site,
cenit.com,  permits  customers  to  engage in  banking  services  through  their
personal  computer,  and provides current and detailed  account  information all
day,  every day.  The Bank  provides a wide range of  financial  services in the
Hampton Roads,  Virginia market, the fourth largest MSA in the Southeast.  CENIT
Bank is the largest community bank  headquartered in this market and is the only
community bank serving all six of the market's most populous cities.  CENIT Bank
has banking offices in Virginia Beach, Norfolk, Portsmouth, Chesapeake, Hampton,
Newport News, and York County, Virginia.

Safe Harbor Statement
---------------------
     This News Release contains  forward-looking  statements with respect to the
goals, plans, objectives, intentions, expectations, financial condition, results
of operations,  future  performance  and business of CENIT,  including,  without
limitation,  statements  relating  to  the  earnings  outlook  of  CENIT.  These
forward-looking  statements may be preceded by, followed by or include the words
"may",  "could",  "would",  "should",  "believes",   "expects",   "anticipates",
"estimates",  "intends",  "plans" or similar expressions.  These forward-looking
statements  involve risks and uncertainties  that are subject to change based on
various factors, many of which are

                                     (more)
                                      -7-
<PAGE>

beyond CENIT's control. Some of these factors include (1) the strength of the U.
S.  economy in general  and the  strength  of the local  economy in which  CENIT
conducts  its  operations,  which may be different  than  expected and which may
result in, among other things, deterioration in credit quality or reduced demand
for credit;  (2) the effects of, and changes in, the interest  rate  policies of
the board of governors  of the Federal  Reserve  system,  which may be different
from  those  anticipated  by CENIT in this  News  Release;  (3)  legislation  or
regulatory  changes  that  adversely  affect the  businesses  in which  CENIT is
engaged;  (4)  changes  in  accounting   principles,   practices,   policies  or
guidelines;  and (5)  changes in the real  estate  market  generally  and in the
markets in which CENIT conducts its operations,  which may affect the demand for
mortgages and other real estate-based  loans.  This News Release,  including the
forward-looking  statements contained herein, speaks only as of the date hereof,
and CENIT disclaims any obligation to update or revise the statements  contained
in this News Release following the date hereof.

                                       ##

(Selected Consolidated Financial Data to follow)

                                      -8-
<PAGE>

<TABLE>

                                              CENIT BANCORP, INC.
                                      SELECTED CONSOLIDATED FINANCIAL DATA
                                  (Dollars in thousands, except per share data)
                                               (Unaudited)
-------------------------------------------------------------------------------------------------------------------------

                                                                  At or for the                     At or for the
                                                                      Year                          Three Months
                                                                      Ended                             Ended
                                                                  December 31,                      December 31,
                                                             2000               1999           2000                1999
-------------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>               <C>                 <C>              <C>

Income Data (5)
---------------
Interest income                                        $    46,374       $    43,312         $    11,491      $    11,327
Interest expense                                            24,861            21,980               6,166            5,829
                                                       -----------       -----------         -----------      -----------

Net interest income                                         21,513            21,332               5,325            5,498
Provision for loan losses                                       48                98                   -               23
                                                       -----------       -----------         -----------      -----------
Net interest income after provision
  for loan losses                                           21,465            21,234               5,325            5,475
Other income                                                 6,659             7,132               1,498            1,587
Other expenses                                              19,247            18,899               5,074            4,634
                                                       -----------       -----------         -----------      -----------
Income before income taxes                                   8,877             9,467               1,749            2,428
Provision for income taxes                                   3,196             3,408                 630              874
                                                       -----------       -----------         -----------      -----------
Net income                                             $     5,681       $     6,059         $     1,119      $     1,554
                                                       ===========       ===========         ===========      ===========

Basic earnings per share (1)                           $      1.29       $      1.32         $       .26      $       .34
Diluted earnings per share (1)                         $      1.27       $      1.30         $       .26      $       .33
Basic earnings per share excluding
  special fourth quarter charges                       $      1.38       $      1.32         $       .36      $       .34
Diluted earnings per share excluding
  special fourth quarter charges                       $      1.36       $      1.30         $       .35      $       .33
Cash dividends per share                               $       .60       $       .60         $       .15      $       .15

Average Balance Sheet Data
--------------------------
Loans, net                                             $   474,381       $   480,627         $   475,030      $   467,239
Investment securities                                       42,932            56,556              32,390           57,167
Mortgage-backed certificates                                76,465            36,300              70,630           74,023
Interest-earning assets                                    609,043           592,043             592,986          613,810
Interest-bearing deposits                                  405,918           405,717             400,325          404,529
Borrowings                                                 113,432           103,632              97,902          125,427
Interest-bearing liabilities                               519,350           509,349             498,227          529,956
Assets                                                     647,301           630,589             631,594          652,330
Liabilities                                                596,540           579,988             581,046          600,805
Noninterest-bearing deposits                                71,922            65,730              77,725           66,324
Stockholders' equity                                        50,761            50,601              50,548           51,525

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.

</TABLE>



                                        1

                                       -9-

<PAGE>

<TABLE>

                                                                CENIT BANCORP, INC.
                                                    SELECTED CONSOLIDATED FINANCIAL DATA
                                                                (Dollars in thousands)
                                                                      (Unaudited)
----------------------------------------------------------------------------------------------------------------------

                                                        At or for the                   At or for the
                                                            Year                         Three Months
                                                           Ended                            Ended
                                                         December 31,                     December 31,
                                                   2000                1999           2000             1999
----------------------------------------------------------------------------------------------------------------------
<S>                                             <C>              <C>            <C>               <C>

Spread and Margin Analysis
--------------------------
Yield on:
      Loans, net                                       7.94%            7.60%          8.07%             7.71%
      Investment securities                            5.62%            5.72%          5.59%             5.68%
      Mortgage-backed certificates                     6.86%            6.98%          6.79%             6.86%
      Interest-earning assets                          7.61%            7.32%          7.75%             7.38%
Cost of:
      Interest-bearing deposits                        4.43%            4.13%          4.66%             4.13%
      Borrowings                                       6.05%            5.06%          6.14%             5.27%
      Interest-bearing liabilities                     4.79%            4.32%          4.95%             4.40%
Interest rate spread                                   2.82%            3.00%          2.80%             2.98%
Net interest margin                                    3.53%            3.60%          3.59%             3.58%

Ratios
------
Return on average assets                                .88%             .96%           .71%              .95%
Return on average stockholders' equity                11.19%           11.97%          8.85%            12.06%
Return on average assets excluding
      special fourth quarter charges                    .94%             .96%           .96%              .95%
Return on average stockholders' equity
      excluding special fourth quarter charges        11.97%           11.97%         11.97%            12.06%

Cash Basis Operating Results and Ratios (2)
-------------------------------------------
Net income                                      $     5,951      $     6,334    $     1,186       $     1,622
Basic earnings per share                        $      1.35      $      1.38    $       .28       $       .35
Diluted earnings per share                      $      1.33      $      1.36    $       .28       $       .35
Return on average tangible assets                       .92%            1.01%           .75%             1.00%
Return on average tangible equity                     12.49%           13.44%          9.98%            13.47%
Net income excluding special fourth
      quarter charges                           $     6,345      $     6,334    $     1,580       $     1,622
Diluted earnings per share excluding
      special fourth quarter charges            $      1.42      $      1.36    $       .37       $       .35

Credit Data
-----------
Total nonperforming assets, net                 $     1,680      $       603    $     1,680       $       603
Total nonperforming assets, net,
      to total assets                                   .27%             .09%           .27%              .09%
Allowance for loan losses to loans held for
      investment, net                                   .81%             .82%           .81%              .82%
Ratio of net charge-offs to average loans               .02%             .05%           .01%              .04%
Net charge-offs                                 $       104      $       262    $         8       $        45

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA

</TABLE>

                                        2

                                      -10-
<PAGE>

<TABLE>

                                                   CENIT BANCORP, INC.
                                          SELECTED CONSOLIDATED FINANCIAL DATA
                                                 (Dollars in thousands)
                                                       (Unaudited)
---------------------------------------------------------------------------------------------------

                                                     At or for the                 At or for the
                                                        Year                       Three Months
                                                        Ended                          Ended
                                                     December 31,                   December 31,
                                                2000             1999          2000         1999
---------------------------------------------------------------------------------------------------

<S>                                             <C>           <C>            <C>          <C>
Other Income and Other Expense Data
-----------------------------------

Deposit fees                                    $  2,699      $  2,511       $   653      $   625
Merchant processing fees                           2,297         2,464           530          556
Gains on sales of loans                              717           748           221          142
Fees from accounts receivable program                323           356            80           78
Loan servicing fees and late charges                 293           277            96           65
Commercial mortgage brokerage fees                   207           168            42            -
(Losses) on sales of securities, net                (182)            -          (198)           -
Other miscellaneous                                  305           608            74          121
                                                --------      --------       -------      -------

Total other income                              $  6,659      $  7,132       $ 1,498      $ 1,587
                                                ========      ========       =======      =======

Salaries and employee benefits                  $  8,542      $  8,524       $ 2,096      $ 2,003
Equipment, data processing and supplies            3,151         2,992           787          771
Net occupancy expense of premises                  2,340         2,154           621          578
Merchant processing                                1,774         1,953           413          421
Professional fees                                    741           678           264          199
Loan processing                                      435           503           103          119
Amortization of intangibles                          346           355            85           87
Postage                                              240           246            60           57
Federal deposit insurance premiums                    98           241            24           59
Marketing                                            529           416           148          169
Expense, gains/losses on sales and
  provision for losses on real estate
  owned, net                                          42            44             1           (2)
Branch consolidation charge                          210             -           210            -
Other miscellaneous                                  799           793           262          173
                                                --------      --------       -------      -------

Total other expenses                            $ 19,247      $ 18,899       $ 5,074      $ 4,634
                                                ========      ========       =======      =======





See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.

</TABLE>


                                        3

                                      -11-

<PAGE>


                               CENIT BANCORP, INC.
                      SELECTED CONSOLIDATED FINANCIAL DATA
                  (Dollars in thousands, except per share data)
                                   (Unaudited)

--------------------------------------------------------------------------------
                                                     December 31,   December 31,
                                                         2000           1999
--------------------------------------------------------------------------------

Balance Sheet Data
------------------
Cash and federal funds sold                          $    29,550    $   30,462
Securities available for sale at fair value:
     Investment securities (adjusted cost of
       $250 and $56,366, respectively)                       230        55,535
     Mortgage-backed certificates (adjusted cost
       of $98,361 and $83,018, respectively)              99,032        82,763
Loans, net                                               475,052       473,074
Interest receivable                                        3,546         4,067
Real estate owned, net                                         -           218
Federal Home Loan Bank stock, at cost                      5,050         7,100
Property and equipment, net                               13,087        13,757
Goodwill and other intangibles, net                        2,946         3,293
Other assets                                               3,736         3,944
                                                     -----------    ----------
     Total assets                                    $   632,229    $  674,213
                                                     ===========    ==========

Noninterest-bearing deposits                         $    88,748    $   64,491
Interest-bearing deposits                                405,736       400,127
                                                     -----------    ----------
     Total deposits                                      494,484       464,618
Advances from the Federal Home Loan Bank                  70,000       142,000
Securities sold under agreements to repurchase            13,369        13,233
Other liabilities                                          2,923         3,097
                                                     -----------    ----------
     Total liabilities                                   580,776       622,948
                                                     -----------    ----------
Stockholders' equity(3)                                   51,453        51,265
                                                     -----------    ----------
     Total liabilities and stockholders' equity      $   632,229    $  674,213
                                                     ===========    ==========

Book value per share (4)                                  $12.11        $11.29
Tangible book value per share (4)                         $11.42        $10.57

Common stock outstanding excluding unallocated
     common stock held by the Company's
     Employee Stock Ownership Plan                     4,248,315     4,540,442

Common stock outstanding including unallocated
     common stock held by the Company's
     Employee Stock Ownership Plan                     4,443,271     4,751,644

Closing stock price                                       $12.25        $17.31


See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.


                                        4

                                      -12-
<PAGE>
                               CENIT BANCORP, INC.
                      SELECTED CONSOLIDATED FINANCIAL DATA
                             (Dollars in thousands)
                                   (Unaudited)

 -------------------------------------------------------------------------------

                                                 December 31,      December 31,
                                                     2000              1999
--------------------------------------------------------------------------------

Loan Data
---------
Loans
-----

First mortgage loans:
     Single-family                                 $ 205,263         $ 221,041
     Multi-family                                      7,620             8,082
Commercial real estate                                84,896            81,724
Construction                                          78,762            66,213
Acquisition/development and residential lots          22,829            21,631
Commercial business                                   46,780            36,739
Consumer:
     Equity and second mortgage                       60,343            56,469
     Other consumer                                   14,604            14,823
Less: undisbursed portion of construction and
     acquisition and development loans               (46,241)          (34,714)

                                                   ---------         ---------
         Gross loans                                 474,856           472,008

Allowance for loan losses                             (3,804)           (3,860)
Unearned discounts, premiums, and
     loan fees, net                                    1,464             1,470
                                                   ---------         ---------
         Loans held for investment, net              472,516           469,618

         Loans held for sale                           2,536             3,456
                                                   ---------         ---------

         Loans, net                                $ 475,052         $ 473,074
                                                   =========         =========

Percentage of gross loans
-------------------------

First mortgage single-family                              43%               47%
All other (Core Banking Loans)                            57%               53%
                                                         ---               ---
                                                         100%              100%
                                                         ===               ===


See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.


                                        5

                                      -13-
<PAGE>

<TABLE>

                               CENIT BANCORP, INC.
                      SELECTED CONSOLIDATED FINANCIAL DATA
                             (Dollars in thousands)
                                   (Unaudited)

-------------------------------------------------------------------------------------------------

                                         Average Balances
                                       For the Quarter Ended                     Balances At
                                      ------------------------           ------------------------
                                           December 31,                          December 31,
                                       2000              1999               2000           1999
-------------------------------------------------------------------------------------------------
<S>                                   <C>            <C>                 <C>              <C>
Deposit Data
------------
Deposits
--------

Noninterest-bearing                   $  77,725      $  66,324           $  88,748      $  64,491
Interest-bearing savings,
   checking and money
   market                               158,876        153,545             162,662        152,442
                                      ---------      ---------           ---------      ---------

     Total transaction deposits         236,601        219,869             251,410        216,933

Certificates of deposit                 241,449        250,984             243,074        247,685
                                      ---------      ---------           ---------      ---------

     Total deposits                   $ 478,050      $ 470,853           $ 494,484      $ 464,618
                                      =========      =========           =========      =========

Percentage of deposits
----------------------

Noninterest-bearing                          16%            14%                 18%            14%
Interest-bearing savings,
   checking and money
   market                                    33%            33%                 33%            33%
                                            ---            ---                 ---            ---

     Total transaction deposits              49%            47%                 51%            47%

Certificates of deposit                      51%            53%                 49%            53%
                                            ---            ---                 ---            ---

     Total deposits                         100%           100%                100%           100%
                                            ===            ===                 ===            ===




See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
</TABLE>


                                        6

                                      -14-
<PAGE>

                               CENIT BANCORP, INC.
                  NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA
                                   (Unaudited)


     (1) Basic earnings per share is calculated  using  weighted  average shares
outstanding.  For the year and three  month  period  ended  December  31,  2000,
weighted  average shares used to compute basic earnings per share were 4,410,988
and  4,256,737,  respectively.  For the year and three months ended December 31,
1999,  weighted  average  shares used to compute  basic  earnings per share were
4,581,574 and 4,592,193, respectively.

Diluted  earnings per share is calculated by adding common stock  equivalents to
the weighted  average  shares  outstanding.  For the year and three month period
ended  December  31,  2000,  weighted  average  shares  used to compute  diluted
earnings per share were 4,461,025 and 4,305,425,  respectively. For the year and
three months ended  December 31, 1999,  weighted  average shares used to compute
diluted earnings per share were 4,659,103 and 4,661,986, respectively.

     (2) Cash  basis  operating  results  exclude  the  effect on net  income of
amortization  expense applicable to intangible assets which include goodwill and
core deposit  intangibles.  Cash basis  operating  ratios  exclude the effect of
amortization of intangible  assets from net income and the unamortized  balances
of intangibles from assets and equity.

The Company has presented cash basis operating  results and ratios as management
understands that such  information is used by many investors and analysts.  Cash
basis  operating  data is not intended to represent and should not be considered
more  meaningful  than, or as a substitute  for,  other  measures of performance
determined in accordance with generally accepted accounting principles.

     (3) Includes  accumulated other comprehensive  income (loss), net of income
taxes of $403,000,  and  $(674,000) at December 31, 2000, and December 31, 1999,
respectively.

     (4) Book value per share and  tangible  book value per share,  computed  by
including  unallocated  common  stock  held  by  the  Company's  Employee  Stock
Ownership Plan at December 31, 2000 were $11.58 and $10.92, respectively; and at
December 31, 1999 were $10.79 and $10.10, respectively.

     (5) Special fourth  quarter  charges are included in the income data before
income taxes as follows:

Included in other income:
-------------------------
Loss on  restructuring the securities  portfolio        $198,000
Included in other expenses:
---------------------------
Branch consolidation charge                              210,000
Aggregate  other special  charges                        208,000
                                                        --------
Special fourth quarter charges before income taxes      $616,000
                                                        ========


                                        7

                                      -15-
[{"type": "8-K", "sequence": "1", "filename": "0001.txt", "description": "CENIT BANCORP, INC.  FORM 8-K  JANUARY 22, 2001", "secsgml_size_bytes": 41812}]
{"company-data": {"conformed-name": "CENIT BANCORP INC", "cik": "0000877834", "assigned-sic": "6035", "irs-number": "541592546", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-20378", "film-number": "1514343"}, "business-address": {"street1": "300 E MAIN STREET SUITE 1350", "city": "NORFOLK", "state": "VA", "zip": "23510", "phone": "7574466600"}}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                 --------------

                                    FORM 8-K

                        PURSUANT TO SECTION 13 or 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                                 --------------

                                January 22, 2001
                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)

300 E. Main Street, Suite 1350
      Norfolk, Virginia                                      23510
-------------------------------                              -----
(Address of principal executive office)                    (Zip code)

    Registrant's telephone number, including area code:     (757) 446-6600

Item 5 - Other Events

     On January  22,  2001,  the  Registrant  issued a News  Release  announcing
results  for the fourth  quarter and  year  ended  December  31,  2000 and other
information. The News 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 and 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:   January 24, 2001                /S/ Michael S. Ives
                                        Michael S. Ives
                                        President and Chief Executive Officer

Date:   January 24, 2001                /S/ John O. Guthrie
                                        John O. Guthrie
                                        Senior Vice President and
                                        Chief Financial Officer

                                      -1-
EXHIBIT INDEX

EXHIBIT         DESCRIPTION OF EXHIBIT                   PAGE
-------         ----------------------                   ----

99.1            News Release dated January 22, 2001       3

                                       -2-
EXHIBIT 99.1

News Release
--------------------------------------------------------------------------------

CENIT Bancorp, Inc.
Suite 1350, Main Street Tower
300 East Main Street
Norfolk, Virginia 23510-1753
Internet: www.cenit.com
[757] 446-6600

                                                [GRAPHIC OMITTED]

DATE:                January 22, 2001

CONTACT:             Michael S. Ives
                     President and CEO
                     (757) 446-6600

              CENIT REPORTS INCREASE IN EARNINGS PER SHARE FOR THE
              ----------------------------------------------------
                   FOURTH QUARTER AND THE YEAR BEFORE CHARGES
                   ------------------------------------------

     (Norfolk,  Virginia) - CENIT Bancorp,  Inc. (NASDAQ:  CNIT) today announced
fourth  quarter  earnings,   excluding   special  fourth  quarter  charges,   of
$1,513,000,  or $.35  per  diluted  share,  representing  an  increase  of 6% in
earnings  per share  compared  to earnings  of  $1,554,000,  or $.33 per diluted
share, in the fourth quarter of 1999.
     For the year ended December 31, 2000, CENIT had earnings, excluding special
fourth quarter  charges,  of $6,075,000  compared to earnings for the year ended
December 31, 1999, of $6,059,000.  Diluted earnings per share, excluding special
fourth  quarter  charges,  were  $1.36 per share for  2000,  an  increase  of 5%
compared to $1.30 per share earned in 1999.
     Cash basis operating results,  which exclude the amortization of intangible
assets,  and excluding  special fourth quarter  charges,  reflected  earnings of
$1,580,000,  or $.37 per  diluted  share,  for the  fourth  quarter  of 2000 and
$6,345,000,  or $1.42 per diluted  share,  for the year ended December 31, 2000.
These results  compared to  $1,622,000  or $.35 and  $6,334,000 or $1.36 for the
fourth quarter and year ended December 31, 1999, respectively.

                                     (more)
                                      -3-
During the fourth quarter of 2000, CENIT continued to successfully  execute
its business  strategy  focused on growth in its  checking,  savings,  and money
market deposits  (collectively,  "Transaction  Deposits") and the portion of its
loan portfolio excluding residential mortgage loans (collectively, "Core Banking
Loans").  For the year, CENIT increased the balance of its Transaction  Deposits
by $34.5  million,  or 16%, to a record  $251.4  million at December  31,  2000,
compared to $216.9 million at December 31, 1999.  Average  Transaction  Deposits
for the  quarter  ended  December 31,  2000,  were a record  $236.6  million and
average  noninterest-bearing  deposits were a record $77.7 million, increases of
8% and  17%,  respectively,  compared  to  $219.9  million  and  $66.3  million,
respectively,  for the quarter  ended  December  31, 1999.  Core  Banking  Loans
increased by $18.6 million, or 7%, in the year ended December 31, 2000.
     President and Chief Executive  Officer  Michael S. Ives commented,  "We are
pleased with the growth in our Transaction Deposits, Core Banking Loans, and our
earnings per share before special  fourth quarter  charges in 2000. The increase
of 17% in our average noninterest-bearing  deposits comparing the fourth quarter
of  2000  with  the  fourth  quarter  of  1999  was  a  significant  achievement
considering  the intense  competition  for these  types of  deposits  within the
banking industry."
     Asset quality remains excellent.  Nonperforming assets were $1,680,000,  or
 .27% of total  assets at December  31, 2000,  compared to  $1,981,000  and .31%,
respectively,  at  September  30,  2000.  CENIT  had no  real  estate  owned  at
December 31,   2000,  and  its  nonperforming   assets  consisted  primarily  of
$1,413,000  of  residential  mortgage  loans  in  the  process  of  foreclosure.
Historically,  residential mortgage loans have presented little risk of material
loss to the Company.
     Ives  continued,  "In order to  accelerate  the growth of our  earnings per
share during 2001, we are taking several initiatives,  which began in the fourth
quarter of 2000,  that are designed to enhance our operating  efficiency and net
income.  We have  (1)  restructured  a  significant  portion  of our  investment
portfolio, (2) repositioned some of our advances from the Federal Home Loan Bank
of Atlanta, and (3)
                                     (more)
                                      -4-
consolidated  two of our retail offices and adjusted  operating hours at several
others. Collectively, these actions should have a substantial positive impact on
our operating earnings during 2001."
     CENIT incurred a total of $394,000 of special fourth quarter charges, after
income tax benefits, as follows:
     1.   A charge of $134,000 to consolidate the retail offices in Hampton into
          the Company's  retail office  located at 2205 Executive  Drive,  which
          should  result in an  annualized  reduction in  operating  expenses of
          approximately  $135,000, (or $85,000 after tax), commencing during the
          second quarter of 2001;
     2.   A loss of  $127,000  from the  sale of  approximately  $36,000,000  of
          federal  agency  securities.   The  proceeds  were  invested  in  GNMA
          adjustable rate mortgage-backed securities with a higher 2001 yield of
          approximately 95 basis points; and
     3.   Aggregate other special charges of $133,000.
     Ives noted, "As a result of our restructuring efforts, we expect that there
will be no material  increase in  compensation  expense in 2001.  We also expect
that  improvements in our cash management  practices and our deposit  processing
will further  enhance net income in 2001  compared to 2000 through  decreases in
noninterest-bearing asset balances and reductions in deposit processing costs."
     Including the special  fourth  quarter  charges,  net income for the fourth
quarter of 2000 totaled  $1,119,000,  or $.26 per diluted share,  and net income
for the year ending December 31, 2000, totaled $5,681,000,  or $1.27 per diluted
share.
     Ives also commented on the Company's  prospects for 2001: "As we look ahead
to 2001, we have focused our attention on  substantially  improving our earnings
per share for 2001 which  should  result in an  increase in our share price over
the levels that  prevailed  during 2000.  We expect to continue  our  successful
efforts to grow our Transaction Deposits,  particularly our  noninterest-bearing
deposits,  and our Core Banking Loans in 2001. Our mortgage  banking  operations
should improve

                                     (more)
                                      -5-
substantially  over 2000 as a result of the recent decrease in mortgage  lending
rates.  As mortgage  lending  activity  increases,  CENIT  should  benefit  from
increases in our mortgage  banking income and increases in the average  balances
of our noninterest-bearing escrow accounts for those of our customers engaged in
closing residential mortgage loans. Accordingly,  we do not expect to see in the
first  quarter of 2001 the  shortfalls  in  mortgage  lending  income and escrow
account balances that we encountered in the first quarter of 2000."
     Ives  further  stated,  "Our net  interest  margin  was 3.59% in the fourth
quarter of 2000. Due to the rapid  decreases in the prime lending rate that have
occurred and that we believe may continue to occur in early 2001, we project our
margin  to  remain  flat in the  first  quarter  of 2001  and  then to  increase
gradually  in  subsequent  quarters  as our  interest-bearing  deposits  reprice
downward and offset the immediate  decrease in interest  income  associated with
the impact of a falling prime lending rate on our approximately $83 million loan
portfolio tied to prime."
     Addressing share  repurchases,  Ives said, "To enhance further earnings per
share, the Company has engaged in share repurchases over the past several years.
In 2000,  the Company  repurchased  321,283 of its  outstanding  shares over the
course of the year.  The full  benefit  of these  share  repurchases  for annual
earnings per share will be seen in 2001.  In addition,  our business  plan calls
for us to  continue  to  repurchase  shares  in 2001 as and  when  our  Board of
Directors determines that appropriate opportunities exist."
     Ives concluded, "Although we continued to execute successfully our business
plan to grow our Transaction Deposits and our Core Banking Loans during 2000, we
were  disappointed  that our  prevailing  share prices  throughout  2000 did not
appear to recognize the value  inherent in our  franchise.  Our depressed  share
prices prevented us from exploring any of the strategic  options for the Company
to which I had made reference in my Report To Our Stockholders  contained in our
Annual Report last year. Accordingly,  we have taken the steps that we announced
today to enhance
                                     (more)
                                      -6-
earnings  per share  for 2001  with the  expectation  that  improvements  in our
earnings per share should result in increases in our share price."
     Ives added,  "The benefits from some of the changes that we have  announced
today and the benefits from the falling  interest rate  environment  will not be
fully  reflected in our net income  until the second  quarter.  However,  due to
improving  conditions in the  residential  mortgage  market,  we expect that our
diluted earnings per share for the first quarter of 2001 will be in the range of
$.35 to $.38,  well above the $.30 per diluted share that we earned in the first
quarter of 2000."

About CENIT
-----------
     CENIT Bancorp,  Inc. is the holding company for CENIT Bank. At December 31,
2000, the Bank has twenty banking  offices,  including three Super Kmart banking
centers and twenty-six automated teller machines.  The Bank's Internet Web site,
cenit.com,  permits  customers  to  engage in  banking  services  through  their
personal  computer,  and provides current and detailed  account  information all
day,  every day.  The Bank  provides a wide range of  financial  services in the
Hampton Roads,  Virginia market, the fourth largest MSA in the Southeast.  CENIT
Bank is the largest community bank  headquartered in this market and is the only
community bank serving all six of the market's most populous cities.  CENIT Bank
has banking offices in Virginia Beach, Norfolk, Portsmouth, Chesapeake, Hampton,
Newport News, and York County, Virginia.

Safe Harbor Statement
---------------------
     This News Release contains  forward-looking  statements with respect to the
goals, plans, objectives, intentions, expectations, financial condition, results
of operations,  future  performance  and business of CENIT,  including,  without
limitation,  statements  relating  to  the  earnings  outlook  of  CENIT.  These
forward-looking  statements may be preceded by, followed by or include the words
"may",  "could",  "would",  "should",  "believes",   "expects",   "anticipates",
"estimates",  "intends",  "plans" or similar expressions.  These forward-looking
statements  involve risks and uncertainties  that are subject to change based on
various factors, many of which are

                                     (more)
                                      -7-
beyond CENIT's control. Some of these factors include (1) the strength of the U.
S.  economy in general  and the  strength  of the local  economy in which  CENIT
conducts  its  operations,  which may be different  than  expected and which may
result in, among other things, deterioration in credit quality or reduced demand
for credit;  (2) the effects of, and changes in, the interest  rate  policies of
the board of governors  of the Federal  Reserve  system,  which may be different
from  those  anticipated  by CENIT in this  News  Release;  (3)  legislation  or
regulatory  changes  that  adversely  affect the  businesses  in which  CENIT is
engaged;  (4)  changes  in  accounting   principles,   practices,   policies  or
guidelines;  and (5)  changes in the real  estate  market  generally  and in the
markets in which CENIT conducts its operations,  which may affect the demand for
mortgages and other real estate-based  loans.  This News Release,  including the
forward-looking  statements contained herein, speaks only as of the date hereof,
and CENIT disclaims any obligation to update or revise the statements  contained
in this News Release following the date hereof.

                                       ##

(Selected Consolidated Financial Data to follow)

                                      -8-
CENIT BANCORP, INC.
                                      SELECTED CONSOLIDATED FINANCIAL DATA
                                  (Dollars in thousands, except per share data)
                                               (Unaudited)
-------------------------------------------------------------------------------------------------------------------------

                                                                  At or for the                     At or for the
                                                                      Year                          Three Months
                                                                      Ended                             Ended
                                                                  December 31,                      December 31,
                                                             2000               1999           2000                1999
-------------------------------------------------------------------------------------------------------------------------
Income Data (5)
---------------
Interest income                                        $    46,374       $    43,312         $    11,491      $    11,327
Interest expense                                            24,861            21,980               6,166            5,829
                                                       -----------       -----------         -----------      -----------

Net interest income                                         21,513            21,332               5,325            5,498
Provision for loan losses                                       48                98                   -               23
                                                       -----------       -----------         -----------      -----------
Net interest income after provision
  for loan losses                                           21,465            21,234               5,325            5,475
Other income                                                 6,659             7,132               1,498            1,587
Other expenses                                              19,247            18,899               5,074            4,634
                                                       -----------       -----------         -----------      -----------
Income before income taxes                                   8,877             9,467               1,749            2,428
Provision for income taxes                                   3,196             3,408                 630              874
                                                       -----------       -----------         -----------      -----------
Net income                                             $     5,681       $     6,059         $     1,119      $     1,554
                                                       ===========       ===========         ===========      ===========

Basic earnings per share (1)                           $      1.29       $      1.32         $       .26      $       .34
Diluted earnings per share (1)                         $      1.27       $      1.30         $       .26      $       .33
Basic earnings per share excluding
  special fourth quarter charges                       $      1.38       $      1.32         $       .36      $       .34
Diluted earnings per share excluding
  special fourth quarter charges                       $      1.36       $      1.30         $       .35      $       .33
Cash dividends per share                               $       .60       $       .60         $       .15      $       .15

Average Balance Sheet Data
--------------------------
Loans, net                                             $   474,381       $   480,627         $   475,030      $   467,239
Investment securities                                       42,932            56,556              32,390           57,167
Mortgage-backed certificates                                76,465            36,300              70,630           74,023
Interest-earning assets                                    609,043           592,043             592,986          613,810
Interest-bearing deposits                                  405,918           405,717             400,325          404,529
Borrowings                                                 113,432           103,632              97,902          125,427
Interest-bearing liabilities                               519,350           509,349             498,227          529,956
Assets                                                     647,301           630,589             631,594          652,330
Liabilities                                                596,540           579,988             581,046          600,805
Noninterest-bearing deposits                                71,922            65,730              77,725           66,324
Stockholders' equity                                        50,761            50,601              50,548           51,525

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
1

                                       -9-
CENIT BANCORP, INC.
                                                    SELECTED CONSOLIDATED FINANCIAL DATA
                                                                (Dollars in thousands)
                                                                      (Unaudited)
----------------------------------------------------------------------------------------------------------------------

                                                        At or for the                   At or for the
                                                            Year                         Three Months
                                                           Ended                            Ended
                                                         December 31,                     December 31,
                                                   2000                1999           2000             1999
----------------------------------------------------------------------------------------------------------------------
Spread and Margin Analysis
--------------------------
Yield on:
      Loans, net                                       7.94%            7.60%          8.07%             7.71%
      Investment securities                            5.62%            5.72%          5.59%             5.68%
      Mortgage-backed certificates                     6.86%            6.98%          6.79%             6.86%
      Interest-earning assets                          7.61%            7.32%          7.75%             7.38%
Cost of:
      Interest-bearing deposits                        4.43%            4.13%          4.66%             4.13%
      Borrowings                                       6.05%            5.06%          6.14%             5.27%
      Interest-bearing liabilities                     4.79%            4.32%          4.95%             4.40%
Interest rate spread                                   2.82%            3.00%          2.80%             2.98%
Net interest margin                                    3.53%            3.60%          3.59%             3.58%

Ratios
------
Return on average assets                                .88%             .96%           .71%              .95%
Return on average stockholders' equity                11.19%           11.97%          8.85%            12.06%
Return on average assets excluding
      special fourth quarter charges                    .94%             .96%           .96%              .95%
Return on average stockholders' equity
      excluding special fourth quarter charges        11.97%           11.97%         11.97%            12.06%

Cash Basis Operating Results and Ratios (2)
-------------------------------------------
Net income                                      $     5,951      $     6,334    $     1,186       $     1,622
Basic earnings per share                        $      1.35      $      1.38    $       .28       $       .35
Diluted earnings per share                      $      1.33      $      1.36    $       .28       $       .35
Return on average tangible assets                       .92%            1.01%           .75%             1.00%
Return on average tangible equity                     12.49%           13.44%          9.98%            13.47%
Net income excluding special fourth
      quarter charges                           $     6,345      $     6,334    $     1,580       $     1,622
Diluted earnings per share excluding
      special fourth quarter charges            $      1.42      $      1.36    $       .37       $       .35

Credit Data
-----------
Total nonperforming assets, net                 $     1,680      $       603    $     1,680       $       603
Total nonperforming assets, net,
      to total assets                                   .27%             .09%           .27%              .09%
Allowance for loan losses to loans held for
      investment, net                                   .81%             .82%           .81%              .82%
Ratio of net charge-offs to average loans               .02%             .05%           .01%              .04%
Net charge-offs                                 $       104      $       262    $         8       $        45

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA
2

                                      -10-
CENIT BANCORP, INC.
                                          SELECTED CONSOLIDATED FINANCIAL DATA
                                                 (Dollars in thousands)
                                                       (Unaudited)
---------------------------------------------------------------------------------------------------

                                                     At or for the                 At or for the
                                                        Year                       Three Months
                                                        Ended                          Ended
                                                     December 31,                   December 31,
                                                2000             1999          2000         1999
---------------------------------------------------------------------------------------------------
Other Income and Other Expense Data
-----------------------------------

Deposit fees                                    $  2,699      $  2,511       $   653      $   625
Merchant processing fees                           2,297         2,464           530          556
Gains on sales of loans                              717           748           221          142
Fees from accounts receivable program                323           356            80           78
Loan servicing fees and late charges                 293           277            96           65
Commercial mortgage brokerage fees                   207           168            42            -
(Losses) on sales of securities, net                (182)            -          (198)           -
Other miscellaneous                                  305           608            74          121
                                                --------      --------       -------      -------

Total other income                              $  6,659      $  7,132       $ 1,498      $ 1,587
                                                ========      ========       =======      =======

Salaries and employee benefits                  $  8,542      $  8,524       $ 2,096      $ 2,003
Equipment, data processing and supplies            3,151         2,992           787          771
Net occupancy expense of premises                  2,340         2,154           621          578
Merchant processing                                1,774         1,953           413          421
Professional fees                                    741           678           264          199
Loan processing                                      435           503           103          119
Amortization of intangibles                          346           355            85           87
Postage                                              240           246            60           57
Federal deposit insurance premiums                    98           241            24           59
Marketing                                            529           416           148          169
Expense, gains/losses on sales and
  provision for losses on real estate
  owned, net                                          42            44             1           (2)
Branch consolidation charge                          210             -           210            -
Other miscellaneous                                  799           793           262          173
                                                --------      --------       -------      -------

Total other expenses                            $ 19,247      $ 18,899       $ 5,074      $ 4,634
                                                ========      ========       =======      =======

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
3

                                      -11-
CENIT BANCORP, INC.
                      SELECTED CONSOLIDATED FINANCIAL DATA
                  (Dollars in thousands, except per share data)
                                   (Unaudited)

--------------------------------------------------------------------------------
                                                     December 31,   December 31,
                                                         2000           1999
--------------------------------------------------------------------------------

Balance Sheet Data
------------------
Cash and federal funds sold                          $    29,550    $   30,462
Securities available for sale at fair value:
     Investment securities (adjusted cost of
       $250 and $56,366, respectively)                       230        55,535
     Mortgage-backed certificates (adjusted cost
       of $98,361 and $83,018, respectively)              99,032        82,763
Loans, net                                               475,052       473,074
Interest receivable                                        3,546         4,067
Real estate owned, net                                         -           218
Federal Home Loan Bank stock, at cost                      5,050         7,100
Property and equipment, net                               13,087        13,757
Goodwill and other intangibles, net                        2,946         3,293
Other assets                                               3,736         3,944
                                                     -----------    ----------
     Total assets                                    $   632,229    $  674,213
                                                     ===========    ==========

Noninterest-bearing deposits                         $    88,748    $   64,491
Interest-bearing deposits                                405,736       400,127
                                                     -----------    ----------
     Total deposits                                      494,484       464,618
Advances from the Federal Home Loan Bank                  70,000       142,000
Securities sold under agreements to repurchase            13,369        13,233
Other liabilities                                          2,923         3,097
                                                     -----------    ----------
     Total liabilities                                   580,776       622,948
                                                     -----------    ----------
Stockholders' equity(3)                                   51,453        51,265
                                                     -----------    ----------
     Total liabilities and stockholders' equity      $   632,229    $  674,213
                                                     ===========    ==========

Book value per share (4)                                  $12.11        $11.29
Tangible book value per share (4)                         $11.42        $10.57

Common stock outstanding excluding unallocated
     common stock held by the Company's
     Employee Stock Ownership Plan                     4,248,315     4,540,442

Common stock outstanding including unallocated
     common stock held by the Company's
     Employee Stock Ownership Plan                     4,443,271     4,751,644

Closing stock price                                       $12.25        $17.31

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.

                                        4

                                      -12-
CENIT BANCORP, INC.
                      SELECTED CONSOLIDATED FINANCIAL DATA
                             (Dollars in thousands)
                                   (Unaudited)

 -------------------------------------------------------------------------------

                                                 December 31,      December 31,
                                                     2000              1999
--------------------------------------------------------------------------------

Loan Data
---------
Loans
-----

First mortgage loans:
     Single-family                                 $ 205,263         $ 221,041
     Multi-family                                      7,620             8,082
Commercial real estate                                84,896            81,724
Construction                                          78,762            66,213
Acquisition/development and residential lots          22,829            21,631
Commercial business                                   46,780            36,739
Consumer:
     Equity and second mortgage                       60,343            56,469
     Other consumer                                   14,604            14,823
Less: undisbursed portion of construction and
     acquisition and development loans               (46,241)          (34,714)

                                                   ---------         ---------
         Gross loans                                 474,856           472,008

Allowance for loan losses                             (3,804)           (3,860)
Unearned discounts, premiums, and
     loan fees, net                                    1,464             1,470
                                                   ---------         ---------
         Loans held for investment, net              472,516           469,618

         Loans held for sale                           2,536             3,456
                                                   ---------         ---------

         Loans, net                                $ 475,052         $ 473,074
                                                   =========         =========

Percentage of gross loans
-------------------------

First mortgage single-family                              43%               47%
All other (Core Banking Loans)                            57%               53%
                                                         ---               ---
                                                         100%              100%
                                                         ===               ===

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.

                                        5

                                      -13-
CENIT BANCORP, INC.
                      SELECTED CONSOLIDATED FINANCIAL DATA
                             (Dollars in thousands)
                                   (Unaudited)

-------------------------------------------------------------------------------------------------

                                         Average Balances
                                       For the Quarter Ended                     Balances At
                                      ------------------------           ------------------------
                                           December 31,                          December 31,
                                       2000              1999               2000           1999
-------------------------------------------------------------------------------------------------
Deposit Data
------------
Deposits
--------

Noninterest-bearing                   $  77,725      $  66,324           $  88,748      $  64,491
Interest-bearing savings,
   checking and money
   market                               158,876        153,545             162,662        152,442
                                      ---------      ---------           ---------      ---------

     Total transaction deposits         236,601        219,869             251,410        216,933

Certificates of deposit                 241,449        250,984             243,074        247,685
                                      ---------      ---------           ---------      ---------

     Total deposits                   $ 478,050      $ 470,853           $ 494,484      $ 464,618
                                      =========      =========           =========      =========

Percentage of deposits
----------------------

Noninterest-bearing                          16%            14%                 18%            14%
Interest-bearing savings,
   checking and money
   market                                    33%            33%                 33%            33%
                                            ---            ---                 ---            ---

     Total transaction deposits              49%            47%                 51%            47%

Certificates of deposit                      51%            53%                 49%            53%
                                            ---            ---                 ---            ---

     Total deposits                         100%           100%                100%           100%
                                            ===            ===                 ===            ===

See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
6

                                      -14-
CENIT BANCORP, INC.
                  NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA
                                   (Unaudited)

     (1) Basic earnings per share is calculated  using  weighted  average shares
outstanding.  For the year and three  month  period  ended  December  31,  2000,
weighted  average shares used to compute basic earnings per share were 4,410,988
and  4,256,737,  respectively.  For the year and three months ended December 31,
1999,  weighted  average  shares used to compute  basic  earnings per share were
4,581,574 and 4,592,193, respectively.

Diluted  earnings per share is calculated by adding common stock  equivalents to
the weighted  average  shares  outstanding.  For the year and three month period
ended  December  31,  2000,  weighted  average  shares  used to compute  diluted
earnings per share were 4,461,025 and 4,305,425,  respectively. For the year and
three months ended  December 31, 1999,  weighted  average shares used to compute
diluted earnings per share were 4,659,103 and 4,661,986, respectively.

     (2) Cash  basis  operating  results  exclude  the  effect on net  income of
amortization  expense applicable to intangible assets which include goodwill and
core deposit  intangibles.  Cash basis  operating  ratios  exclude the effect of
amortization of intangible  assets from net income and the unamortized  balances
of intangibles from assets and equity.

The Company has presented cash basis operating  results and ratios as management
understands that such  information is used by many investors and analysts.  Cash
basis  operating  data is not intended to represent and should not be considered
more  meaningful  than, or as a substitute  for,  other  measures of performance
determined in accordance with generally accepted accounting principles.

     (3) Includes  accumulated other comprehensive  income (loss), net of income
taxes of $403,000,  and  $(674,000) at December 31, 2000, and December 31, 1999,
respectively.

     (4) Book value per share and  tangible  book value per share,  computed  by
including  unallocated  common  stock  held  by  the  Company's  Employee  Stock
Ownership Plan at December 31, 2000 were $11.58 and $10.92, respectively; and at
December 31, 1999 were $10.79 and $10.10, respectively.

     (5) Special fourth  quarter  charges are included in the income data before
income taxes as follows:

Included in other income:
-------------------------
Loss on  restructuring the securities  portfolio        $198,000
Included in other expenses:
---------------------------
Branch consolidation charge                              210,000
Aggregate  other special  charges                        208,000
                                                        --------
Special fourth quarter charges before income taxes      $616,000
                                                        ========

                                        7

                                      -15-