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 23, 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 23, 2001, the Registrant issued a News Release announcing share
repurchase, dividend increase, and earnings guidance.  The News Release is
attached as EXHIBIT 99.2.

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

99.2            News Release dated January 23, 2001       3

                                       -2-

<PAGE>
EXHIBIT 99.2


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 23, 2001

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

            CENIT ANNOUNCES SHARE REPURCHASE, DIVIDEND INCREASE, AND
            --------------------------------------------------------
                                EARNINGS GUIDANCE
                                -----------------

     (Norfolk,  Virginia)  - The  Board  of  Directors  of CENIT  Bancorp,  Inc.
(NASDAQ:  CNIT) has today  given the  Company's  management  the  discretion  to
repurchase up to an additional  200,000 shares,  or approximately  4.5% of CENIT
common stock.  The Company is not obligated to conduct the  repurchases  at all,
and the  Company's  decision to do so, as well as the timing of any  repurchase,
will depend on a variety of factors.
     The Company also  increased its  quarterly  cash dividend to $.16 per share
from $.15 per share, an increase of 6.7%.
     On January 22, 2001, CENIT issued a news release discussing results for the
fourth  quarter 2000 and the year. As noted in that release,  CENIT expects that
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 earned in the first quarter
of 2000.
     Michael S. Ives,  President  and CEO of the Company,  stated,  "Today,  our
Board of  Directors  approved  a  dividend  increase  and an  authorization  for
additional  share  repurchases  during 2001.  Together with the guidance that we
have provided on

                                     (more)
                                       -3-
<PAGE>

our  earnings  per  share for the  first  quarter,  these  actions  reflect  our
confidence that we will have meaningful improvement in our earnings per share in
2001."
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 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.
                                       ##
                                       -4-
[{"type": "8-K", "sequence": "1", "filename": "0001.txt", "description": "CENIT BANCORP, INC.  FORM 8-K  JANUARY 23, 2001", "secsgml_size_bytes": 6862}]
{"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": "1514372"}, "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 23, 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 23, 2001, the Registrant issued a News Release announcing share
repurchase, dividend increase, and earnings guidance.  The News Release is
attached as EXHIBIT 99.2.

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

99.2            News Release dated January 23, 2001       3

                                       -2-
EXHIBIT 99.2

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 23, 2001

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

            CENIT ANNOUNCES SHARE REPURCHASE, DIVIDEND INCREASE, AND
            --------------------------------------------------------
                                EARNINGS GUIDANCE
                                -----------------

     (Norfolk,  Virginia)  - The  Board  of  Directors  of CENIT  Bancorp,  Inc.
(NASDAQ:  CNIT) has today  given the  Company's  management  the  discretion  to
repurchase up to an additional  200,000 shares,  or approximately  4.5% of CENIT
common stock.  The Company is not obligated to conduct the  repurchases  at all,
and the  Company's  decision to do so, as well as the timing of any  repurchase,
will depend on a variety of factors.
     The Company also  increased its  quarterly  cash dividend to $.16 per share
from $.15 per share, an increase of 6.7%.
     On January 22, 2001, CENIT issued a news release discussing results for the
fourth  quarter 2000 and the year. As noted in that release,  CENIT expects that
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 earned in the first quarter
of 2000.
     Michael S. Ives,  President  and CEO of the Company,  stated,  "Today,  our
Board of  Directors  approved  a  dividend  increase  and an  authorization  for
additional  share  repurchases  during 2001.  Together with the guidance that we
have provided on

                                     (more)
                                       -3-
our  earnings  per  share for the  first  quarter,  these  actions  reflect  our
confidence that we will have meaningful improvement in our earnings per share in
2001."
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 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.
                                       ##
                                       -4-