UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C. 20549

                                    FORM 8-K
                                 CURRENT REPORT
                        Pursuant to Section 13 or 15 (d)
                     of the Securities Exchange Act of 1934

                                 March 24, 1998
                Date of Report (Date of earliest event reported)

                              CENIT BANCORP, INC.
             (Exact name of registrant as specified in its charter)

          Delaware                     0-20378                  54-1592546
(State or other jurisdiction of   (Commission File Number)   (I.R.S. Employer
 incorporation or organization)                           Identification Number)

     225 West Olney Road                                            23510
     Norfolk, Virginia                                           (Zip Code)
(Address of principal executive office)

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

Item 5 - Other Events

     On March 24, 1998, the Registrant issued a news release announcing a
three-for-one stock split, quarterly dividend payment and other information.  
The press release is attached as EXHIBIT 99.1.

Item 7 - Financial statements and exhibits.

     The exhibit listed in the Exhibit Index is filed herewith as part of this
Current Report on Form 8-K.


                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          CENIT BANCORP, INC.



DATE:  March 26, 1998                     /S/ Michael S. Ives
                                          Michael S. Ives
                                          President and Chief Executive Officer



DATE:  March 26, 1998                     /S/ John O. Guthrie
                                          John O. Guthrie
                                          Senior Vice President and
                                          Chief Financial Officer


                                      -1-
<PAGE>


EXHIBIT INDEX

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

 99.1          News Release dated March 24, 1998                3

                                      -2-

<PAGE>

EXHIBIT 99.1


NEWS RELEASE

CENIT Bancorp, Inc.
225 West Olney Road
Norfolk, Virginia 23510-1586
(757) 446-6600



March 24, 1998
  
Contact:  Michael S. Ives
          President and CEO
          (757) 446-6600
  
  
              CENIT BANCORP ANNOUNCES THREE-FOR-ONE STOCK SPLIT AND
                           QUARTERLY DIVIDEND PAYMENT
  
     (Norfolk,  Virginia) - CENIT Bancorp, Inc (NASDAQ:  CNIT) today announced a
three-for-one  split of the Company's common stock for stockholders of record at
the close of  business  on April 8, 1998,  payable on or about  April 24,  1998.
CENIT also declared a quarterly  cash  dividend of $.10 per share,  adjusted for
the three-for-one stock split,  payable on or about May 18, 1998 to stockholders
of record at the close of business on May 8, 1998. The effect of the stock split
will be to give each  stockholder  two additional  shares for each share already
owned by the stockholder.

     "We are extremely pleased and gratified with an almost 600 percent increase
in the value of our stock  since our  initial  public  offering  in 1992,"  said
Michael S. Ives, CENIT's president and chief executive officer.  "In 1997 alone,
our stock price  increased 92 percent.  The  three-for-  one split will have the
effect of making our stock more affordable to a broader  spectrum of investors,"
added Ives.  The Company had  1,659,107  shares of common stock  outstanding  on
February 27, 1998.

     The closing  price of CENIT's  stock was $76.50 per share on Monday,  
March 23. CENIT earlier  reported record earnings for 1997 of $6.25 million, or 
$3.76 per diluted share, before various expenses related to its proxy contest 
in early 1997.

     CENIT Bancorp,  Inc. is the holding  company for CENIT Bank and CENIT Bank,
Virginia Beach (formerly Princess Anne Bank). With assets over $700 million, the
Company  is  the  largest  bank  or  thrift  institution  headquartered  in  the
Norfolk-Virginia Beach-Newport News, Virginia Metropolitan Statistical Area, the
nation's 27th largest and fourth largest MSA in the southeast.

     Through its twenty  banking  offices,  including  three Super Kmart banking
centers and twenty-one  automated teller  machines,  the Company provides a wide
range of banking and financial  services in the Hampton Roads,  Virginia market.
CENIT  Bank  has  banking  offices  in  Virginia  Beach,  Norfolk,   Portsmouth,
Chesapeake, Hampton, Newport News and York County, Virginia.

     The Annual  Meeting of  Stockholders  of CENIT  Bancorp,  Inc. will be held
Wednesday,  May 20, 1998 at 5:00 p.m. in the theater of the  Chrysler  Museum of
Art, 245 West Olney Road,  Norfolk,  Virginia.  All  stockholders are invited to
attend.
  
                                        -3-
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UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C. 20549

                                    FORM 8-K
                                 CURRENT REPORT
                        Pursuant to Section 13 or 15 (d)
                     of the Securities Exchange Act of 1934

                                 March 24, 1998
                Date of Report (Date of earliest event reported)

                              CENIT BANCORP, INC.
             (Exact name of registrant as specified in its charter)

          Delaware                     0-20378                  54-1592546
(State or other jurisdiction of   (Commission File Number)   (I.R.S. Employer
 incorporation or organization)                           Identification Number)

     225 West Olney Road                                            23510
     Norfolk, Virginia                                           (Zip Code)
(Address of principal executive office)

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

Item 5 - Other Events

     On March 24, 1998, the Registrant issued a news release announcing a
three-for-one stock split, quarterly dividend payment and other information.  
The press release is attached as EXHIBIT 99.1.

Item 7 - Financial statements and exhibits.

     The exhibit listed in the Exhibit Index is filed herewith as part of this
Current Report on Form 8-K.

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          CENIT BANCORP, INC.

DATE:  March 26, 1998                     /S/ Michael S. Ives
                                          Michael S. Ives
                                          President and Chief Executive Officer

DATE:  March 26, 1998                     /S/ John O. Guthrie
                                          John O. Guthrie
                                          Senior Vice President and
                                          Chief Financial Officer

                                      -1-
EXHIBIT INDEX

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

 99.1          News Release dated March 24, 1998                3

                                      -2-
EXHIBIT 99.1

NEWS RELEASE

CENIT Bancorp, Inc.
225 West Olney Road
Norfolk, Virginia 23510-1586
(757) 446-6600

March 24, 1998
  
Contact:  Michael S. Ives
          President and CEO
          (757) 446-6600
  
  
              CENIT BANCORP ANNOUNCES THREE-FOR-ONE STOCK SPLIT AND
                           QUARTERLY DIVIDEND PAYMENT
  
     (Norfolk,  Virginia) - CENIT Bancorp, Inc (NASDAQ:  CNIT) today announced a
three-for-one  split of the Company's common stock for stockholders of record at
the close of  business  on April 8, 1998,  payable on or about  April 24,  1998.
CENIT also declared a quarterly  cash  dividend of $.10 per share,  adjusted for
the three-for-one stock split,  payable on or about May 18, 1998 to stockholders
of record at the close of business on May 8, 1998. The effect of the stock split
will be to give each  stockholder  two additional  shares for each share already
owned by the stockholder.

     "We are extremely pleased and gratified with an almost 600 percent increase
in the value of our stock  since our  initial  public  offering  in 1992,"  said
Michael S. Ives, CENIT's president and chief executive officer.  "In 1997 alone,
our stock price  increased 92 percent.  The  three-for-  one split will have the
effect of making our stock more affordable to a broader  spectrum of investors,"
added Ives.  The Company had  1,659,107  shares of common stock  outstanding  on
February 27, 1998.

     The closing  price of CENIT's  stock was $76.50 per share on Monday,  
March 23. CENIT earlier  reported record earnings for 1997 of $6.25 million, or 
$3.76 per diluted share, before various expenses related to its proxy contest 
in early 1997.

     CENIT Bancorp,  Inc. is the holding  company for CENIT Bank and CENIT Bank,
Virginia Beach (formerly Princess Anne Bank). With assets over $700 million, the
Company  is  the  largest  bank  or  thrift  institution  headquartered  in  the
Norfolk-Virginia Beach-Newport News, Virginia Metropolitan Statistical Area, the
nation's 27th largest and fourth largest MSA in the southeast.

     Through its twenty  banking  offices,  including  three Super Kmart banking
centers and twenty-one  automated teller  machines,  the Company provides a wide
range of banking and financial  services in the Hampton Roads,  Virginia market.
CENIT  Bank  has  banking  offices  in  Virginia  Beach,  Norfolk,   Portsmouth,
Chesapeake, Hampton, Newport News and York County, Virginia.

     The Annual  Meeting of  Stockholders  of CENIT  Bancorp,  Inc. will be held
Wednesday,  May 20, 1998 at 5:00 p.m. in the theater of the  Chrysler  Museum of
Art, 245 West Olney Road,  Norfolk,  Virginia.  All  stockholders are invited to
attend.
  
                                        -3-