8-K

                       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

Date of Report (Date of earliest event reported):  May 19, 1999

                         WYMAN PARK BANCORPORATION, INC.
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               (Exact name of Registrant as Specified in Charter)

            Delaware                    000-23345              52-2068893
            --------                    ---------              ----------
  (State or Other Jurisdiction         (Commission          (I.R.S. Employer
        of Incorporation)              File Number)        Identification No.)

                   11 West Ridgely Road, Lutherville, MD 21094
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                    (Address of Principal Executive Offices)

                                 (410) 252-6450
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               Registrant's telephone number, including area code

                                 Not Applicable
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          (Former name or former address, if changed since last report)


Item 5.  Other Events

     On May 19,  1999,  the Board of  Directors  of the  Registrant  approved  a
special cash  distribution  of $6.00 per share,  payable on June 21, 1999 to all
shareholders of record as of June 7, 1999. The Registrant  believes that 100% of
the distribution will not be considered taxable, but will be applied against and
will reduce the shareholders' adjusted basis in their Registrant common stock.

     Further  information  regarding the elements of this cash  distribution are
set forth in a press  release  dated May 20, 1999,  attached as Exhibit 99.1 and
incorporated herein by this reference.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits

     Exhibit 99.1 Press Release dated May 20, 1999.


                                   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.

                                  WYMAN PARK BANCORPORATION, INC.

DATE:  May 20, 1999               By:     /s/ Ernest A. Moretti
                                          ---------------------------
                                          Ernest A. Moretti
                                          President and Chief Executive Officer



                                       2

EX-99

Exhibit 99.1
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For Immediate Release                               For Information Contact:
Date:  May 20, 1999                                 Ernest A. Moretti, President
                                                    410-252-6450

                         WYMAN PARK BANCORPORATION, INC.

               ANNOUNCES $6.00 PER SHARE TAX FREE SPECIAL DIVIDEND

     Lutherville,  Maryland, May 20, 1999 - The Board of Directors of Wyman Park
Bancorporation,  Inc. (OTC Electronic  Bulletin Board: WPBC), the parent company
of Wyman Park Federal  Savings & Loan  Association,  announced a $6.00 per share
special cash dividend  payable on June 21, 1999 to  shareholders of record as of
June 7, 1999.  Wyman Park  Bancorporation,  Inc.,  currently has 905,926  shares
outstanding and will have an aggregate special dividend payable of approximately
$5,436,000.

     According to bank  President,  Ernest A. Moretti,  the special  dividend is
expected to be tax-free  because it  represents  a return to  shareholders  of a
portion of the proceeds raised when the Company went public in January, 1998. He
further  stated that a  nontaxable  return of capital  would reduce the tax cost
basis of each outstanding share.

     The Board of  Directors  took this action  because it believes  the current
"equity  to  assets"  ratio of over  18% is  excessive  and  will  prove to be a
deterrent  to  generating  acceptable  returns  on  equity  over the long  term.
President  Moretti stated that the Company will remain well capitalized with the
"equity to asset" ratio exceeding 12% after payment of the special dividend.

     As of March 31, 1999, Wyman Park  Bancorporation,  Inc.  reported assets of
$72.7 million and total stockholders' equity of $13.3 million.

     Wyman Park Federal Savings and Loan Association serves Baltimore County and
surrounding  communities  from its main office  located at 11 West Ridgely Road,
Lutherville,  Maryland  and serves Anne  Arundel  County from its branch  office
located at 7963 Baltimore-Annapolis Boulevard, Glen Burnie, Maryland 21060.

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