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):
September 14, 1999
HARBOR BANKSHARES CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 0-20990 52-1786341
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
25 West Fayette Street
Baltimore, Maryland 21201
(Address of principal executive offices) (Zip Code)
(410) 528-1800
(Registrant's telephone number)
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Item 4. Changes in Registrant's Certifying Accountant.
PricewaterhouseCoopers LLP ("PWC") has served as the independent
accountants for Harbor Bankshares Corporation (the "Company") since August 1997.
As of September 8, 1999, PWC has resigned as the Company's accountants.
The audit reports of PWC on the consolidated financial statements of the
Company as of and for the years ended December 31, 1997 and 1998, did not
contain any adverse opinion or disclaimer of opinion, and they were not
qualified or modified as to uncertainty, audit scope, or accounting principles.
In connection with the audits as of and for the years ended December 31,
1997 and 1998 and the subsequent interim period through September 8, 1999, there
were no disagreements with PWC on any matter of accounting principles or
practices, financial statement disclosure, or audit scope or procedures, which
disagreements if not resolved to their satisfaction would have caused them to
make reference to the subject matter of the disagreement in connection with
their report.
During the two most recent fiscal years and the subsequent interim period,
the Company has not been advised by PWC of any of the reportable events listed
in Item 304(a)(1)(v)(A) through (D) of Regulation S-K.
The Company has requested that PWC furnish it with a letter, addressed to
the Securities and Exchange Commission, stating whether it agrees with the
statements made by the Company in response to this Item 4 and, if not, stating
the respects in which it does not agree. A copy of PWC's letter to the SEC is
attached as Exhibit 16 to this Report on Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibit.
16. Letter from PricewaterhouseCoopers LLP dated October 6, 1999.
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SIGNATURE
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.
Date: October 6, 1999 HARBOR BANKSHARES CORPORATION
By: /s/Teodoro J. Hernandez
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Teodoro J. Hernandez
Treasurer
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EXHIBIT 16
PricewaterhouseCoopers LLP
October 6, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by Harbor Bankshares Corporation (copy
attached), which we understand will be filed with the Commission, pursuant to
Item 4 of Form 8-K, as part of the Company's Form 8-K report dated September 14,
1999. We agree with the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
