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)





<PAGE>


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.













                                      -1-




<PAGE>

                                    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
                                   -------------------------------
                                   Teodoro J. Hernandez
                                   Treasurer



























                                      -2-
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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)
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.

                                      -1-
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
                                   -------------------------------
                                   Teodoro J. Hernandez
                                   Treasurer

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