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):
                                November 10, 1999



                          HARBOR BANKSHARES CORPORATION
             (Exact name of registrant as specified in its charter)




  Maryland                  0-20990                      52-1786341
 (State of                (Commission                  (IRS Employer
Incorporation             File Number)                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.

     Harbor  Bankshares  Corporation  (the  "Company")  has  engaged the firm of
Stegman & Company, Baltimore,  Maryland, as its new independent accountants. The
decision to hire new independent accountants was approved by the Company's Board
of Directors on November 10, 1999. Previously, PricewaterhouseCoopers LLP served
as the independent accountants for the Company.  Stegman & Company will complete
the audit for the fiscal year ending December 31, 1999.

         During the two most  recent  fiscal  years and the  subsequent  interim
period,  the Company has not  consulted  Stegman & Company  regarding any matter
described in Item 304(a)(2) of Regulation S-K.


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

         (c)      Exhibits.

                  None.






















                                      -1-


<PAGE>



                                   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.


Date:  November 17, 1999                           HARBOR BANKSHARES CORPORATION



                                                   By: /s/Teodoro J. Hernandez
                                                       -------------------------
                                                        Teodoro J. Hernandez
                                                        Treasurer






























                                      -2-
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{"company-data": {"conformed-name": "HARBOR BANKSHARES CORP", "cik": "0000889608", "assigned-sic": "6022", "irs-number": "521786341", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "file-number": "000-20990", "film-number": "99759855"}, "business-address": {"street1": "25 WEST FAYETTE ST", "city": "BALTIMORE", "state": "MD", "zip": "21201", "phone": "4105281885"}, "mail-address": {"street2": "25 W FAYETTE ST", "city": "BALTIMORE", "state": "MD", "zip": "21201"}}
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):
                                November 10, 1999

                          HARBOR BANKSHARES CORPORATION
             (Exact name of registrant as specified in its charter)

  Maryland                  0-20990                      52-1786341
 (State of                (Commission                  (IRS Employer
Incorporation             File Number)                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.

     Harbor  Bankshares  Corporation  (the  "Company")  has  engaged the firm of
Stegman & Company, Baltimore,  Maryland, as its new independent accountants. The
decision to hire new independent accountants was approved by the Company's Board
of Directors on November 10, 1999. Previously, PricewaterhouseCoopers LLP served
as the independent accountants for the Company.  Stegman & Company will complete
the audit for the fiscal year ending December 31, 1999.

         During the two most  recent  fiscal  years and the  subsequent  interim
period,  the Company has not  consulted  Stegman & Company  regarding any matter
described in Item 304(a)(2) of Regulation S-K.

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

         (c)      Exhibits.

                  None.

                                      -1-
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.

Date:  November 17, 1999                           HARBOR BANKSHARES CORPORATION

                                                   By: /s/Teodoro J. Hernandez
                                                       -------------------------
                                                        Teodoro J. Hernandez
                                                        Treasurer

                                      -2-