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

Date of Report (Date of earliest event reported): March 19, 2019
 
BAR HARBOR BANKSHARES
(Exact Name of Registrant as Specified in its Charter)
 

Maine
 
001-13349
 
01-0393663
(State or Other Jurisdiction)
of Incorporation)
 
(Commission File No.)
 
(I.R.S. Employer
Identification No.)
PO Box 400
 
04609-0400
82 Main Street
 
(Zip Code)
Bar Harbor, Maine
 
 
(Address of Principal Executive Offices)
 
 
 
Registrant’s telephone number, including area code: (207) 288-3314
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 





Item 8.01 Other Events.

Bar Harbor Bankshares (NYSE American: BHB) (the “Company”) issued a press release on March 21, 2019 announcing that the Company’s Board of Directors authorized a share repurchase plan. Under the terms of the share repurchase plan, the Company is authorized to repurchase up to 5% of its outstanding common stock, representing approximately 776,000 shares as of March 15, 2019. The plan may be suspended or discontinued at any time without notice. A copy of the press release dated March 21, 2019 is attached to this Current Report as Exhibit 99.1 and is incorporated herein by reference.
 
 
Item 9.01 Financial Statements and Exhibits

(a)
Not applicable.
 
(b)
Not applicable.

(c)
Not applicable.

(d)
Exhibits








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

 
 
 
BAR HARBOR BANKSHARES
 
 
Date: March 21 , 2019
By:  /s/ Josephine Iannelli
 
       Josephine Iannelli
 
       EVP & Chief Financial Officer





Exhibit 99.1
BHBSA04.JPG

Bar Harbor Bankshares Announces Stock Repurchase Plan

BAR HARBOR, MAINE - March 21, 2019 -- Bar Harbor Bankshares (NYSE American: BHB; the “Company”) announced that its Board of Directors authorized a share repurchase plan (the “Plan”). Under the terms of the Plan, the Company is authorized to repurchase up to 5% of its outstanding common stock, representing approximately 776,000 shares as of March 15, 2019. The plan is authorized to last no longer than twelve months.

President and Chief Executive Officer, Curtis C. Simard commented, “The stock repurchase plan was authorized based on the strength of the Company’s balance sheet and capital position, and our belief in the intrinsic value of the Company’s common stock. Given bank stock prices in the current market, we believe this program allows us another tool to enhance long-term shareholder value.”

Share repurchases, if any, will be made from time to time in the open market, through block trades, or otherwise, in private negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions (including limitations provided in Rules 10b-18 and 10b5-1 under the Securities Exchange Act of 1934), the trading price of the Company's common stock, other regulatory requirements, potential alternative uses for capital, and the Company's financial performance. The Plan does not require the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion.






BACKGROUND
Bar Harbor Bankshares (NYSE American: BHB) is the parent company of its wholly-owned subsidiary, Bar Harbor Bank & Trust. Founded in 1887, Bar Harbor Bank & Trust is a true community bank serving the financial needs of its clients for over 125 years. Bar Harbor provides full-service community banking with office locations in all three Northern New England states of Maine, New Hampshire and Vermont. For more information, visit www.bhbt.com .

FORWARD LOOKING STATEMENTS
Statements in this press release regarding the Company’s intention to repurchase shares of its common stock from time to time under the stock repurchase plan are forward looking statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among other, the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities available to the Company from time to time, the Company’s cash flows from operations, general economic conditions, and other factors identified in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

CONTACT
Josephine Iannelli; EVP, Chief Financial Officer & Treasurer; (207) 288-3314