SEC Form 5
FORM 5 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
 Form 3 Holdings Reported.
  
 Form 4 Transactions Reported.
1. Name and Address of Reporting Person*
SHENCAVITZ GERALD
(Last) (First) (Middle)
82 MAIN STREET
(Street)
BAR HARBOR ME 04609
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BAR HARBOR BANKSHARES [ BHB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Executive Vice President, CFO
3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Amount (A) or (D) Price
Common Stock 12/31/2008 12/31/2008 J(1) 359.614 A $0 2,634.387 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option $15.4 12/31/2008 M(2) 0 06/20/2002 06/20/2011 Common Stock 15,000 $0 5,426 D
Incentive Stock Option $18.5 12/31/2008 M(3) 0 08/20/2003 08/20/2012 Common Stock 5,000 $0 5,000 D
Incentive Stock Option $22.7 12/31/2008 M(4) 0 09/16/2004 09/16/2013 Common Stock 5,000 $0 5,000 D
Incentive Stock Option $33 12/31/2008 M(5) 0 01/23/2008 01/23/2017 Common Stock 2,400 $0 2,400 D
Incentive Stock Option $31.5 12/31/2008 M(6) 0 12/18/2009 12/18/2017 Common Stock 5,000 $0 5,000 D
Explanation of Responses:
1. Shares purchased through regularly scheduled salary deferrals to the Bar Harbor Bankshares 401(k) Plan f/b/o Gerald Shencavitz.
2. Grant of Incentive Stock Options to acquire 15,000 shares of Bar Harbor Bankshares common stock under the Bar Harbor Bankshares (and subsidiaries)Stock Option Plan of 2000. Options become exercisable with respect to 2,148 shares on 6/20/2002 and in 6 annual increments of 2,142 shares beginning on 6/20/2003 at an option price of $15.30 per share. These options expire on 6/20/2011.
3. Grant of Incentive Stock Options to acquire 5,000 shares of Bar Harbor Bankshares common stock under the Bar Harbor Bankshares (and subsidiaries) Stock Option Plan of 2000. Options become exercisable with respect to 1,000 shares on 8/20/2003 and in 4 annual increments of 1,000 shares starting on 8/20/2004 at an option price of $18.50 per share. These options expire on 8/20/2012.
4. Grant of Incentive Stock Options to acquire 5,000 shares of Bar Harbor Bankshares common stock under the Bar Harbor Bankshares (and subsidiaries) Stock Option Plan of 2000. Options become exercisable with respect to 1,000 shares on 9/16/2004 and in 4 annual increments of 1,000 shares starting on 9/16/2005 at an option price of $22.70 pr share. These options expire on 9/16/2013.
5. Grant of Incentive Stock Options to acquire 2,400 shares of Bar Harbor Bankshares common stock under theBar Harbor Bankshares (and subsidiaries) Stock Option Plan of 2000. Options become exercisable with respect to 800 shares on 1/23/2008 and in 2 annual increments of 800 shares starting on 1/23/2009 at an option price of $33.00 per share. These options expire on 1/23/2017.
6. Grant of Incentive Stock Options to acquire 5,000 shares of Bar Harbor Bankshares common stock under the Bar Harbor Bankshares (and subsidiaries) Stock Option Plan of 2000. Options become exercisable with respect to 1,000 shares on 12/18/2008 and in 4 annual increments of 1,000 shares starting on 12/18/2009 at an option price of $31.50 per share. These options expire on 12/18/2017.
Gerald Shencavitz 02/10/2009
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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