Bar Harbor Bankshares, the parent company of Bar Harbor Bank & Trust, announced Feb. 23 that its Board of Directors declared a three-for-two split of its common stock, payable in the form of a large stock dividend.

The three-for-two stock split as a large stock dividend is payable March 21 to its common stockholders of record at the close of business March 7. The additional shares will be distributed by the company's transfer agent, American Stock Transfer & Trust Co., and the per-share price of the company's common stock will adjust accordingly on the NYSE MKT, LLC.

Stockholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been entitled to receive in connection with the split, except that those shareholders participating in the company's dividend reinvestment and share purchase plan will have fractional shares credited to their accounts.

The company currently has approximately 10,257,918 shares of common stock outstanding. After the stock split as a large stock dividend, the number of shares of common stock outstanding will increase to approximately 15,386,877.