8-K

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): December 15, 2005

CAPITAL BANK CORPORATION
(Exact name of registrant as specified in its charter)

North Carolina
(State or other jurisdiction
of incorporation) 000-30062
(Commission File No.) 56-2101930
(I.R.S. Employer
Identification Number)

4901 Glenwood Ave.
Raleigh, North Carolina 27612
(Address of principal executive offices)

(919) 645-6400
(Registrant’s telephone number, including area code)

N/A
(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:

¨     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))

Item 8.01.      Other Events.

On December 15, 2005, the board of directors of Capital Bank Corporation declared a cash dividend of $0.06 per share payable on January 17, 2006 to shareholders of record on January 2, 2006. The full text of the press release announcing the declaration of dividend is set forth in Exhibit 99.1 hereto and is incorporated herein by reference.

Item 9.01.      Financial Statements and Exhibits.

(d)       Exhibits.

Exhibit No.

99.1 Description

Press Release issued on December 19, 2005

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 hereunto duly authorized.

CAPITAL BANK CORPORATION

By:     /s/B. Grant Yarber                                       
            B. Grant Yarber
            President and Chief Executive Officer

Date: December 19, 2005

EXHIBIT INDEX

Exhibit No.

99.1 Description

Press Release issued on December 19, 2005

EX-99.1

Exhibit 99.1

News Release


FOR IMMEDIATE RELEASE CONTACT:
B. Grant Yarber
President and Chief Executive Officer
Phone: (919) 645-3494
Email: gyarber@capitalbank-nc.com

Capital Bank Corporation Declares Cash Dividend on Common Stock

RALEIGH, N.C. – December 19, 2005 – Capital Bank Corporation (Nasdaq: CBKN) announced that its Board of Directors approved on Thursday, December 15, 2005, a quarterly cash dividend on its common stock of $.06 per share. The dividend will be paid on January 17, 2006 to shareholders of record as of January 2, 2006.

        Capital Bank Corporation, headquartered in Raleigh, N.C., with approximately $927 million in total assets, offers a broad range of financial services. Capital Bank operates 21 banking offices in Raleigh (4), Sanford (3), Burlington (2), Asheville (3), Cary, Morrisville, Oxford, Wake Forest, Hickory, Greensboro, Graham, Pittsboro and Siler City. The company’s website is http://www.capitalbank-nc.com.

Information in this press release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Capital Bank Corporation’s filings with the Securities and Exchange Commission, including without limitation its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Capital Bank Corporation does not undertake a duty to update any forward-looking statements in this press release.

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P. O. Box 18949 • Raleigh, NC 27619-8949 • Phone (919) 645-6400 • Fax (919) 645-6353 • www.capitalbank-nc.com