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): August 9, 2007

 

CAPITAL BANK CORPORATION

(Exact name of registrant as specified in its charter)

North Carolina	000-30062	56-2101930
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

333 Fayetteville Street, Suite 700

Raleigh, North Carolina 27601

(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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 9, 2007, Capital Bank Corporation (the “Company”) issued a press release announcing the appointment of David C. Morgan as Executive Vice President and Chief Banking Officer (Principal Operating Officer) of the Company and its principal subsidiary, Capital Bank. Mr. Morgan, age 47, joined Capital Bank in November 2003 as Triangle Regional President, where he was primarily responsible for leading the commercial and retail banking teams in Capital Bank’s Raleigh, Cary, Wake Forest and Oxford, NC markets. Prior to joining Capital Bank, he was City Executive for Central Carolina Bank in Wake Forest, NC, where his duties included the development and management of commercial and construction lending relationships. An employment agreement with Mr. Morgan has not been entered into at this time.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description of Document
Exhibit 99.1	Press release dated August 9, 2007

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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 hereunto duly authorized.

Date: August 15, 2007	CAPITAL BANK CORPORATION
	By:  /s/  B. Grant Yarber
	B. Grant Yarber
	Chief Executive Officer

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Exhibit Index

Exhibit No.	Description of Document
Exhibit 99.1	Press release dated August 9, 2007

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EX-99.1

Exhibit 99.1

CONTACT:

B. Grant Yarber

President and Chief Executive Officer

Phone: (919) 645-3494

Email: gyarber@capitabank-nc.com

FOR IMMEDIATE RELEASE

Capital Bank Names David Morgan Chief Banking Officer

Organizational changes include promotion and additions

Raleigh, N.C. – August 9, 2007– Capital Bank today announced several organizational changes that will strengthen the bank’s Triangle region, including a promotion and several new staff additions.

David Morgan, who formerly served as Triangle Regional President, has been promoted to Executive Vice President and Chief Banking Officer. In his new role, Morgan will be responsible for all commercial and retail banking at Capital Bank. He is a graduate of North Carolina State University and the Graduate School of Banking at Louisiana State University.

“David has continued to prove himself as a highly talented banker and community leader,” said B. Grant Yarber, president and CEO of Capital Bank. “We are confident he will build on the success we have enjoyed in the Triangle by building a world-class team of community bankers across the state of North Carolina. I know I join our customers and associates in congratulating him on this achievement.”

Morgan, who also serves as Chairman for NC State University’s College of Management’s Local Advisory Board, said, “Capital Bank has given me a great opportunity, and I’m really looking forward to working with all of our associates across the state. We want to continue to provide competitive financial services with great customer service that is delivered locally throughout our organization.”

Other recent additions to Capital Bank’s Raleigh headquarters are David Adams, John (J.C.) Moeller, and Todd Warrick. Adams has been named Raleigh City Executive and leader of the Raleigh Commercial team. He has a Bachelor of Science in Business Administration with a concentration in Marketing and Speech Communications from the University of North Carolina at Chapel Hill. He also holds a Master of Business Administration with a concentration in Finance from East Carolina University.

J.C. Moeller has been named Commercial Relationship Manager on the Raleigh Commercial team. He earned a Bachelor of Science in Business Administration with a concentration in Finance from Appalachian State University. Moeller also has a Master of Business Administration with a concentration in Finance from East Carolina University.

Todd Warrick has been named Senior Vice President and North Wake Community Executive. Warrick is a graduate of Campbell University where he received a degree in business administration and from the Graduate School of Banking at Louisiana State University. Warrick is also a recipient of the 2005 Triangle Business Journal’s Top 40 Under 40 Leadership Award

Capital Bank Corporation, headquartered in Raleigh, N.C., with approximately $1.4 billion in total assets, offers a broad range of financial services. Capital Bank operates 26 banking offices in Asheville (3), Burlington (4), Cary, Graham (2), Greensboro, Hickory, Mebane, Morrisville, Oxford, Pittsboro, Raleigh (5), Sanford (3), Siler City, and Wake Forest. The company’s website is 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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