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): October 6, 2008

CAPITAL BANK CORPORATION

(Exact name of registrant as specified in its charter)

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

333 Fayetteville Street, Suite 700

Raleigh, North Carolina 27601

(Address of principal executive offices)

 (919) 645-6400

(Registrant’s telephone number, including area code) (Zip Code)

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:

£ 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 Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 6, 2008, Capital Bank (“Capital Bank”), a wholly owned subsidiary of Capital Bank Corporation (“CBC”), and Michael R. Moore, Chief Financial Officer of CBC, and Viola V. Moore (the “Seller”) entered into a Real Estate Purchase Agreement (the “Agreement”), pursuant to which Capital Bank will purchase the residential real estate now owned by the Seller and located at 16 Old Coach Road, Bowling Green, Wood County, Ohio 43402. The Agreement provides that the purchase price shall be $345,000 payable in full at closing, which is scheduled on October 15, 2008.

The foregoing description is qualified in its entirety by reference to the Agreement, a copy of which is filed herewith as Exhibit 10.1 of this form 8−K, and which is incorporated into this Item 5.02 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description of Document
Exhibit 10.1	Real Estate Purchase Agreement dated October 6, 2008

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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: October 9, 2008	CAPITAL BANK CORPORATION
	By:  /s/ B. Grant Yarber
	B. Grant Yarber
	President and Chief Executive Officer

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Exhibit Index

Exhibit No.	Description of Document
Exhibit 10.1	Real Estate Purchase Agreement dated October 6, 2008

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EX-10.1

Exhibit 10.1

REAL ESTATE PURCHASE AGREEMENT

THIS AGREEMENT is made and entered into this 6th day of October, 2008, by and between Michael R. Moore and Viola V. Moore, husband and wife, hereinafter referred to as “Seller”, and Capital Bank, hereinafter referred to as “Purchaser”.

In consideration of the mutual promises herein contained, the Purchaser agrees to purchase and the Seller agrees to sell, according to the terms and conditions of this Agreement, the residential real estate now owned by the Seller and located at 16 Old Coach Road, Bowling Green, Wood County, Ohio 43402.

The purchase price shall be $345,000.00 payable in full at closing. Closing to be on October 15, 2008, at the law offices of Marsh and Marsh, 249 South Main Street, Bowling Green, Ohio.

Purchaser acknowledges inspection of the premises, knows the condition thereof and is purchasing the premises and fixtures in an “as is” condition based upon said personal inspection and not in reliance upon any statements or representations.

It is further agreed that Seller shall, at Seller’s expense, furnish a Guaranteed Certificate of Title following closing. Closing shall take place on a commitment therefor, which shall be payable by the Purchaser. The title evidence shall be currently dated, shall bear a stated liability equal to the purchase price of the property, and shall be made by a responsible title insurance company showing the premises to be in the name of the Seller, free and clear from all material defects and encumbrances.

Possession shall be given Purchaser on date of closing.

All taxes and assessments shall be pro-rated according to the Wood County method to the date of closing. In pro-rating taxes and assessments, the latest available tax duplicate shall be used.

At time of closing, Seller shall convey to Purchaser a marketable title in fee simple to the premises by transferable and recordable general warranty deed, with proper release of dower, if any, free and clear of all liens, and encumbrances except taxes and assessments due and payable after date of closing.

This Agreement shall be binding upon Purchaser and Seller, and their respective heirs, executors, administrators, successors and assigns.

This Agreement shall be governed by the laws of the State of Ohio.

/s/      Michael R. Moore

Michael R. Moore – Seller

/s/ Viola V. Moore

Viola V. Moore – Seller

CAPITAL BANK– Purchaser

By:  /s/  Teresa White

Teresa White

Sr. Vice President and Human Resources Director