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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): FEBRUARY 27, 2006
CAPITAL BANK CORPORATION
(Exact name of registrant as specified in its charter)
North Carolina 000-30062 56-2101930
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) 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))
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ITEM 8.01 OTHER EVENTS
On February 27, 2006, Capital Bank Corporation (the "Company"), the parent
company of Capital Bank, announced that its Board of Directors had authorized a
stock repurchase program to acquire up to 1,000,000 shares of the Company's
common stock, which represents approximately 8.5% of the 11,734,786 current
outstanding shares of common stock. The program, which is expected to be
completed within 24 months, will be dependent on market conditions and other
regulatory approvals, and there is no guarantee as to the exact number of shares
to be repurchased by the Company. For more information, reference is made to the
Company's press release dated February 27, 2006, a copy of which is attached to
this report as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
99.1 Press Release dated February 27, 2006.
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
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B. Grant Yarber
Chief Executive Officer
Date: February 27, 2006