SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Coburn John Cameron (Last) (First) (Middle) 1117 MILITARY CUTOFF ROAD (Street) WILMINGTON NC 28405 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Cape Fear Bank CORP [ CAPE ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) President and CEO
	3. Date of Earliest Transaction (Month/Day/Year) 06/05/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/05/2007		P		245	A	$10.45	117,320(6)	D(1)(2)
Common Stock								1,050(6)	D
Common Stock								1,850(3)(6)	I	By 401 (k)
Common Stock								3,041(6)	I	By Trust for minor child

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option Grant (Right to Buy)	$7.01							(4)	06/17/2009	Common Stock	32,812		32,812(6)	D
Director Stock Option (Righ to Buy)	$7.01							06/17/1999	06/17/2009	Common Stock	11,484		11,484(6)	D
Director Stock Option Grant (Right to Buy)	$3.97							02/21/2002	02/21/2012	Common Stock	5,906		5,906(6)	D
Employee Stock Option Grant (Right to Buy)	$3.97							02/21/2003	02/21/2012	Common Stock	9,843		9,843(6)	D
Employee Stock Option Grant (Right to Buy)	$10.25							(5)	07/22/2015	Common Stock	36,093		36,093(6)	D
Director Stock Option Grant (Right to Buy)	$10.25							01/22/2006	07/22/2015	Common Stock	5,643		5,643(6)	D

Explanation of Responses:

1. Owned by the John Cameron Coburn Revocable Trust dated July 5, 2007.

2. This report reflects the movement of 111,500 shares previously listed as direct into the John Cameron Coburn Revocable Trust Agreement Dated July 22, 2005.

3. The information in this report is based on the plan statement as of December 31, 2006.

4. This option vests 20% annually beginning on 6/17/2000.

5. This option vests 25% annually beginning on 07/22/2006.

6. As adjusted to reflect the effect of a 5% stock dividend which became effective June 30, 2006. As a result of the stock dividend, the reporting person received an aggregate of 5,625 and 223 additional shares which are included in the common stock shares reported as held directly and indirectly, respectively. At the same time, and in accordance with antidilution provisions of the Issuer's stock option plans, the reporting person's stock options became exercisable for 4,850 additional shares, and the exercise price was similarly adjusted.

Remarks:

The Issuer is the successor issuer under Rule 12g-3(a) to Cape Fear Bank pursuant to a statutory share exchange in which the Issuer became the Bank's parent holding company but which did not alter the proportionate interests of security holders. The Reporting Person's Section 16 reports previously were filed with the Federal Deposit Insurance Corporation.

	John Cameron Coburn, By: William R. Lathan, Jr., Attorney-in-Fact	06/07/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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