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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OTZUx8NWLjhr6EnudSmQKkg9vyFtWmKS/g1gXjkCIpKlSW9msYbQmhh2A8CKGPHM
 Dv5EfaREOTB2Br6sfIdNgA==

<SEC-DOCUMENT>0001181431-03-016998.txt : 20030804
<SEC-HEADER>0001181431-03-016998.hdr.sgml : 20030804
<ACCEPTANCE-DATETIME>20030804153244
ACCESSION NUMBER:		0001181431-03-016998
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030801
FILED AS OF DATE:		20030804

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCOTT MAURICE A
		CENTRAL INDEX KEY:			0001203210

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32547
		FILM NUMBER:		03820576

	MAIL ADDRESS:	
		STREET 1:		210 STARBOARD TRACK
		CITY:			GREENWOOD
		STATE:			SC
		ZIP:			29649

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MOUNTAINBANK FINANCIAL CORP
		CENTRAL INDEX KEY:			0001135253
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				562237240
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		201 WREN DRIVE
		CITY:			HENDERSONVILLE
		STATE:			NC
		ZIP:			28792
		BUSINESS PHONE:		8286937376
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd15027.xml
<DESCRIPTION>AUGUST 1, 2003 FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-08-01</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001135253</issuerCik>
        <issuerName>MOUNTAINBANK FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>MBFC</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001203210</rptOwnerCik>
            <rptOwnerName>SCOTT MAURICE A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>210 STARBOARD TRACK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWOOD</rptOwnerCity>
            <rptOwnerState>SC</rptOwnerState>
            <rptOwnerZipCode>29649</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-08-01</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>5183</value></transactionShares><transactionPricePerShare><value>13.33</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>40937</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeHold
ing><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>300</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>By Spouse</value></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Director Stock Option (Right to Buy)</value></securityTitle><conversionOrExercisePrice><value>13.33</value></conversionOrExercisePrice><transactionDate><value>2003-08-01</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>5183</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposed
Code><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F2"/></exerciseDate><expirationDate><value>2010-10-15</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>7735</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2552</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeHolding><securityTitle><value>Series A Convertible Preferred Stock</value></securityTitle><conversionOrExercisePrice><footnoteId id="F3"/></conversionOrExercisePrice><exerciseDate><footnoteId id="F4"/></exerciseDate><expirationDate><footnoteId id="F4"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><und
erlyingSecurityShares><value>24000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>20000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding></derivativeTable><footnotes><footnote id="F1">The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934 or for any other purpose.</footnote><footnote id="F2">This option vests in three equal annual installments beginning October 15, 2001.</footnote><footnote id="F3">Series A Convertible Stock conversion ratio is 1-to 1.2.</footnote><footnote id="F4">The Series A Convertible Preferred Stock is convertible into common stock at any time after its issuance and has no exp
iration date.</footnote></footnotes><ownerSignature><signatureName>Maurice A. Scott, By: William R. Lathan, Jr., Attorney-in-Fact</signatureName><signatureDate>2003-08-04</signatureDate></ownerSignature></ownershipDocument>



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