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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 R1bu9V0Vl6yZZZO55zqHBQKYB9/D2Vn6+YXhuG1OLomNKdXm2J0wiIoc/xIVW0xT
 z4A0drHpAwTVYfTpQmXZUA==

<SEC-DOCUMENT>0001181431-03-017956.txt : 20030808
<SEC-HEADER>0001181431-03-017956.hdr.sgml : 20030808
<ACCEPTANCE-DATETIME>20030808095613
ACCESSION NUMBER:		0001181431-03-017956
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030806
FILED AS OF DATE:		20030808

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:		03830254

	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>rrd15621.xml
<DESCRIPTION>AUGUST 6, 2003 FORM 4
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-08-06</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>2003-08-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>4134</value></transactionShares><transactionPricePerShare><value>32.30</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>36803</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeTran
saction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-08-06</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>1200</value></transactionShares><transactionPricePerShare><value>32.31</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>35603</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeHolding><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><derivativeHolding><securityTitle><value>Director Stock Option (Right to Buy)</value></securityTitle><conversionOrExercisePrice><value>13.33</value></conversionOrExercisePrice><exerciseDate><footnoteId id="F2"/></exerciseDate><expirationDate><value>2010-10-15</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>2552</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2552</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding><derivativeHolding><securityTitle>
<value>Series A Convertible Preferred Stock</value></securityTitle><conversionOrExercisePrice><footnoteId id="F3"/></conversionOrExercisePrice><exerciseDate><footnoteId id="F3"/></exerciseDate><expirationDate><footnoteId id="F3"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><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 p
urpose.</footnote><footnote id="F2">This option vests in three equal annual installments beginning October 16, 2001.</footnote><footnote id="F3">Each share of Series A Convertible Preferred Stock is convertible into 1.2 shares of common stock at any time after its issuance and has no expiration date.</footnote></footnotes><ownerSignature><signatureName>Maurice A. Scott, By: William R. Lathan, Jr., Attorney-in-Fact</signatureName><signatureDate>2003-08-08</signatureDate></ownerSignature></ownershipDocument>



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