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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 B+ZV4U9lHJd77/QvUskvMsrB50AMvk5fP4M9Ls/GOZzcPCHVss4mK0cVrLuXRVeU
 63lnNhKca0/aDwqzugev9w==

<SEC-DOCUMENT>0001181431-03-017957.txt : 20030808
<SEC-HEADER>0001181431-03-017957.hdr.sgml : 20030808
<ACCEPTANCE-DATETIME>20030808095636
ACCESSION NUMBER:		0001181431-03-017957
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:			GIBSON GREGORY L
		CENTRAL INDEX KEY:			0001203165

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32547
		FILM NUMBER:		03830256

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1149
		CITY:			HENDERSONVILLE
		STATE:			NC
		ZIP:			28793

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>rrd15619.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>0001203165</rptOwnerCik>
            <rptOwnerName>GIBSON GREGORY L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PO BOX 1149</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HENDERSONVILLE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28793</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Chief Financial Officer</officerTitle></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>3750</value></transactionShares><transactionPricePerShare><value>32.38</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>12960</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownership
Nature></nonDerivativeTransaction><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>500</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>Employee Stock Option (Right to Buy)</value></securityTitle><conversionOrExercisePrice><value>9.44</value></conversionOrExercisePrice><exerciseDate><footnoteId id="F2"/></exerciseDate><expirationDate><value>2009-06-03</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>1800</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTrans
action><value>1800</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding><derivativeHolding><securityTitle><value>Employee Stock Option (Right to Buy)</value></securityTitle><conversionOrExercisePrice><value>13.33</value></conversionOrExercisePrice><exerciseDate><footnoteId id="F3"/></exerciseDate><expirationDate><value>2010-10-15</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>5400</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>5400</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeHolding></derivativeTable><footnotes><footnote id="F1">The reporting person disclaim
s 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">The option vests in five equal annual installments beginning June 30, 2000.</footnote><footnote id="F3">The option vests in five equal annual installments beginning October 16, 2001.</footnote></footnotes><ownerSignature><signatureName>Gregory L. Gibson, By: Williarm R. Lathan, Jr., Attorney-in-Fact</signatureName><signatureDate>2003-08-08</signatureDate></ownerSignature></ownershipDocument>



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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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