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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,
 FxbHu0crEdDjHz4BriOqVIcnrQcGahuvLhcuBNpk/faT7pXE6jYy1//EsGGg2LdO
 YYRjxzK7QAMDCAjmH8oeVw==

<SEC-DOCUMENT>0001181431-03-018979.txt : 20030815
<SEC-HEADER>0001181431-03-018979.hdr.sgml : 20030815
<ACCEPTANCE-DATETIME>20030815163238
ACCESSION NUMBER:		0001181431-03-018979
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030815
FILED AS OF DATE:		20030815

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDCAROLINA FINANCIAL CORP
		CENTRAL INDEX KEY:			0001174872
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	MAIL ADDRESS:	
		STREET 1:		POST OFFICE BOX 968
		CITY:			BURLINGTON
		STATE:			NC
		ZIP:			27215

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SPENCER DAVID
		CENTRAL INDEX KEY:			0001219523

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49848
		FILM NUMBER:		03851059

	MAIL ADDRESS:	
		STREET 1:		P O BOX 968
		CITY:			BURLINGTON
		STATE:			NC
		ZIP:			27216
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd16203.xml
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-08-15</periodOfReport><notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001174872</issuerCik>
        <issuerName>MIDCAROLINA FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>mcfi</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001219523</rptOwnerCik>
            <rptOwnerName>SPENCER DAVID</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PO BOX 968</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BURLINGTON NC</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>27216</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>CFO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock - Exercising stock options</value></securityTitle><transactionDate><value>2003-08-15</value></transactionDate><deemedExecutionDate><value>2003-08-15</value></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>F</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>5834</value></transactionShares><transactionPricePerShare><value>20.00</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>5834</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directO
rIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><remarks>David Spencer is exercising 5,834 stock options</remarks><ownerSignature><signatureName>Trudi Isakson, Cororate Sec.</signatureName><signatureDate>2003-08-15</signatureDate></ownerSignature></ownershipDocument>



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