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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,
 HCkW/0228usMen3ctgKUCbbGVC+YNUejwLL43WMBZDnnIjEVICRGHcsfRpgn1nlL
 abhjEwqT3WvsA5N13/ehVA==

<SEC-DOCUMENT>0001181431-06-059015.txt : 20061020
<SEC-HEADER>0001181431-06-059015.hdr.sgml : 20061020
<ACCEPTANCE-DATETIME>20061020124315
ACCESSION NUMBER:		0001181431-06-059015
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061020
FILED AS OF DATE:		20061020
DATE AS OF CHANGE:		20061020

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDCAROLINA FINANCIAL CORP
		CENTRAL INDEX KEY:			0001174872
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				000000000
		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:			HOLT RALPH M JR
		CENTRAL INDEX KEY:			0001219527

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49848
		FILM NUMBER:		061154887

	MAIL ADDRESS:	
		STREET 1:		P O BOX 968
		CITY:			BURLINGTON
		STATE:			NC
		ZIP:			27216
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd133680.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-10-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001174872</issuerCik>
        <issuerName>MIDCAROLINA FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>MCFI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001219527</rptOwnerCik>
            <rptOwnerName>HOLT RALPH M JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PO BOX 819</rptOwnerStreet1>
            <rptOwnerStreet2>1000 EAST LAKE DRIVE</rptOwnerStreet2>
            <rptOwnerCity>BURLINGTON</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>27215</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>MCFI - Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2006-10-20</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2006-10-20</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>40536</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.44</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>72099</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>10/20/06 Exercised Options by Director 40,536 @ 3.44 per share</remarks>

    <ownerSignature>
        <signatureName>Beverly Smith</signatureName>
        <signatureDate>2006-10-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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