FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Expires: February 28, 2011
Estimated average burden
hours per response... 0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

WILLETTS FREDERICK III 		2. Issuer Name and Ticker or Trading Symbol

COOPERATIVE BANKSHARES INC [ COOP ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      __ X __ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Pres., CEO & Chairman of Board
(Last)          (First)          (Middle)

201 MARKET STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

6/9/2008
(Street)

WILMINGTON, NC 28401
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   3/5/2008     G   V 2500   D $0   254271   D  
 
Common Stock   6/9/2008     S    5000   D $8.0200   56021   I   By Mother  
Common Stock                  57907   I   By 401(k)  
Common Stock                  45099   (1) I   By Mother's IRA  
Common Stock                  3521   (2) I   By Spouse  
Common Stock                  158197   I   By Trust (Father)  
Common Stock                  35825   I   By Trust (medical)  
Common Stock                  3095   (2) I   by trust for 1st daughter  
Common Stock                  3095   (2) I   By trust for 2nd daughter  
Common Stock                  3095   (2) I   By Trust for 3rd daughter  
Common Stock                  1038   (2) I   by wife in trust for 3 daughters  
Common Stock                  1615   I   by Willetts Building Trust  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   $12.00                   12/29/2004   (3) 12/29/2014   Common Stock   15750     15750   D  
 
Stock Option (Right to Buy)   $13.77                   12/14/2005   (3) 12/14/2015   Common Stock   10500     10500   D  
 

Explanation of Responses:
( 1)  Reporting person may be deemed the beneficial owner of shares beneficially owned by his mother due to dispositive authority granted to him under a general Power of Attorney on behalf of and for the benefit of his mother. Reporting person disclaims having a beneficial ownership interest in such shares for purposes of Section 16 under the Securities and Exchange Act of 1934.
( 2)  Reflects stock acquired through Cooperative Bankshares Dividend Reinvestment Plan exempt from reporting under Rule 16a-11.
( 3)  Stock Options fully vested on date of grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
WILLETTS FREDERICK III
201 MARKET STREET
WILMINGTON, NC 28401 		X X Pres., CEO & Chairman of Board

Signatures
/s/ Willetts, III, Frederick 6/11/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
Mr Cooper (NASDAQ:COOP)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Mr Cooper Charts.
Mr Cooper (NASDAQ:COOP)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Mr Cooper Charts.