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
                                                                                  
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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 *

KING H THOMPSON 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                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(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   4/9/2008     G   V 150   D $0   38345   D  
 
Common Stock   4/9/2008     G   V 150   D $0   38195   D  
 
Common Stock   4/9/2008     G   V 150   D $0   38045   D  
 
Common Stock   4/9/2008     G   V 150   D $0   37895   D  
 
Common Stock   4/9/2008     G   V 400   D $0   37495   D  
 
Common Stock   4/9/2008     G   V 400   A $0   400   I   By BNB  
Common Stock   4/9/2008     G   V 150   A $0   1017   I   By Custodian for BCK  
Common Stock   4/9/2008     G   V 150   A $0   555   I   By Custodian for DGS  
Common Stock   4/9/2008     G   V 150   A $0   555   I   By Custodian for EBS  
Common Stock   4/9/2008     G   V 150   A $0   555   I   By Custodian for RK  
Common Stock   6/9/2008     A (1)    1282   A $8.0200   1282   (1) I   By Director Retirement Plan  
Common Stock   6/9/2008     A (1)    4674   A $8.2989   5956   (1) I   By Director Retirement Plan  
Common Stock                  5580   I   By IRA  
Common Stock                  1890   I   By Spouse's IRA  

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)   $4.92                   7/15/1999   (2) 7/15/2009   Common Stock   4269     4269   D  
 
Stock Option (Right to Buy)   $12.00                   12/29/2004   (2) 12/29/2014   Common Stock   4500     4500   D  
 
Stock Option (Right to Buy)   $13.77                   12/14/2005   (2) 12/14/2015   Common Stock   3000     3000   D  
 

Explanation of Responses:
( 1)  Represents an open market purchase of shares of Cooperative Bankshares, Inc. common stock by the trustee of the trust of the Cooperative Bankshares, Inc. Stock-Based Retirement Plan for Directors on behalf of the Reporting Person who is a participant in the plan. Shares credited to the account of a director under the Cooperative Bankshares, Inc. Stock-Based Retirement Plan for Directors may not be sold, assigned, transferred, disposed of, pledged, hypothecated or otherwise encumbered. Distributions from a director's account shall commence only upon (i) the director's separation from service from the Company for any reason (including resignation or death), or (ii) a specified number of years between one year and five years after the director's separation from service from the Company.
( 2)  Stock Options fully vested on date of grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
KING H THOMPSON III
201 MARKET STREET
WILMINGTON, NC 28401 		X



Signatures
/s/ King, III, H. Thompson 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.
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