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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                         ------------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                         ------------------------------


        Date of Report (Date of earliest event reported): July 21, 2005


                          COOPERATIVE BANKSHARES, INC.
               (Exact name of registrant as specified in charter)

 NORTH CAROLINA                      0-24626                    56-1886527
 (State or other                   (Commission                (IRS Employer
 jurisdiction of                    File Number)            Identification No.)
 incorporation)

               201 MARKET STREET, WILMINGTON, NORTH CAROLINA 28401
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (910) 343-0181

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
   (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))



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ITEM 2.02         RESULTS OF OPERATIONS AND FINANCIAL CONDITION
                  ---------------------------------------------

             On July 21, 2005, Cooperative Bankshares, Inc. issued a press
release announcing its unaudited financial results for the quarter ended June
30, 2005. A copy of the press release is attached to this Report as Exhibit 99.1
and is incorporated herein by reference. Also attached to this Report as Exhibit
99.2, and incorporated herein by reference, is additional financial information
for the period.

ITEM 9.01         FINANCIAL STATEMENTS AND OTHER EXHIBITS
                  ---------------------------------------

                  Exhibit 99.1      Press Release dated July 21, 2005
                  Exhibit 99.2      Supplemental Financial Information








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                                   SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.


                              COOPERATIVE BANKSHARES, INC.


                              /s/ Todd L. Sammons
                              -------------------------------------------------
                              Todd L. Sammons
                              Senior Vice President and Chief Financial Officer

Date: July 21, 2005







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                                  EXHIBIT INDEX
                                  -------------



EXHIBIT NO.              DESCRIPTION
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 99.1                    Press Release dated July 21, 2005
 99.2                    Additional Financial Information








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