ECB Bancorp Announces Agreement to Purchase Seven North Carolina Branches from Hampton Roads Bankshares

ECB Bancorp, Inc. ECBE the holding company for the East Carolina Bank, announced that the East Carolina Bank has entered into a definitive agreement with Bank of Hampton Roads and Shore Bank, the wholly-owned subsidiary of Hampton Roads Bankshares, Inc. HMPR. Under the Agreement, the East Carolina Bank will purchase all deposits and selected assets associated with seven Gateway Bank branches in North Carolina: Preston Corners, Plymouth, Roper, Chapel Hill, Falls of Neuse, Lake Boone and Wilmington. As of June 30, 2011, deposits in these branches totaled $195 million. Under the terms of the agreement, Bank of Hampton Roads expects to close the Roper branch and consolidate its accounts into the Plymouth branch prior to the completion of this sale.