ECB Bancorp, Inc. Shareholders Approve Pending Merger with Crescent Financial Bancshares, Inc.

  ECB Bancorp, Inc. Shareholders Approve Pending Merger with Crescent
  Financial Bancshares, Inc.

Business Wire

ENGELHARD, N.C. -- March 20, 2013

ECB Bancorp, Inc. (NYSE MKT: ECBE) (the “Company”), the parent holding company
of The East Carolina Bank, announced today that its shareholders approved the
Company’s pending merger with Crescent Financial Bancshares, Inc. at a special
meeting of shareholders held on March 20, 2013.

The merger is expected to close in the second quarter of 2013 subject to the
satisfaction of other customary closing conditions.

Cautionary Notice Regarding Forward Looking Statements

Statements in this filing relating to plans, strategies, economic performance
and trends, projections of results of specific activities or investments,
expectations or beliefs about future events or results, and other statements
that are not descriptions of historical facts, may be forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by terms such as “may”,
“will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”,
“feels”, “believes”, “estimates”, “predicts”, “forecasts”, “potential” or
“continue”, or similar terms or the negative of these terms, or other
statements concerning opinions or judgments of the Company’s management about
future events. Forward-looking information is inherently subject to risks and
uncertainties, and actual results could differ materially from those currently
anticipated due to a number of factors, which include, but are not limited to,
the risk factors discussed in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2011, the Company’s Quarterly Report on Form 10-Q for
the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and in
other documents filed by the Company with the Securities and Exchange
Commission from time to time. Although the Company believes that the
expectations reflected in the forward-looking statements are reasonable, it
cannot guarantee future results, levels of activity, performance or
achievements. All forward-looking statements attributable to the Company are
expressly qualified in their entirety by the cautionary statements in this
paragraph. The Company has no obligation, and does not intend, to update these
forward-looking statements.

About ECB Bancorp, Inc.

ECB Bancorp, Inc. is a bank holding company, headquartered in Engelhard, North
Carolina, whose wholly-owned subsidiary, The East Carolina Bank, is a
state-chartered, independent community bank insured by the FDIC. The Bank
provides a full range of financial services through its 25 offices covering
eastern North Carolina from Currituck to Ocean Isle Beach and Greenville to
Hatteras. The Bank also provides mortgages, insurance services through the
Bank’s licensed agents, and investment and brokerage services offered through
a third-party broker-dealer. The Company’s common stock is listed on NYSE MKT
under the symbol “ECBE”. More information can be obtained by visiting ECB's
web site at www.myecb.com.

Contact:

ECB Bancorp, Inc.
A. Dwight Utz, President and CEO
252-925-5509
or
Thomas M. Crowder, Executive Vice President and CFO
252-925-5520
 
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