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ECB Bancorp, Inc. Prices Offering of 750,000 Shares of Common Stock.

ENGELHARD, N.C. -- ECB Bancorp, Inc. (NASDAQ: ECBE) today announced that on March 14, 2006, it entered into an underwriting agreement for the sale of 750,000 shares of its common stock (excluding the underwriter's over allotment option) at a public offering price of $30.75 per share, yielding net proceeds to the company of approximately $21.1 million. The underwriter of the offering will have the option to purchase an additional 112,500 shares to cover over-allotments, if any.

ECB Bancorp, Inc. will use the net proceeds from the offering for general corporate purposes, including supporting loan and deposit growth.

Keefe, Bruyette & Woods served as the sole underwriter and book-running manager for the offering.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such jurisdiction.

Copies of a written prospectus for the offering may be obtained from the syndicate desk of Keefe, Bruyette & Woods, Inc., by contacting them at the following address and telephone number: 787 Seventh Avenue, 4th Floor, New York, New York 10019; (212) 887-8968.

About ECB Bancorp:

ECB Bancorp, Inc. is a bank holding company, headquartered in Engelhard, North Carolina. Its 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 20 offices in eastern North Carolina.
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Publication:Business Wire
Date:Mar 15, 2006
Words:280
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