Exhibit 99.1
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| [ECB Logo Appears Here] | | PRESS RELEASE |
March 16, 2004
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| CONTACT: | | ECB Bancorp, Inc. |
| | | Gary M. Adams, Chief Financial Officer |
| | | (252) 925-5525 |
| | | (252) 925-8491 facsimile |
FOR IMMEDIATE RELEASE
ECB Increases 2004 Dividend by 14%
ENGELHARD, NORTH CAROLINA-ECB Bancorp, Inc. (“ECB”), the parent holding company of The East Carolina Bank, announces that on March 16, 2004, the Corporation’s Board of Directors declared a quarterly cash dividend of $0.1425 per share, payable April 12, 2004 to shareholders of record on March 30, 2004.
On an annualized basis the Corporation’s 2004 dividend of $0.57 per share represents a 14% increase over the annual dividend in 2003 of $0.50 per share.
ECB also recently announced the opening of its 19thfull-service branch, located at 168 NC Highway 24 in Morehead City. The new branch office has a full staff that includes a mortgage loan officer and both retail and commercial lending officers. A formal grand opening is scheduled for March 24, 2004.
Headquartered in Engelhard, NC, 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, including a new full-service branch office in Morehead City and a loan production office in Wilmington. 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. ECB’s common stock is listed on The Nasdaq SmallCap MarketSM under the symbol “ECBE”. More information can be obtained by visiting ECB’s web site at www.ecbbancorp.com.
