UNITED STATES
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): May 15, 2007
ECB BANCORP, INC.
(Exact name of registrant as specified in its charter)
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| North Carolina | | 000-24753 | | 56-2090738 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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Post Office Box 337 Engelhard, North Carolina | | 27824 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (252) 925-9411
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)) |
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers |
On May 15, 2007, our Board of Directors and the Board of Directors of our subsidiary, The East Carolina Bank (the “Bank”), based on the recommendation of their joint Compensation Committee, approved the addition of long-term care insurance to the benefits provided by the Bank to our Chief Executive Officer, Arthur H. Keeney III. Under the terms of the new insurance, Mr. Keeney and his spouse each will be eligible to receive long-term care benefits of up to $6,000 per month for a total of up to 120 months during their lifetimes. Premiums for the new insurance coverage will be payable by the Bank in ten annual payments of $13,157 each.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we have duly caused this Report to be signed on our behalf by the undersigned thereunto duly authorized.
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| | | ECB BANCORP, INC. |
| | | | (Registrant) |
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| Date: May 18, 2007 | | By: | | /S/ Gary M. Adams |
| | | | Gary M. Adams |
| | | | Chief Financial Officer |
