Select Bancorp (SLCT) 8-K Other events

Exhibit 99.1

NEWS RELEASE
For more information, contact:	October 22, 2003
Lisa F. Campbell, Senior Vice President and CFO
or Brenda Bonner at:
lisac@newcenturybanknc.com
brendabon@newcenturybanknc.com
910-892-7080

NEW CENTURY BANCORP REPORTS

THIRD QUARTER EARNINGS

New Century nears $800,000 in net income year-to-date as Fayetteville office opens.

Dunn, NC. . . As of September 30, 2003, New Century Bancorp, the holding company for New Century Bank, reported net income of $290,000 for the quarter and $794,000 for the nine months ended as of the same date, compared to $199,000 and $551,000, increases of 46% and 44%, respectively, for the same periods in 2002. Total assets for New Century Bancorp as of September 30, 2003 were $182.4 million compared to total assets of $122.3 million as of September 30, 2002, an increase of 49%.

Total deposits and total loans for New Century as of September 30, 2003, were $148.6 million and $127.3 million, respectively, compared to $102.7 million and $87.7 million, respectively, as of the same date in 2002, representing increases of 45% for total deposits and 45% for total loans.

“This has been an exciting quarter for New Century,” said John Q. Shaw, president and CEO for New Century. “We formed New Century Bancorp, paving the way for future growth and enabling us to quickly take advantage of other opportunities. One of the first actions of the Bancorp’s board was to approve an eleven-for-ten (11-for-10) stock split to be effected in the form of a 10% stock dividend. Our Fayetteville office has been open for a full quarter, and we have promoted the bank and staff with great response from that community. During the fourth quarter of 2003, the Fayetteville office will become New Century Bank of Fayetteville, a subsidiary of New Century Bancorp.”

New Century Bank, a subsidiary of New Century Bancorp, is a community bank headquartered in Dunn, NC, with offices in Clinton, NC; Dunn, NC; and Fayetteville, NC. New Century currently serves Harnett, Johnston, Sampson and Cumberland counties.

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Stock Symbol: NCBC – OTC Electronic Bulletin Board                                 www.newcenturybanknc.com

The information as of and for the quarter and nine months ended September 30, 2003 as presented is unaudited. This news release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our operations. When we use any of the words “believes,” “expects,” “anticipates,” or similar expressions, we are making forward-looking statements. Many possible events or factors could affect the future financial results and performance of the combined company. This could cause results or performance to differ materially from those expressed in our forward-looking statements.

5

New Century Bank

Selected Financial Information and Other Data

($ in thousands, except per share and

    nonfinancial data)

	At or for the three months Ended September 30,						At or for the nine months Ended September 30,
	2003			2002			2003			2002
Operating Data:
Total interest income	$	2,422		$	1,840		$	6,742		$	5,147
Total interest expense		800			713			2,344			2,032
Net interest income		1,622			1,127			4,398			3,115
Provision for loan losses		214			256			694			642
Net interest income after provision		1,408			871			3,704			2,473
Noninterest income		362			187			954			532
Noninterest expense		1,319			725			3,410			2,076
Income before income taxes		451			333			1,248			929
Provision for income taxes		161			134			454			378
Net income	$	290		$	199		$	794		$	551
Per Share Data:
Earnings per share—basic	$	0.14		$	0.12			0.45		$	0.37
Earnings per share—diluted		0.14			0.12			0.43			0.36
Market price
High		17.73			20.00			20.00			20.00
Low		15.00			11.02			15.00			14.00
Close		17.73			20.00			17.50			20.00
? Book value		11.78			10.64
Weighted average shares outstanding
Basic		2,035,021			1,607,442			1,767,090			1,508,200
Diluted		2,125,237			1,660,593			1,846,911			1,531,974
Selected Quarter End Balance Sheet Data:
Loans	$	127,302		$	87,686
Allowance for loan losses		2,054			1,381
Other earning assets		41,270			27,866
Total assets		182,406			122,344
Deposits		148,637			102,659
Borrowings		5,938			1,900
Shareholders’ equity		27,218			17,109
Selected Average Balances:
Total assets	$	170,678			116,805		$	150,613			105,766
Loans, net of allowance		125,462			84,848			114,756			77,275
Total interest-earning assets		160,356			111,616			142,690			100,548
Deposits		141,376			99,207			125,318			89,796
Total interest-bearing liabilities		126,062			85,733			109,331			77,232
Shareholders’ Equity		23,652			17,022			26,936			15,383
Selected Performance Ratios:
Return on average assets		0.67	%		0.68	%		0.70	%		0.70	%
Return on average equity		4.87	%		4.65	%		5.33	%		4.79	%
Net interest margin		3.86	%		4.01	%		4.12	%		4.14	%
Noninterest expense to average assets		3.07	%		2.46	%		3.03	%		2.62	%
Asset Quality Ratios:
Nonperforming loans to period-end loans		0.39	%		0.20	%
Allowance for loan losses to period-end loans		1.59	%		1.55	%
Net loan charge-offs to average loans		0.20	%		0.42	%
Capital Ratios:
Total risk-based capital		21.13	%		19.50	%
Tier 1 risk-based capital		19.87	%		18.24	%
Leverage ratio		15.86	%		14.40	%
Equity to assets ratio		14.92	%		13.98	%
Other Data:
Number of banking offices		3			2
Number of full time equivalent employees		44			29