Exhibit 99



                                  PRESS RELEASE





CONTACT: Gary M. Adams/Chief Financial Officer
         (252) 925-9111, extension 209

                           ECB BANCORP, INC. ANNOUNCES
                    NINE MONTH EARNINGS AND DECLARES DIVIDEND

Engelhard, NC (October 27, 1998) - ECB Bancorp, Inc., the holding company for
The East Carolina Bank, today reported its earnings for the nine months ended
September 30, 1998. On July 22, 1998, The East Carolina Bank reorganized into a
bank holding form of organization (ECB Bancorp, Inc.) and split its stock on a
3-for-1 basis. Today's release represents the first report of the consolidated
financial results for ECB Bancorp, Inc. and also gives effect to the 3-for-1
stock split.

For the nine months ended September 30, 1998, ECB Bancorp, Inc. generated a net
income of $1,545,000 or $0.87 per share, which is a 13.9% increase over the
$1,357,000 or $0.76 per share for the period ended September 30, 1997. Total
assets were $200,796,000 at September 30, 1998, which was a 5.5% increase over
total assets of $190,262,000 at September 30, 1997. Deposits of $181,489,000
represented a 4.9% increase over last year's $173,093,000. Loans grew 9.9% to
$130,659,000 at September 30, 1998, up from $118,827,000 at September 30, 1997.
Shareholders' equity for the period ended September 30, 1998 was $17,291,000,
representing a 10.2% increase over the September 30, 1997 level. These financial
results equate to a 1.07% return on average assets and a 12.50% return on
average equity on an annualized basis.

At its regularly scheduled monthly Board of Directors meeting held on October
21, 1998, the Directors of ECB Bancorp, Inc. declared a 1998 dividend of $.255
per share payable on December 7, 1998 to shareholders of record on November 9,
1998. This represents a 9.3% increase over the 1997 annual dividend of $.233
declared in October 1997 by The East Carolina Bank prior to its July 1998
reorganization into a bank holding company form of organization. The dividends
reported above have been restated to give effect for the 3-for-1 stock split. At
period end, book value per share was $9.71.

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 15 branches in eastern North Carolina, nine
mainland offices in Currituck, Hyde, Pitt, Tyrrell, and Washington counties, six
offices on North Carolina's famed "Outer Banks" from Ocracoke Island in Hyde
County to Southern Shores in Dare County, and a Loan Production office in
Washington, NC.

ECB Bancorp, Inc.'s common stock is currently listed on Nasdaq's
Over-The-Counter Bulletin Board under the symbol "ECBE."



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