UPDATE: ECB Bancorp Announces Termination of Purchase and Assumption Agreement with the Bank of Hampton Roads
ECB Bancorp, Inc., the parent company of East Carolina Bank, and The Bank of Hampton Roads (“Hampton Roads”) announced today they have mutually agreed to terminate their previously reported Purchase and Assumption Agreement dated July 14, 2011 (the “Agreement”). As previously disclosed, pursuant to the terms of the Agreement, the Bank had agreed to purchase all deposits and selected assets associated with seven Gateway Bank branches in North Carolina. The branches in the Agreement were Preston Corners, Plymouth, Roper, Chapel Hill, Falls of Neuse, Lake Boone and Wilmington.
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