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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