ECB shareholders OK proposals

Published 12:03 am Wednesday, October 19, 2011

ECB Bancorp Inc., the parent company of East Carolina Bank, announces that its shareholders approved several proposals necessary to consummate the previously announced $79.7 million private placement of its common stock with institutional investors.

The proposals, which included two amendments to the company’s articles of incorporation and a NASDAQ required private placement proposal, were approved at the Oct. 12 special meeting of shareholders. At the special meeting, shareholders also approved the company’s 2011 equity plan.

“Obtaining shareholder approval of these proposals is a very important step for us to complete our capital raise,” said A. Dwight Utz, president and chief executive officer of the company. “We are now awaiting the necessary bank regulatory approvals in order to consummate the private placement.”