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East Carolina Bank To Buy 7 Gateway Banks in NC

Deal Includes $195M in Deposits; Closing and Consolidation of Roper Branch
By Laurie Forbes
July 25, 2011 | 3:28 P.M.

East Carolina Bank, a subsidiary of ECB Bancorp Inc. (Nasdaq:ECBE), agreed to purchase seven Gateway Bank locations in North Carolina from Hampton Roads Bankshares’ (Nasdaq:HMPR) Bank of Hampton Roads. The transaction will include approximately $195 million in deposits and some assets connected to Gateway Bank. The deal is scheduled to close in the fourth quarter of this year. Terms were not disclosed.

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