Exhibit 99.1

PRESS RELEASE

July 15, 2008

CONTACT:	ECB Bancorp, Inc.
	Gary M. Adams/Chief Financial Officer
	(252) 925-5525
	(252) 925-8491 facsimile
	Gary.Adams@ecbbancorp.com

FOR IMMEDIATE RELEASE

ECB Bancorp, Inc. Reports 2008 Second Quarter Financial Results

ENGELHARD, N.C.-ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”) today announced its results for the three and six months ended June 30, 2008.

2008 Second Quarter Financial Highlights

For the three months ended June 30, 2008, net income was $1,102,000 or $0.38 per diluted share which compares to net income for the three months ended June 30, 2007 of $1,257,000 or $0.43 per diluted share.

For the six months ended June 30, 2008, net income was $2,148,000 or $0.74 per diluted share which compares to net income for the six months ended June 30, 2007 of $2,209,000 or $0.76 per diluted share.

Other Financial Highlights include:

• Consolidated assets increased 17.2% to $738,040,000 at June 30, 2008 from $629,573,000 at June 30, 2007.

• Loans increased 18.3% to $516,492,000 at June 30, 2008 from $436,610,000 at June 30, 2007.

• Deposits increased 11.6% to $578,273,000 at June 30, 2008 from $518,285,000 at June 30, 2007.

• Net interest income increased 4.7% to $10,387,000 for the six months ended June 30, 2008 from $9,919,000 a year ago. For the 2008 second quarter, net interest income increased 8.1% to $5,367,000 compared to $4,966,000 for the second quarter of 2007.

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• Non-interest income for the six months ended June 30, 2008 increased 11.9% to $3,655,000, which compares to $3,266,000 for the six months ended June 30, 2007. For the 2008 second quarter, non-interest income increased 7.7% to $1,707,000 compared to $1,585,000 in the second quarter of 2007.

• Declared quarterly dividend of $0.1825 per share, or $0.73 per share on an annualized basis, representing a 4.3% increase over our 2007 annualized dividend.

Arthur H. Keeney III, President and CEO, stated: “We are very pleased to report another solid quarter of financial performance for the Company. Our loan portfolio increases were spread fairly evenly throughout the coastal North Carolina communities which we serve and the weighted average risk profile of our portfolio remained consistent compared to previous periods. Because of this greater than anticipated portfolio growth, we increased our normal provision expense during the quarter which resulted in a modest increase in our allowance for loan losses from 0.90% of period-end loans at March 31, 2008 to 0.92% of period-end loans at June 30, 2008.

“Relative to this year’s financial results, it is important to note that in June 2007, ECB modified its allowance for loan losses (“AFLL”) model to more accurately conform to the industry guidance that had been issued by the accounting and regulatory agencies regarding the AFLL. As a result, a one-time credit adjustment of $539,000 was made to the “Provision for Loan Loss” Account, which, in turn, resulted in a negative provision expense of $489,000 and $99,000 respectively for the three and six month periods ended June 30, 2007.

“We are pleased to report that at the June 30, 2008, period-end, our net charge-offs to average loans (annualized) were 0.10% and our non-performing loans to period-end loans were 0.12%. We firmly believe our asset quality statistics relate quite well to our peer group and the banking community in general. Our capital levels also remain above average.

“We are also finally experiencing some relief at the net interest income level as it grew 8.1% in the current quarter ended June 30, 2008 compared to 1.4% in the first quarter of 2008 and 2.8% in the fourth quarter of 2007. Deposit costs appear to be falling more in line with the Fed rate cuts over the past nine months.

“Expense control during these economically challenging times has been a priority with management and I am pleased to report that total non-interest expense increased only 1.6% for the first six months of 2008 over the first six months of 2007 and actually decreased 2.5% for the second quarter ended June 30, 2008 over the second quarter ended June 30, 2007.

“Our newest branch in Leland, North Carolina (Brunswick County) is scheduled to open later this month which will bring our total number of branches to 24. We are pleased to announce that construction of our 25^th branch on Market Street North in the Porter’s Neck Township of Wilmington, North Carolina is scheduled to begin in the third quarter and should open in early summer 2009.

“In short, the organization remains focused on asset quality, capital adequacy, liquidity, cost control and quality of earnings. We also continue with the stock repurchase plan (up to 5% or 146,000 shares of the Company’s outstanding common stock) authorized by our Board of

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Directors last fall. We continue to feel the stock repurchase authorization is one tool among several that will allow us to manage our capital in the best interests of our stockholders. We believe we remain well positioned for future successes.”

About ECB Bancorp, Inc.

ECB Bancorp, Inc. is a bank holding company, headquartered in Engelhard, North Carolina, whose wholly-owned subsidiary, The East Carolina Bank (the “Bank”), is a state-chartered, independent community bank insured by the FDIC. The Bank provides a full range of financial services through its 23 offices covering eastern North Carolina from Currituck to Ocean Isle Beach and Greenville to Hatteras. ECB also provides mortgages, insurance services through the Bank’s licensed agents, and investment and brokerage services offered through a third-party broker-dealer. The Company’s common stock is listed on The Nasdaq Global Market under the symbol “ECBE”. More information can be obtained by visiting ECB’s web site at www.ecbbancorp.com.

“Safe Harbor Statement” Under the Private Securities Litigation Reform Act of 1995

Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company’s Annual Report on Form 10-K and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “potential” or “continue,” or similar terms or the negative of these terms, or other statements concerning opinions or judgments of the Company’s management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company’s customers, actions of government regulators, the level of market interest rates, weather and similar conditions, particularly the effect of hurricanes on the Company’s banking and operations facilities and on the Company’s customers and the communities in which it does business, changes in general economic conditions and the real estate values in our banking market (particularly changes that affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral). Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by the cautionary statements in this paragraph. The Company has no obligations, and does not intend, to update these forward-looking statements.

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ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

June 30, 2008, December 31, 2007 and June 30, 2007

(Dollars in thousands, except per share data)

	June 30, 2008			December 31, 2007*			June 30, 2007
	(unaudited)						(unaudited)
Assets
Non-interest bearing deposits and cash	$	15,629		$	16,303		$	18,572
Interest bearing deposits		1,318			925			1,784
Overnight investments		—			4,775			4,875
Total cash and cash equivalents		16,947			22,003			25,231
Investment securities
Available-for-sale, at market value (cost of $161,522, $126,616 and $128,986 at June 30, 2008, December 31, 2007, and June 30, 2007, respectively)		157,589			125,888			125,413
Loans		516,492			454,198			436,610
Allowance for loan losses		(4,739	)		(4,083	)		(4,475	)
Loans, net		511,753			450,115			432,135
Real estate & repossessions acquired in settlement of loans, net		603			66			271
Federal Home Loan Bank common stock, at cost		4,309			2,382			1,482
Bank premises and equipment, net		25,143			24,450			24,594
Accrued interest receivable		4,464			4,456			4,170
Bank owned life insurance		8,195			8,030			7,886
Other assets		9,037			6,499			8,391
Total	$	738,040		$	643,889		$	629,573
Liabilities and Shareholders’ Equity
Deposits
Demand, noninterest bearing	$	106,601		$	95,596		$	107,355
Demand, interest bearing		97,542			103,347			100,062
Savings		17,796			18,492			18,824
Time		356,334			308,926			292,044
Total deposits		578,273			526,361			518,285
Accrued interest payable		3,089			2,525			2,566
Short-term borrowings		60,928			43,174			40,825
Long-term obligations		26,000			—			—
Other liabilities		4,944			4,988			4,461
Total liabilities		673,234			577,048			566,137
Shareholders’ equity
Common stock, par value $3.50 per share; authorized 10,000,000 shares; issued and outstanding 2,888,896 at June 30, 2008 and 2,920,769 at December 31, 2007 and 2,921,992 at June 30, 2007, respectively.		10,064			10,184			10,188
Capital surplus		26,379			27,026			26,946
Retained earnings		30,801			30,099			28,519
Accumulated other comprehensive loss		(2,438	)		(468	)		(2,217	)
Total shareholders’ equity		64,806			66,841			63,436
Total	$	738,040		$	643,889		$	629,573

* Derived from audited consolidated financial statements.

ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Income Statements

For three and six months ended June 30, 2008 and 2007

(Dollars in thousands, except per share data)

	Three months ended June 30,					Six months ended June 30,
	2008		2007			2008		2007
	(unaudited)		(unaudited)			(unaudited)		(unaudited)
Interest income:
Interest and fees on loans	$	7,825	$	8,342		$	15,832	$	16,452
Interest on investment securities:
Interest exempt from federal income taxes		326		303			660		605
Taxable interest income		1,565		1,100			2,824		2,209
Dividend income		87		29			151		47
Other Interest		45		97			115		374
Total interest income		9,848		9,871			19,582		19,687
Interest expense:
Deposits:
Demand accounts		185		435			481		836
Savings		22		24			45		48
Time		3,668		3,743			7,571		7,501
Short-term borrowings		114		703			557		1,383
Long-term obligations		492		—			541		—
Total interest expense		4,481		4,905			9,195		9,768
Net interest income		5,367		4,966			10,387		9,919
Provision for loan losses		570		(489	)		900		(99	)
Net interest income after provision for loan losses		4,797		5,455			9,487		10,018
Noninterest income:
Service charges on deposit accounts		839		764			1,635		1,534
Other service charges and fees		405		403			674		729
Mortgage origination brokerage fees		330		313			637		561
Net gain on sale of securities		19		—			94		—
Income from bank owned life insurance		76		73			165		145
Other operating income		38		32			450		297
Total noninterest income		1,707		1,585			3,655		3,266
Noninterest expenses:
Salaries		1,983		2,066			4,019		4,046
Retirement and other employee benefits		847		723			1,679		1,393
Occupancy		459		430			911		862
Equipment		414		548			836		1,047
Professional fees		86		168			296		474
Supplies		73		144			155		198
Telephone		161		137			338		269
FDIC deposit insurance		91		15			167		31
Other operating expenses		994		1,010			1,964		1,882
Total noninterest expenses		5,108		5,241			10,365		10,202
Income before income taxes		1,396		1,799			2,777		3,082
Income taxes		294		542			629		873
Net Income	$	1,102	$	1,257		$	2,148	$	2,209
Net income per share – basic	$	0.38	$	0.43		$	0.74	$	0.76
Net income per share – diluted	$	0.38	$	0.43		$	0.74	$	0.76
Weighted average shares outstanding - basic		2,891,931		2,912,889			2,901,775		2,903,530
Weighted average shares outstanding - diluted		2,894,979		2,922,143			2,904,571		2,915,691

ECB Bancorp, Inc.

Supplemental Quarterly Financial Data (Unaudited)

(Dollars in thousands, except per share data)

	6/30/2008			3/31/2008			12/31/2007			9/30/2007			6/30/2007
Income Statement Data:
Interest income	$	9,848		$	9,734		$	10,086		$	10,210		$	9,871
Interest expense		4,481			4,714			4,777			4,890			4,905
Net interest income		5,367			5,020			5,309			5,320			4,966
Provision for loan losses		570			330			—			—			(489	)
Net after provision expense		4,797			4,690			5,309			5,320			5,455
Noninterest income		1,707			1,948			1,338			1,582			1,585
Noninterest expense		5,108			5,257			4,857			5,285			5,241
Income before income taxes		1,396			1,381			1,790			1,617			1,799
Income taxes		294			335			522			282			542
Net income	$	1,102		$	1,046		$	1,268		$	1,335		$	1,257
Per Share Data and Shares Outstanding:
Net income – basic	$	0.38		$	0.36		$	0.44		$	0.46		$	0.43
Net income – diluted		0.38			0.36			0.43			0.46			0.43
Cash dividends		0.1825			0.1825			0.1750			0.1750			0.1750
Book value at period end		22.43			23.30			22.88			22.36			21.71
Dividend payout ratio		48.03	%		50.69	%		39.77	%		38.04	%		40.70	%
Weighted-average number of common shares outstanding:
Basic		2,891,931			2,911,620			2,913,043			2,913,279			2,912,889
Diluted		2,894,979			2,913,142			2,919,625			2,919,190			2,922,143
Shares outstanding at period end		2,888,896			2,909,699			2,920,769			2,921,992			2,921,992
Balance Sheet data:
Total assets	$	738,040		$	714,562		$	643,889		$	629,679		$	629,573
Loans - gross		516,492			485,774			454,198			440,340			436,610
Allowance for loan losses		4,739			4,379			4,083			4,351			4,475
Investment securities		157,589			160,874			125,888			124,581			125,413
Interest earning assets		679,708			661,182			588,168			568,097			570,164
Premises and equipment, net		25,143			24,916			24,450			24,693			24,594
Total deposits		578,273			555,591			526,361			527,368			518,285
Short-term borrowings		60,928			56,300			43,174			29,128			40,825
Long-term obligations		26,000			26,000			—			—			—
Shareholders’ equity		64,806			67,798			66,841			65,339			63,436
Selected Performance Ratios: (annualized) :
Return on average assets		0.61	%		0.62	%		0.80	%		0.85	%		0.82	%
Return on average shareholders’ equity		6.52	%		6.17	%		7.67	%		8.30	%		7.89	%
Net interest margin		3.33	%		3.40	%		3.78	%		3.83	%		3.69	%
Efficiency ratio		69.73	%		72.68	%		70.48	%		74.06	%		77.23	%
Asset Quality Ratios:
Nonperforming loans to period-end loans		0.12	%		0.27	%		0.10	%		0.06	%		0.30	%
Allowance for loan losses to period-end loans		0.92	%		0.90	%		0.90	%		0.99	%		1.02	%
Allowance for loan losses to nonperforming loans		752	%		336	%		877	%		1,738	%		341	%
Net charge-offs to average loans (annualized)		0.17	%		0.03	%		0.24	%		0.11	%		0.13	%
Capital Ratios:
Equity-to-assets ratio		8.78	%		9.49	%		10.38	%		10.38	%		10.08	%
Leverage Capital ratio		9.28	%		10.02	%		10.66	%		10.61	%		10.68	%
Tier 1 Capital ratio		11.51	%		12.07	%		12.94	%		12.87	%		12.80	%
Total Capital ratio		12.33	%		12.86	%		13.72	%		13.71	%		13.67	%

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