Exhibit 99.1

PRESS RELEASE

February 19, 2010

CONTACT:	ECB Bancorp, Inc.
	Thomas M. Crowder, Chief Financial Officer
	(252) 925-5520
	(252) 925-8491 facsimile

FOR IMMEDIATE RELEASE

ECB Bancorp, Inc. Reports 2009 Fourth Quarter and Annual Results

ENGELHARD, N.C.-ECB Bancorp, Inc. (NASDAQ:ECBE) (“ECB” or the “Company”) today announced its results for the three and twelve months ended December 31, 2009.

2009 Fourth Quarter Financial Highlights

For the three months ended December 31, 2009, a net loss totaling ($897,000) was recognized, which compares to net income for the three months ended December 31, 2008 of $262,000. After adjusting for $265,000 in preferred stock dividends and accretion of warrant discount, net losses attributable to common shareholders for the three months ended December 31, 2009 was ($1,162,000) or ($0.41) per diluted share compared to net income of $0.09 per diluted share for the three months ended December 31, 2008.

For the twelve months ended December 31, 2009, net income was $1,502,000 which compares to net income for the twelve months ended December 31, 2008 of $3,419,000. After adjusting for $1,003,000 in preferred stock dividends and accretion of warrant discount, net income available to common shareholders for the twelve months ended December 31, 2009 was $499,000 or $0.18 per diluted share compared to $1.18 per diluted share for the same period in 2008.

Other Financial Highlights include:

• Consolidated assets increased 5.6% to $888,720,000 at December 31, 2009 from $841,851,000 at December 31, 2008.

• Gross loans increased 7.2% to $577,791,000 at December 31, 2009 from $538,836,000 at December 31, 2008.

• Deposits increased 20.0% to $754,730,000 at December 31, 2009 from $629,152,000 at December 31, 2008. This growth was mainly driven by an increase in interest bearing demand deposits of $42.9 million or 6.8% growth of total deposits and an increase of $76.6 million in time deposits or 12.2% growth of total deposits for 2009.

-more-

• Net interest income increased 50.7% to $7,018,000 for the three months ended December 31, 2009 from $4,656,000 for the same three month period a year ago. This increase in net income was driven by a reduction in our total interest cost of $2.0 million for the fourth quarter 2009 versus the fourth quarter of 2008. This lower cost was realized primarily by a reduction in time deposit interest expense of $1.4 million and reduction in short term borrowing cost of $250,000 for the fourth quarter 2009 versus same quarter 2008. For the twelve months ended December 31, 2009, net interest income increased 31.9% to $26,748,000 compared to $20,273,000 for the twelve months ended December 31, 2008.

• Non-interest income for the three months ended December 31, 2009 was $3,024,000, an increase of 135.1% compared to $1,286,000 for the same three month period a year ago. $1.5 million of the increase in non-interest income was attributable to securities gains realized in the fourth quarter. For the twelve months ended December 31, 2009, non-interest income increased 27.0% to $8,649,000 compared to $6,809,000 for the same period in 2008.

• During the quarter on December 15^th, the Company declared a common stock dividend of $0.1825 per share, or $0.73 per share on an annualized basis, representing an identical dividend for 2009 as declared in 2008.

A. Dwight Utz, President and Chief Executive Officer, stated: “Although reported earnings in the fourth quarter of 2009 represented a quarterly loss for the first time this year, the extremely high growth of our net interest income for the quarter, up 50.7%, over this same period last year, positions us for a return to quality earnings in the future. We have maintained a growth posture, and our deposits increased by 20.0% in 2009 and continued asset growth of 5.6% for the year, enhancing our market share in the communities we serve.

Mr. Utz continued, “We believe the economy has reached the bottom, however, we expect the commercial and residential markets to remain weak for the immediate future. With this in mind we recorded a $5.7 million addition, during the fourth quarter of 2009, to our allowance for loan losses to adequately allow us to account for what we believe will be a continuing weak market for many of our market areas. As of December 31, 2009, nonperforming assets were $20.1 million, or 2.26% of assets, compared to $13.7 million, or 1.63 % of assets, at December 31, 2008. The allowance for loan losses at December 31, 2009 was 1.68 % of loans, versus 1.36 % at September 30, 2009 and 1.10% at December 31, 2008. Although we expect delinquencies to remain elevated, we continue to believe the Company is now well reserved given our secured collateral positions and fourth quarter reserve allocation.”

Mr. Utz concluded, “Looking ahead, we remain optimistic that ECB Bancorp will emerge from this difficult economic environment as a strong and, ultimately, more profitable company. As a financially sound institution we expect to be able to move forward and take advantage of our financial strength to enhance the franchise and stock value for our shareholders.”

-more-

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, is a state-chartered, independent community bank insured by the FDIC. The Bank provides a full range of financial services through its 24 offices covering eastern North Carolina from Currituck to Ocean Isle Beach and Greenville to Hatteras. The Bank 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, pressures on the earnings, capital and liquidity of financial institutions in general resulting from current and future conditions in the credit and equity markets, 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 obligation, and does not intend to, update these forward-looking statements.

###

See 3 pages of financial information attached

ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

Twelve Months Ended December 31, 2009 and 2008

(Dollars in thousands, except per share data)

	December 31, 2009			December 31, 2008
	(unaudited)
Assets
Non-interest bearing deposits and cash	$	9,076		$	15,897
Interest bearing deposits		870			902
Overnight investments		7,865			—
Total cash and cash equivalents		17,811			16,799
Investment securities
Available-for-sale, at market value (cost of $237,594 and $237,638 at December 31, 2009 and 2008, respectively)		239,332			239,709
Loans		577,791			538,836
Allowance for loan losses		(9,725	)		(5,931	)
Loans, net		568,066			532,905
Real estate and repossessions acquired in settlement of loans, net		5,443			3,724
Federal Home Loan Bank common stock, at cost		5,116			3,859
Bank premises and equipment, net		25,329			25,737
Accrued interest receivable		4,967			4,663
Bank owned life insurance		8,657			8,347
Other assets		13,999			6,108
Total	$	888,720		$	841,851
Liabilities and Shareholders’ Equity
Deposits
Demand, noninterest bearing	$	93,492		$	90,197
Demand, interest bearing		141,956			99,011
Savings		19,595			16,882
Time		499,687			423,062
Total deposits		754,730			629,152
Payable, settlement for securities purchased		—			53,426
Accrued interest payable		1,121			2,889
Short-term borrowings		22,910			57,716
Long-term obligations		21,000			26,000
Other liabilities		4,584			4,725
Total liabilities		804,345			773,908
Shareholders’ equity
Preferred stock, Series A		17,122			—
Common stock, par value $3.50 per share		9,968			9,956
Capital surplus		25,803			25,707
Warrants		878			—
Retained earnings		29,555			31,026
Accumulated other comprehensive income		1,049			1,254
Total shareholders’ equity		84,375			67,943
Total	$	888,720		$	841,851
Common shares outstanding		2,847,881			2,844,489
Common shares authorized		10,000,000			10,000,000
Preferred shares outstanding		17,949			—
Preferred shares authorized		2,000,000			—

ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Income Statements

For the three and twelve months ended December 31, 2009 and 2008

(Dollars in thousands, except per share data)

	Three months ended December 31,						Twelve months ended December 31,
	2009			2008			2009			2008*
	(unaudited)			(unaudited)			(unaudited)
Interest income:
Interest and fees on loans	$	7,775		$	7,530		$	30,595		$	31,104
Interest on investment securities:
Interest exempt from federal income taxes		401			315			1,406			1,305
Taxable interest income		1,815			1,786			8,774			6,215
Dividend income		60			12			127			217
Other interest income		—			69			3			257
Total interest income		10,051			9,712			40,905			39,098
Interest expense:
Deposits:
Demand accounts		224			204			833			894
Savings		12			19			46			87
Time		2,569			3,958			12,079			15,295
Short-term borrowings		59			308			462			1,545
Long-term obligations		169			217			707			654
Other interest expense		—			350			30			350
Total interest expense		3,033			5,056			14,157			18,825
Net interest income		7,018			4,656			26,748			20,273
Provision for loan losses		5,675			1,110			11,100			2,450
Net interest income after provision for loan losses		1,343			3,546			15,648			17,823
Noninterest income:
Service charges on deposit accounts		928			913			3,652			3,500
Other service charges and fees		213			282			1,160			1,367
Mortgage origination brokerage fees		270			191			950			1,035
Net gain on sale of securities		1,533			6			2,565			218
Income from bank owned life insurance		64			75			310			316
Other operating income (expense)		16			(181	)		12			373
Total noninterest income		3,024			1,286			8,649			6,809
Noninterest expenses:
Salaries		2,152			2,078			8,287			8,161
Retirement and other employee benefits		619			164			2,488			2,706
Occupancy		429			468			1,832			1,857
Equipment		479			369			1,763			1,638
Professional fees		310			253			832			717
Supplies		52			87			216			312
Telephone		184			164			642			679
FDIC insurance		473			119			1,689			384
Other outside services		132			113			470			482
Net cost of foreclosed assets		158			35			1,345			145
Other operating expenses		1,129			1,009			3,588			3,552
Total noninterest expenses		6,117			4,859			23,152			20,633
(Loss) income before income taxes		(1,750	)		(27	)		1,145			3,999
Income tax expense (benefit)		(853	)		(289	)		(357	)		580
Net income (loss)		(897	)		262			1,502			3,419
Preferred stock dividends		223			—			853			—
Accretion of discount		42			—			150			—
(Loss) income available to common shareholders	$	(1,162	)	$	262		$	499		$	3,419
Net (loss) income per share - basic	$	(0.41	)	$	0.09		$	0.18		$	1.19
Net (loss) income per share - diluted	$	(0.41	)	$	0.09		$	0.18		$	1.18
Weighted average shares outstanding - basic		2,847,881			2,851,292			2,844,950			2,884,396

ECB Bancorp, Inc.

Supplemental Quarterly Financial Data (Unaudited)

(Dollars in thousands, except per share data)

	12/31/2009			9/30/2009			6/30/2009			3/31/2009			12/31/2008
Income Statement Data:
Interest income	$	10,051		$	10,320		$	10,305		$	10,229		$	9,712
Interest expense		3,033			3,244			3,663			4,217			5,056
Net interest income		7,018			7,076			6,642			6,012			4,656
Provision for loan losses		5,675			2,675			2,000			750			1,110
Net after provision expense		1,343			4,401			4,642			5,262			3,546
Noninterest income		3,024			1,926			1,763			1,936			1,219
Noninterest expense		6,117			6,135			5,455			5,445			4,792
Income (loss) before income taxes		(1,750	)		192			950			1,753			(27	)
Income taxes		(853	)		(154	)		150			500			(289	)
Net Income (loss)		(897	)		346			800			1,253			262
Preferred stock dividend & accretion of discount		265			263			268			207			—
Net (loss) Income available to common shareholders	$	(1,162	)	$	83		$	532		$	1,046		$	262
Per Share Data and Shares Outstanding:
Net (loss) income - basic	$	(0.41	)	$	0.03		$	0.19		$	0.37		$	0.09
Net (loss) income - diluted		(0.41	)		0.03			0.19			0.37			0.09
Cash dividends		0.1825			0.1825			0.1825			0.1825			0.1825
Book value at period end		23.62			24.88			24.17			24.58			23.89
Dividend payout ratio		-44.51	%		608.33	%		96.05	%		49.32	%		202.78	%
Weighted-average number of common shares outstanding:
Basic		2,847,881			2,845,343			2,844,489			2,842,017			2,851,292
Diluted		2,847,881			2,847,053			2,846,359			2,843,398			2,857,712
Shares outstanding at period end		2,847,881			2,847,881			2,844,489			2,844,489			2,844,489
Balance Sheet Data:
Total assets	$	888,720		$	858,737		$	877,465		$	865,383		$	841,851
Loans - gross		577,791			573,837			566,601			550,639			538,836
Allowance for loan losses		9,725			7,800			5,787			4,828			5,931
Investment securities		239,332			218,591			232,521			247,663			239,709
Interest earning assets		830,974			800,015			815,778			806,045			783,306
Premises and equipment, net		25,329			25,400			25,340			25,482			25,737
Total deposits		754,730			696,633			703,467			688,082			629,152
Short-term borrowings		22,910			46,989			60,191			62,161			57,716
Long-term obligations		21,000			21,000			21,000			21,000			26,000
Shareholders’ equity		84,375			87,936			85,792			86,925			67,943
Selected Performance Ratios (annualized):
Return on average assets		-0.41	%		0.16	%		0.37	%		0.58	%		0.14	%
Return on average shareholders’ equity		-4.09	%		1.59	%		3.64	%		5.98	%		1.59	%
Net interest margin		3.56	%		3.58	%		3.37	%		3.12	%		2.70	%
Efficiency ratio		59.20	%		66.25	%		63.08	%		66.52	%		80.93	%
Asset Quality Ratios:
Nonperforming loans to period-end loans		2.54	%		2.18	%		1.83	%		1.43	%		1.85	%
Allowance for loan losses to period-end loans		1.68	%		1.36	%		1.02	%		0.88	%		1.10	%
Allowance for loan losses to nonperforming loans		66	%		62	%		56	%		61	%		59	%
Net charge-offs to average loans (annualized)		2.61	%		0.47	%		0.74	%		1.37	%		0.19	%
Capital Ratios:
Equity-to-assets ratio		9.49	%		10.24	%		9.78	%		10.04	%		8.07	%
Leverage Capital Ratio		9.59	%		9.81	%		9.76	%		9.87	%		8.65	%
Tier 1 Capital Ratio		12.77	%		13.16	%		13.20	%		13.54	%		10.83	%
Total Capital Ratio		14.02	%		14.37	%		14.09	%		14.31	%		11.80	%