ECB Bancorp cancels $79.7 million private placement of common shares

Company is working with investors to negotiate alternate financing

By Devika Patel

Knoxville, Tenn., Feb. 8 - ECB Bancorp, Inc. said the investors and company mutually agreed to cancel plans for a $79.7 million private placement of stock. The deal priced June 30 and was increased to $79.7 million from $75 million on Sept. 9.

The company had planned to sell common shares at $16.00 apiece.

Investors were Pacific Investment Management Co. LLC, Patriot Financial Partners, LP and Endicott Management Co., along with three other unnamed investors.

Despite the termination, the company said it will work with the investors for an alternate private placement.

ECB Bancorp is a bank holding company based in Engelhard, N.C.

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