Courtesy of Benzinga
Hampton Roads Bankshares, Inc. (Nasdaq: HMPR) today announced that Bank of Hampton Roads has entered into a definitive agreement with The East Carolina Bank, the wholly-owned subsidiary of ECB Bancorp, Inc. (Nasdaq: ECBE).
Under the Agreement, The East Carolina Bank will purchase all deposits and selected assets associated with seven Gateway Bank branches in North Carolina: Preston Corners, Plymouth, Roper, Chapel Hill, Falls of Neuse, Lake Boone and Wilmington.
As of June 30, 2011, deposits in these branches totaled $195 million. Under the terms of the agreement, Bank of Hampton Roads expects to close the Roper branch and consolidate its accounts into the Plymouth branch prior to the completion of this sale.
