Exhibit 99.1

		PRESS RELEASE

October 30, 2012

FOR IMMEDIATE RELEASE

ECB Bancorp, Inc. Reports 2012 Third Quarter Results

ENGELHARD, N.C.-ECB Bancorp, Inc. (NYSE-Amex:ECBE) (“ECB” or the “Company”) today reported its financial results for the three and nine months ended September 30, 2012.

2012 Third Quarter Financial Highlights

For the three months ended September 30, 2012, net income totaled $1,649,000 compared to net income of $527,000 for the three months ended September 30, 2011. After adjustments for $267,000 in TARP preferred stock dividends and the accretion of warrant discount, net income available to common shareholders for the three months ended September 30, 2012 was $1,382,000 or $0.48 per diluted share compared to net income of $260,000 or $0.09 per diluted share for the three months ended September 30, 2011. For the nine months ended September 30, 2012 net income totaled $2,614,000 compared to $588,000 for the nine months ended September 30, 2011. Income available to common shareholders was $1,817,000 or $0.64 per diluted share compared to a net loss of ($209,000) or ($0.07) per share for the nine months ended September 30, 2011.

Other Financial Highlights include:

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The provision for loan loss totaled $1,917,000 for the three months ended September 30, 2012 up 86.4% from $1,028,000 for the same period in 2011. The year to date loan loss provision as of September 30, 2012 totaled $2,783,000 down (55.3%) from $6,231,000 for the nine months ended September 30, 2011. The decrease in the loan loss provision for the nine month period ending September 30, 2012 is primarily a result of a decrease (51.9%) in net charge-offs, and adjustments for loan loss migrations within the portfolio as previously announced.

A. Dwight Utz, President and Chief Executive Officer, stated, “As was announced in September ECB Bancorp has executed a definitive agreement to merge with Crescent Financial Bancshares, Inc. We believe the combination of these two well positioned banks will create a strong high performing bank in the North Carolina market. The transaction is expected to close in the first quarter of 2013 subject to receiving regulatory and shareholder approvals. With respect to ECB Bancorp earnings, the economy of our coastal markets in North Carolina have strengthened due to a good tourist season with many of our business clients reporting positive 2012 earnings to date. While some markets in our footprint are still experiencing some economic weakness, many appear to be stabilizing as 2012 progresses. As we have commented earlier this year, we see 2012 as transitional year for ECB Bancorp and our earnings are beginning to transition to a more normalized operating environment.”

Thomas M. Crowder, Executive Vice President and Chief Financial Officer stated: “We have increased our net interest margin through continued lower funding cost in the third quarter and have increased our non-interest income, excluding security gains, by 29.5% in the third quarter compared to the same period in 2011. These operating improvements combined with lower credit costs are supporting our earnings growth in 2012.”

Mr. Utz concluded, “As we enter the fourth quarter of 2012, we are focused on continuing to manage our operations in a profitable manner while looking forward to our future partnership with Crescent State Bank and eventually our new VantageSouth brand.”

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 25 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 NYSE-Amex Market under the symbol “ECBE”. More information can be obtained by visiting ECB’s web site at www.myecb.com.

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“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 2011 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”, “feels”, “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 and Board of Directors about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to: pressures on the Company’s earnings, capital and liquidity 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 or changes in laws, regulations or accounting standards that adversely affect our business; changes in the interest rate environment and the level of market interest rates that reduce our net interest margins and/or the values of loans we make and securities we hold; 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; continued or unexpected increases in credit losses in the Company’s loan portfolio; continued adverse economic conditions and real estate values in our banking market (particularly as those conditions affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral); and other developments or changes in our business that we do not expect. 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.

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See 3 pages of financial information attached

ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

September 30, 2012 (unaudited), December 31, 2011 and September 30, 2011 (unaudited)

(Dollars in thousands, except per share data)

ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Results of Operations

For the three and nine months ended September 30, 2012 and 2011 (unaudited)

(Dollars in thousands, except per share data)

ECB Bancorp, Inc.

Supplemental Quarterly Financial Data (Unaudited)

(Dollars in thousands, except per share data)