Exhibit 99.1

PRESS RELEASE

March 7, 2013

FOR IMMEDIATE RELEASE

ECB Bancorp, Inc. Reports 2012 Annual and Fourth Quarter Results

ENGELHARD, N.C.-ECB Bancorp, Inc. (NYSE-MKT:ECBE) (“ECB” or the “Company”) today announced its results for the twelve months and three months ended December 31, 2012.

2012 Annual and Fourth Quarter Financial Highlights

For the twelve months ended December 31, 2012, net income was $2,992,000 compared to a net loss for the twelve months ended December 31, 2011 of ($1,024,000). After adjusting for $1,063,000 in preferred stock dividends and accretion of warrant discount, the net income available to common shareholders for the twelve months ended December 31, 2012 was $1,929,000 or $0.68 per diluted share compared to a net loss attributable to common shareholders of ($2,087,000) or ($0.73) per diluted share for the year 2011.

For the three months ended December 31, 2012, the net income totaled $378,000, compared to a net loss of ($1,612,000) in the three months ended December 31, 2011. After adjusting for $266,000 in preferred stock dividends and the accretion of warrant discount, the net income available to common shareholders for the three months ended December 31, 2012 was $112,000 or $0.04 per diluted share, compared to the loss attributable to common shareholders of ($1,878,000) or ($0.66) per diluted share for the three months ended December 31, 2011.

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Other Annual Financial Highlights include:

Dwight Utz, President and Chief Executive Officer, stated: “2012 has certainly been a transitional year as it relates to ECB’s return to profitability. I am very proud of bank’s overall performance and the contributions of our associates. However, the most significant milestone in the banks history also took place in September when the Board and I made the strategic decision to merge our company with Crescent Financial Bancshares (VantageSouth Bank). As we enter 2013 the process to gain regulatory approval and begin the integration of the two companies is well underway. The combined franchise value and the earnings capacity that the new organization will represent is taking shape and will drive continued shareholder value in 2013 and beyond.”

Thomas M. Crowder, Executive Vice President and Chief Financial Officer, stated: “We expect rates to continue to remain low in 2013 and expect to see our cost of funding continue to decline as we move through the first half of 2013. Net interest margins expanded slightly in 2012 and we are working hard to continue that trend in 2013.”

Mr. Utz concluded: “With the combination of East Carolina Bank with VantageSouth Bank, we are excited about the benefits this will accrue to shareholders in the way of a stronger capital base and a more diversified footprint that will assist in stronger consistent future earnings. For our banking clients this merger will bring a larger branch network, more flexibility to our borrowing bank clients and the financial ability to bring new innovative services to our market place.”

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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.

“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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ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Balance Sheets

December 31, 2012 and 2011

(Dollars in thousands, except per share data)

ECB BANCORP, INC. AND SUBSIDIARY

Consolidated Results of Operations

For the three and twelve months ended December 31 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)