ECB Bancorp, Inc.

ECB Bancorp, Inc. is a Maryland corporation that serves as the registered bank holding company for Everett Co-operative Bank. The company was incorporated in March 2022 and became the holding company following Everett Co-operative Bank's mutual to stock conversion and initial stock offering, which was completed on July 27, 2022. In this offering, ECB Bancorp sold 8,915,247 shares of common stock, par value $0.01 per share, including 734,020 shares sold to the Bank's Employee Stock Ownership Plan. This generated gross offering proceeds of approximately $89.2 million, based on an offering price of $10.00 per share. The company also contributed 260,000 shares of common stock and $600,000 in cash to the Everett Co-operative Bank Charitable Foundation, Inc. Shares of ECB Bancorp's common stock began trading on the Nasdaq Capital Market on July 28, 2022, under the symbol "ECBK." To date, ECB Bancorp's primary activities have been holding the common stock of Everett Co-operative Bank, engaging in share repurchases, and making a loan to the Bank's employee stock ownership plan. The company's cash flow relies on earnings from investing the net proceeds retained from its July 2022 initial public stock offering and any dividends received from Everett Co-operative Bank. ECB Bancorp does not own or lease property but pays a fee to Everett Co-operative Bank for the use of its premises, equipment, and furniture. Currently, ECB Bancorp employs only individuals who also serve as officers of Everett Co-operative Bank.