ECB Bancorp Inc. will no longer buy the deposits and certain assets of seven North Carolina branches from Hampton Roads Bankshares Inc. in Norfolk, Va., after funding for the deal fell through.
The $922 million-asset ECB said in February that
The companies said that they had
"It is unfortunate that, due to circumstances beyond our control, we were unable to complete the transaction with Bank of Hampton Roads," A. Dwight Utz, ECB's president and chief executive, said in a press release. "I would like to take this opportunity to confirm that our company is well capitalized."
The $2.2 billion-asset Hampton Roads said in June that it was
Hampton Roads said in a separate press release that it was in the process of finding a new buyer for the branches. It also said that it will still close a branch in Roper, N.C., and consolidate its accounts with a branch in Plymouth, N.C., by mid-April.