Peoples Bancorp Announces Cash Dividend

NEWTON, N.C., Feb. 26 /PRNewswire-FirstCall/ -- The Board of Directors of Peoples Bancorp of North Carolina, Inc. (Nasdaq: PEBK) declared a cash dividend for the first quarter of 2010 in the amount of $.02 per share.  The cash dividend will be paid on March 19, 2010 to shareholders of record March 8, 2010.  While the Company continues to be profitable, the level of earnings from operations has been diminished because of credit issues experienced during these challenging economic conditions.  Future dividend payments will be based upon the performance of the Company and will be determined each quarter by the Board of Directors.    

Shareholders are encouraged to enroll in the Company's Dividend Reinvestment and Stock Purchase Plan.  For details, you may contact the Investor Relations Department at [phone] or [phone].

Peoples Bank operates 22 offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Union, Iredell and Wake Counties.  The Company's common stock is publicly traded and is quoted on the Nasdaq Global Market under the symbol "PEBK."

Statements made in this press release, other than those concerning historical information, should be considered forward-looking statements pursuant to the safe harbor provisions of the Securities Exchange Act of 1934 and the Private Securities Litigation Act of 1995.  These forward-looking statements are based on information currently available to management and are subject to various risks and uncertainties, including but not limited to those described in Peoples Bancorp of North Carolina, Inc.'s annual report on Form 10-K for the year ended December 31, 2008, under "General  Description of Business" and otherwise in the Company's reports and filings.

SOURCE Peoples Bancorp of North Carolina, Inc.

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