NEW YORK ( TheStreet) -- An investment fund managed by Pimco, the bond giant, is trying to obtain regulatory approval to buy ECB Bancorp ( ECBE), a North Carolina community bank, Reuters reported.

The Federal Reserve Bank of Richmond is reviewing an application for a company set up by the $2.3 billion Pimco Bravo Fund to acquire a stake of about 20% in ECB Bancorp, according to Reuters.

The Pimco fund is making a $25 million investment ECB Bancorp as part of a $79.7 million recapitalization of the lender. The Pimco Bravo fund is the single largest investor in the deal.

The transaction appears to be the first investment in a bank by the Pimco Bravo fund, Reuters noted.

-- Written by Joseph Woelfel

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