Peoples Bancorp Announces Cash Dividend

NEWTON, N.C., Nov. 21, 2014 (GLOBE NEWSWIRE) -- The Board of Directors of Peoples Bancorp of North Carolina, Inc. (Nasdaq:PEBK) declared a cash dividend for the fourth quarter of 2014 in the amount of $0.06 per share at their most recent meeting. This is an increase of $0.02 per share from the regular quarterly cash dividend paid in September 2014 of $0.04 per share. The cash dividend will be paid on December 15, 2014 to shareholders of record December 2, 2014.

Shareholders are encouraged to enroll in the Company's Dividend Reinvestment and Stock Purchase Plan. For details, contact Krissy Price at (828) 464-5620 or (800) 948-7195 or you may email any questions to our transfer agent, Broadridge Corporate Issuer Solutions, Inc. at [email protected].

Peoples Bank, the wholly-owned subsidiary of Peoples Bancorp of North Carolina, Inc. operates 21 offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Union, Iredell and Wake Counties. The Bank also operates loan production offices in Lincoln 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, 2013, under "General Description of Business" and otherwise in the Company's reports and filings.

CONTACT: Lance A. Sellers
         President and Chief Executive Officer

         A. Joseph Lampron, Jr.
         Executive Vice President and Chief Financial Officer

         828-464-5620, Fax 828-465-6780