updated 5/10/2011 10:47:43 AM ET 2011-05-10T14:47:43

NEWTON, N.C., May 10, 2011 (GLOBE NEWSWIRE) -- The Board of Directors of Peoples Bancorp of North Carolina, Inc. (Nasdaq:PEBK) declared a cash dividend for the second quarter of 2011 in the amount of $.02 per share. The cash dividend will be paid on June 15, 2011 to shareholders of record June 3, 2011. 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 Krissy Price at (828) 464-5620 or (800) 948-7195 or visit our transfer agent's website at www.rtco.com.

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, 2010, under "General Description of Business" and otherwise in the Company's reports and filings.

CONTACT: Tony W. Wolfe
         President and Chief Executive Officer
         
         A. Joseph Lampron
         Executive Vice President and Chief Financial Officer
         
         828-464-5620, Fax 828-465-6780

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