NEWTON, N.C., Jan. 22, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Peoples Bancorp of North Carolina, Inc. (NASDAQ:PEBK) is pleased to announce the declaration of a special cash dividend in the amount of $0.16 per share. The special cash dividend will be paid on February 16, 2024 to shareholders of record on February 5, 2024.

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 shareholder@broadridge.com.

Peoples Bank, the wholly-owned subsidiary of Peoples Bancorp of North Carolina, Inc. operates 17 banking offices entirely in North Carolina, with offices in Catawba, Alexander, Lincoln, Mecklenburg, Iredell, and Wake Counties. The Bank also operates loan production offices in Lincoln, Mecklenburg, Rowan, and Forsyth 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, 2022, under "General Description of Business" and otherwise in the Company's reports and filings.

Contact:

Lance A. Sellers

President and Chief Executive Officer

Jeffrey N. Hooper

Executive Vice President and Chief Financial Officer

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