On July 19, 2023, Everett Co-operative Bank, a wholly owned subsidiary of ECB Bancorp, Inc., initiated a Non-Qualified Deferred Compensation Plan. The plan was made for John Migliozzi, Executive Vice President and Chief Lending Officer of the bank. Under the plan, contributions will be made to Mr. Migliozzi's account each year based on the prior year's performance. The bank will also make other at-will contributions throughout the year. The plan is vested 100% in Mr. Migliozzi's favor.