The Federal Reserve has approved a request by Southern Bancshares Inc. (SBNC) to acquire up to 9.9% of the outstanding voting shares of ECB Bancorp Inc. (ECBE).

Southern Bancshares, based in Mount Olive, N.C., has total banking assets around $1.2 billion, according to a statement from the Fed Monday.

ECB Bancorp is based in Engelhard, N.C. Its East Carolina Bank subsidiary has total assets of approximately $738 million, the Fed said.

-By Jeff Bater, Dow Jones Newswires; 202-862-9249; jeff.bater@dowjones.com