Missing is William Foster, 22, from Bellhaven, N.C.
The 27-foot Harvest Time, with two crewmembers aboard, was reported overdue to Coast Guard Sector North Carolina watchstanders at 6:30 p.m.
Crew aboard the fishing vessel Island Girl located the Harvest Time and rescued one crewmember from the scene at 7:15 a.m. Wednesday. The rescued man stated that Foster dove under the capsized boat to retrieve lifejackets and did not resurface.
A MH-60 Jayhawk helicopter aircrew from Coast Guard Air Station Elizabeth City and a 24-foot rescue boat crew from Coast Guard Station Hobucken were dispatched Tuesday evening for the missing man and continue to search today.