Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
March 4, 2008
| | |
| Contact: | | W. Guy Ormsby |
| | Executive Vice President, Chief Financial Officer and Treasurer |
| | Telephone: (413) 594-6692 |
Chicopee Bancorp, Inc. Announces Second Stock Repurchase Plan
Chicopee Bancorp, Inc. (Nasdaq Global Market: CBNK) announced today that the Company’s board of directors has approved the repurchase for up to 353,370 shares, or approximately 5% of the Company’s outstanding common stock. These repurchases will be conducted solely through a Rule 10b5-1 repurchase plan with Stifel, Nicolaus & Company, Incorporated, based upon parameters of the Rule 10b5-1 repurchase plan. Repurchased shares will be held in treasury. This is the second repurchase plan announced since becoming a public Company in July 2006. The Company’s first repurchase program was completed on March 3, 2008, under which 371,968 shares were purchased at a total cost of approximately $4,915,216, or $13.21 per share.
The Rule 10b5-1 repurchase plan allows the Company to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout period.
Chicopee Bancorp, Inc. is the holding company for Chicopee Savings Bank and is headquartered in Chicopee, Massachusetts. Chicopee Savings Bank operates seven offices in West Springfield, Ludlow and Chicopee, Massachusetts. Chicopee Savings Bank offers a broad array of retail and commercial lending and deposit services.
