MONADNOCK BANCORP, INC. CONCLUDES SUBSCRIPTION AND COMMUNITY
      OFFERINGS PORTION OF SECOND STEP CONVERSION OFFERING AND INITIATES A
                         SYNDICATED COMMUNITY OFFERING

Peterborough,  New  Hampshire--(June  15, 2006)  Monadnock  Bancorp,  Inc.  (the
"Company") (MNCK.OB), the proposed holding company for Monadnock Community Bank,
announced that the  subscription and community  offerings  portion of the second
step conversion  offering of the Company concluded on June 13, 2006. The Company
and Ryan Beck & Co., Inc., marketing agent for the offering,  are in the process
of tabulating final orders.

The  Company  estimates  that it has  received  orders in the  subscription  and
community   offerings  for  approximately  $3.9  million  of  common  stock.  As
previously  contemplated,  the Company has  authorized  Ryan Beck & Co., Inc. to
conduct a syndicated  community  offering of unsold shares of common stock.  The
syndicated  community offering is expected to commence on or about June 15, 2006
and expire early in the week of June 19, 2006.  Subject to market conditions and
regulatory approval,  the Company anticipates completing the offering at no more
than the maximum of the offering  range.  As in the  subscription  and community
offerings, the shares of common stock of the Company will be offered for sale at
a price of $8.00 per share. The syndicated  community offering will be conducted
pursuant to the Plan of Conversion and  Reorganization  and the Prospectus dated
May 12, 2006,  and Ryan Beck & Co.,  Inc. will manage the  syndicated  community
offering.  Orders received in the subscription  and community  offerings will be
maintained,  with  interest  continuing  to  accrue  until  consummation  of the
offering.

Questions regarding the syndicated community offering should be directed to Ryan
Beck & Co., Inc.'s Syndicate  Department.  The phone number for Ryan Beck & Co.,
Inc.'s Syndicate Department is (973) 549-4350.

The completion of the Company's  offering remains subject to (i) confirmation by
Keller & Company,  Inc., the Company's independent  appraiser,  of the Company's
appraisal; (ii) approval of the plan of conversion and reorganization by members
(i.e.  depositors  of  Monadnock  Community  Bank) of Monadnock  Mutual  Holding
Company  and  shareholders  of  Monadnock  Community  Bancorp,  Inc.  at special
meetings  to be held on June 20,  2006;  and (iii)  receipt of final  regulatory
approvals.

The Company does not expect that the  syndicated  community  offering will delay
the  completion  of its  offering  of shares of common  stock.  Subject to final
member,  regulatory and shareholder  approvals,  the conversion and offering are
expected to be consummated by the end of June, 2006.

After the completion of the conversion and the offering, Monadnock Bancorp, Inc.
will own all of the  outstanding  shares of common stock of Monadnock  Community
Bank.  Monadnock  Community Bank is a full-service,  community-oriented  federal
savings bank that provides financial  services from two full-service  facilities
located in Peterborough, New Hampshire and Winchendon, Massachusetts.



This news release contains certain  forward-looking  statements.  These include,
but are not limited to, statements  regarding the anticipated  commencement date
of the offering,  the anticipated exchange ratio and the anticipated size of the
offering.  Forward-looking statements can be identified by the fact that they do
not relate  strictly to  historical or current  facts.  They often include words
like  "believe,"  "expect,"  "anticipate,"  "estimate" and "intend" or future or
conditional  verbs such as "will," "would,"  "should," "could" or "may." Certain
factors  that could cause  actual  results to differ  materially  from  expected
results include delays in completing the offering,  changes in the interest rate
environment, changes in general economic conditions,  legislative and regulatory
changes that adversely affect the business of the Company,  Monadnock  Community
Bancorp,  Inc.  and  Monadnock  Community  Bank,  and changes in the  securities
markets.

This press release shall not constitute an offer to sell or the  solicitation of
an offer to buy  shares  of common  stock  nor shall  there be any sale of these
securities  in any state in which  such  offer,  solicitation  or sale  would be
unlawful prior to registration or qualification under the securities laws of any
such state.  The securities are not savings  accounts or savings  deposits,  may
lose value and are not insured by the Federal Deposit  Insurance  Corporation or
any government agency.