EXHIBIT 99.1




FOR IMMEDIATE RELEASE
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              Monadnock Community Bancorp, Inc. Receives Approvals
              to Complete its Second Step Conversion and Offering

Peterborough,  New Hampshire - June 26, 2006 - Monadnock Community Bancorp, Inc.
(OTC Bulletin Board:  MNCK.OB) has received  conditional  regulatory approval to
complete the mutual to stock  conversion of Monadnock Mutual Holding Company and
to complete the related stock offering. In addition, at special meetings held on
June 20, 2006, the  stockholders of Monadnock  Community  Bancorp,  Inc. and the
members of Monadnock  Mutual Holding Company approved the plan of conversion and
reorganization.

Shares of common stock representing Monadnock Mutual Holding Company's ownership
interest in  Monadnock  Community  Bancorp,  Inc.  were sold to investors in the
subscription,  community and syndicated community offerings.  As a result of the
conversion  and  offering,   Monadnock  Mutual  Holding  Company  and  Monadnock
Community  Bancorp,  Inc. will cease to exist and Monadnock  Bancorp,  Inc., the
Maryland corporation formed to facilitate the conversion, will become the parent
holding  company of Monadnock  Community Bank and will be wholly owned by public
stockholders.  The  conversion  and offering are expected to be completed on the
close of business on June 28, 2006. The closing of the transaction is subject to
the satisfaction of customary closing conditions.

Monadnock Bancorp, Inc. sold an aggregate of 707,681 shares of common stock, the
maximum  of the  offering  range,  at a purchase  price of $8.00 per share.  The
Monadnock  Community Bank employee stock  ownership plan did not purchase shares
of common stock in the offering. The employee stock ownership plan will purchase
up to 6% of the shares of common stock sold in the offering  through open market
purchases. As part of the conversion,  existing public stockholders of Monadnock
Community Bancorp,  Inc. will receive 1.3699 shares of Monadnock  Bancorp,  Inc.
common  stock in  exchange  for  each of  their  existing  shares  of  Monadnock
Community Bancorp, Inc. common stock. The exchange ratio ensures that, after the
conversion and offering, the public stockholders will maintain approximately the
same ownership  interest in Monadnock  Bancorp,  Inc. as they owned in Monadnock
Community  Bancorp,  Inc. Cash will be issued in lieu of fractional shares based
on the offering  price of $8.00 per share.  The share  exchange will occur after
the close of business on June 28, 2006.  A total of  1,293,750  shares of common
stock will be outstanding as a result of the offering and share  exchange.  Ryan
Beck & Co.,  Inc.  served as advisor  and  marketing  agent with  respect to the
offering.  The Washington D.C. law firm of Luse Gorman  Pomerenk & Schick,  P.C.
served as special counsel in connection with the conversion and offering.

Monadnock Community Bancorp, Inc. common stock will continue to trade on the OTC
Bulletin  Board under the  trading  symbol  "MNCK.OB."  through  June 28,  2006.
Beginning on June 29, 2006, the shares of Monadnock  Bancorp,  Inc. common stock
will begin trading on the OTC Bulletin Board under the trading symbol "MNKB.OB."

For  more  information  please  contact  the  Monadnock   Bancorp,   Inc.  stock
information center at (603) 924-1259.

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 closing 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 Monadnock  Community  Bancorp,
Inc.,  Monadnock Bancorp,  Inc. and Monadnock Community Bank, and changes in the
securities markets.