Exhibit 99.1


               [LETTERHEAD OF THE FIRST NATIONAL BANK OF IPSWICH]


FOR IMMEDIATE RELEASE                   Contact:  Joanne Lattanzi
                                                  First National Bank of Ipswich
                                                  (978) 356-8105

                                                  Alexander Caswell
                                                  Regan Communications
                                                  (617) 488-2885


                    First National Bank of Ipswich Subsidiary
                            Completes Acquisition of
                            The de Burlo Group, Inc.

Ipswich, MA, January 6, 2005 - First Ipswich Bancorp (OTC: FIWC), the bank
holding company for The First National Bank of Ipswich, today announced that
Ipswich Capital Investment Corp., a wholly owned subsidiary of the bank, has
completed its acquisition of The de Burlo Group, Inc. Based in Boston,
Massachusetts, The de Burlo Group, Inc. is an investment advisory firm with
approximately $330 million in assets under management. As previously announced,
The de Burlo Group will retain its name and current location.

"In completing this acquisition, the bank has taken a significant step toward
its goal of diversifying its revenue stream and broadening the array of services
that we offer to our customers," said Donald P. Gill, President and Chief
Executive Officer of First Ipswich Bancorp and The First National Bank of
Ipswich.

Founded in 1987, The de Burlo Group, Inc. is an independent registered
investment advisory firm with six employees. The firm is managed by three key
principals: Dr. C. Russell de Burlo, Jr., President and Chief Executive Officer,
Robin W. Dushman, Senior Vice President, and Richard B. G. Vincent, Vice
President, who will remain in their current positions. The de Burlo Group Inc.,
which offers investment advice to individuals, institutions, and nonprofit
organizations, has built a reputation for providing experienced, successful, and
professional investment management services to meet the unique needs of each of
its clients.

Peter Whitman, President of Ipswich Capital Investment Corp., said: "I am very
pleased that the acquisition of the The deBurlo Group has been completed. They
have done an outstanding job for their clients, and we look forward to working
with such a well-regarded group of professionals."

The First National Bank of Ipswich ("FNBI") is a federally chartered bank and a
subsidiary of First Ipswich Bancorp. Incorporated in 1892, FNBI is a
full-service commercial bank with $388 million in assets, serving communities in
Massachusetts and New Hampshire. FNBI operates 12 branches in 11 communities
throughout the region.

                                     (more)


First National Bank of Ipswich Subsidiary Completes Acquisition of
de Burlo Group  - page 2


This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based
on First Ipswich Bancorp's ("Bancorp") current plans and expectations and
involve risks and uncertainties that could cause actual future activities and
results of operations to be materially different from those set forth in the
forward-looking statements. Important factors impacting such forward-looking
statements include competitive conditions in Bancorp's marketplace generally,
the expected benefits to Bancorp's wealth management initiatives may not be
realized or may be realized more slowly than expected, the risk that the
business of The de Burlo Group, Inc. will not be integrated successfully with
Bancorp's or such integration may be more difficult, time-consuming or costly
than expected, expected revenue and business synergies from the transaction may
not be fully realized or realized within the expected time frame, competitive
pressures among investment management companies may increase significantly and
have an adverse effect on pricing, spending, product offerings, third-party
relationships, revenues and Bancorp's and The de Burlo Group, Inc.'s abilities
to attract and retain clients, changes in the securities or financial markets,
and general national and local economic conditions. Bancorp undertakes no
obligation to update publicly any forward-looking statements, whether as a
result of new information, future events, or otherwise. For further information,
please refer to the reports and filings of Bancorp with the Securities and
Exchange Commission.


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