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 Ipswich Bancorp Announces Earnings

Ipswich, MA, March 1, 2005 - First Ipswich Bancorp (OTC: FIWC), the bank holding
company for The First National Bank of Ipswich, today announced earnings for the
quarter and year ended December 31, 2004.

The Bank reported assets of $387 million which represents growth of over 13%
from the prior year. Additionally, loans and deposits have reached all time high
levels of $169 million and $255 million, respectively, which represent growth of
8% and 29%, respectively. Net income for the year ended December 31, 2004 was
$479,000 compared to $2,042,000 for the year ended December 31, 2003. Basic and
diluted earnings per share for the year ended December 31, 2004 were both $0.25
per share.

Commenting on the Company's results, Donald P. Gill, President and Chief
Executive Officer, stated, "During 2004 the Company completed many of its
initiatives including the acquisition of a branch in Cambridge, MA, the opening
of a new branch in Beverly, MA, completion of a successful stock offering which
raised over $3.6 million, and the acquisition of an investment advisory firm.
The costs associated with these initiatives combined with a narrower net
interest margin have caused our earnings to be lower. We anticipate that these
growth initiatives and additional revenue diversification will result in
increased earnings in 2005 and beyond."

Financial Highlights (Unaudited)



                            Years ended December 31,   Three months ended December 31,
                          --------------------------   -------------------------------
                                2004         2003             2004         2003
                          ------------------------------------------------------------
                                 (In thousands, except per share data)
                                                            
Net income                  $      479   $    2,042       $     (157)   $      530
Earnings per share:
   Basic                    $     0.25   $     1.16       $    (0.08)   $     0.30
   Diluted                  $     0.25   $     1.13       $    (0.08)   $     0.29
Weighted average shares
   outstanding:
   Basic                         1,909        1,755            2,061         1,756
   Diluted                       1,950        1,813            2,061         1,814


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First Ipswich Bancorp is the bank holding company of The First National Bank of
Ipswich, a national banking institution established in 1892. Headquartered in
Ipswich, Massachusetts, approximately 25 miles northeast of Boston, The First
National Bank of Ipswich operates twelve full-service offices in Ipswich,



Gloucester, Essex, Newburyport, Rowley, Beverly and Cambridge, Massachusetts,
and Londonderry, Manchester, Newington and Salem, New Hampshire. The First
National Bank of Ipswich offers a wide array of personal and commercial banking
products and services.

This press release may contain "forward-looking statements". Words such as
"intends," "believes", "expects," "may," "will," "should," "contemplates," or
"anticipates" may indicate forward-looking statements. There are a number of
important factors that could cause the Company's actual results to differ
materially from those contemplated by such forward-looking statements. These
important factors include, without limitation, competitive conditions in the
Bank's marketplace generally, the effect of the Bank's proposed acquisition of
the Boston branch of Atlantic Bank of New York, the Bank's continued ability to
originate quality loans, fluctuation in interest rates including fluctuations
which may affect the Bank's interest rate spread, real estate conditions in the
Bank's lending areas, changes in the securities or financial markets, changes in
loan defaults and charge-off rates, general and local economic conditions, the
Bank's continued ability to attract and retain deposits, the Company's ability
to control costs, new accounting pronouncements, and changing regulatory
requirements. The Company undertakes no obligation to publicly release the
results of any revisions to those forward-looking statements, which may be made
to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.


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