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


                       The First National Bank of Ipswich
                    Completes Acquisition of Boston Branch of
                            Atlantic Bank of New York

Ipswich, MA, June 24, 2005 - The First National Bank of Ipswich ("FNBI") today
announced that it has completed the acquisition of the Boston, Massachusetts
branch of Atlantic Bank of New York ("ABNY"), located at 33 State Street.
Pursuant to the terms of the transaction, FNBI purchased certain assets of the
branch, including loans of approximately $43 million and the building where the
branch is located, and assumed certain liabilities of the branch, including
deposits of approximately $21 million.

"We are pleased to be establishing our first Boston branch in such a great
location," said Donald P. Gill, President and Chief Executive Officer of FNBI.
"We are looking forward to serving the banking needs of Atlantic Bank's former
customers with our broad portfolio of products and services, growing our
customer base and providing added convenience to our customers who work in the
city."

FNBI is a federally chartered bank and a wholly-owned subsidiary of First
Ipswich Bancorp (OTC:FIWC). Incorporated in 1892, FNBI is a full-service
commercial bank with $387 million in assets. FNBI currently operates twelve
branches in northeastern Massachusetts and southern New Hampshire. Additional
information is available on the bank's website at www.fnbi.com.


This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 with respect to the
acquisition of the Boston branch of ABNY by FNBI. These statements involve
certain risks and uncertainties. Important factors impacting such
forward-looking statements include competitive conditions in FNBI's marketplace
generally, the expected benefits of the acquisition may not be realized or may
be realized more slowly than expected, the risk that the business of the Boston
branch of ABNY will not be integrated successfully with FNBI'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, changes in the securities
or financial markets, and general national and local economic conditions. First
Ipswich Bancorp ("Bancorp") and FNBI undertake 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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