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 To Close Three Branches

Ipswich, MA, July 19, 2005 - The First National Bank of Ipswich ("FNBI")
announced today that it has decided not to exercise its early 2006 lease renewal
options at its three Wal-Mart branch locations in Manchester, Newington and
Salem, New Hampshire. After five years of operation, the deposit balances at
these locations have not reached profitable levels.

"While this was a difficult decision, we believe it is the appropriate action as
we focus on enhancing earnings. We will work diligently with the staff and
customers at these locations to ensure a seamless transition. With the recent
addition of Mr. Russell Cole to the management team and the opening of the new
loan production office in Portsmouth, we continue to be committed to the New
Hampshire market," said Donald P. Gill, President and Chief Executive Officer of
FNBI.

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 thirteen full-service offices in northeastern
Massachusetts and southern 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 within the meaning of
the Private Securities Litigation Reform Act of 1995 with respect to the closing
of FNBI's three Wal-Mart branch locations in Manchester, Newington and Salem,
New Hampshire. Words such as "goal," "intends," "believes," "expects," "may,"
"will," "should," "contemplates," or "anticipates" may indicate forward-looking
statements. 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 FNBI's marketplace generally, the expected benefits of the branch closures
may not be realized or may be realized more slowly than expected, the risk that
the branch closures will be more difficult, time-consuming or costly than
expected, changes in the securities or financial markets, and general national
and local economic conditions. 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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