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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

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        Date of report (Date of earliest event reported): March 31, 2006

                              FIRST IPSWICH BANCORP
             (Exact name of registrant as specified in its charter)

     Massachusetts                  333-114018                 04-2955061
(State or other jurisdiction       (Commission               (IRS Employer
   of incorporation)               File Number)            Identification No.)


     31 Market Street, Ipswich, Massachusetts                    01938
     (Address of principal executive offices)                  (Zip Code)

Registrant's telephone number, including area code: (978) 356-3700

                                 Not Applicable
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

|_| Written communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))


Item 2.02 Results of Operations and Financial Conditions

      On March 31, 2006, First Ipswich Bancorp (the "Company") issued a press
release announcing the Company's financial results for the quarter and year
ended December 31, 2005. The press release is furnished as Exhibit 99.1 to this
report and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit No.   Description
- -----------   -----------

Exhibit 99.1  Press Release dated March 31, 2006.


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                                    SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    FIRST IPSWICH BANCORP

                                    By: /s/ Donald P. Gill
                                        ------------------
                                        Donald P. Gill
                                        President and Chief Executive Officer

Date: March 31, 2006


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                                  EXHIBIT INDEX

Exhibit No.       Exhibit Description
- -----------       -------------------

99.1              Press Release dated March 31, 2006.