Exhibit 99.1


               [LETTERHEAD OF THE FIRST NATIONAL BANK OF IPSWICH]


FOR IMMEDIATE RELEASE:
November 14, 2006
                                         Contact: Russell Cole or Timothy Felter
                                              The First National Bank of Ipswich
                                                                    978-356-3700

                    First Ipswich Bancorp Announces Earnings

Ipswich, MA - First Ipswich Bancorp (OTC: FIWC), the bank holding company for
The First National Bank of Ipswich, today announced earnings for the quarter
ended September 30, 2006.

The Company reported a net loss of $812,000 for the quarter ended September 30,
2006 as compared to net income of $130,000 for the quarter ended September 30,
2005. Net interest income at the Company, and the banking industry in general,
continues to be under pressure. Net interest income held nearly steady at $2.93
million in the third quarter of 2006 as compared to $2.99 million in the same
quarter of 2005.

Russell G. Cole, President and Chief Executive Officer, stated, "The
restructuring charges reported for the third quarter of 2006 are an integral
part of the Strategic Plan that incorporates a disciplined and focused approach
to improving the Company's earnings. These restructuring charges, totaling $1.40
million on a pre-tax basis and $0.92 million on an after-tax basis, are
reflected in the earnings reported for the third quarter." Mr. Cole also pointed
out that, "If the restructuring charges were not recorded in the quarter ended
September 30, 2006, the Company would have reported a modest, after-tax profit
similar to the same quarter last year. We see this as a sign we're on the right
path for the future."

Basic and diluted earnings (loss) per share for the quarters ended September 30,
2006 and September 30, 2005 were $ (0.37) per share and $ 0.06 per share
respectively.

The Company reported a net loss of $1.64 million for nine months ended September
30, 2006 compared to net income of $284,000 for the nine months ended September
30, 2005. Net interest income was up slightly at $8.28 million for the first
nine months of 2006 compared to $8.27 million for the first nine months of 2005.

Basic and diluted earnings (loss) per share for the nine months ended September
30, 2006 and September 30, 2005 were $ (0.74) per share and $ 0.13 per share
respectively.


The Company reported assets of $402.9 million, which represents an increase of
$8.5 million since December 31, 2005 and an increase of $12.6 million since
September 30, 2005. During the nine months ended September 30, 2006, total loans
increased by $15.8 million to $250.4 million. During the twelve months ended
September 30, 2006 loans increased by $22.2 million

Deposits increased by $17.7 million during the nine months to total $276.5
million at September 30, 2006 and increased by $8.9 million for the 12 month
period since September 30, 2005.

"The first nine months of 2006 have been challenging for the Company," Mr. Cole
observed. "Obviously, we had hoped for more robust earnings, but the signs are
there that we're trending in the right direction. With our Strategic Plan, and
the commitment of the Board, Management and our staff, we're well-positioned to
become a premier community bank within the markets we serve."

The First National Bank of Ipswich, which was established in 1892, is a wholly
owned subsidiary of First Ipswich Bancorp (OTC: FIWC). Headquartered in Ipswich,
Massachusetts, approximately 25 miles northeast of Boston, The First National
Bank of Ipswich operates eleven full-service offices in the Massachusetts
communities of Ipswich, Gloucester, Essex, Newburyport, Rowley, Beverly, Boston,
and Cambridge, and in the New Hampshire communities of Londonderry and
Portsmouth. The First National Bank of Ipswich offers a wide array of personal
and commercial banking products and services.

This press release includes "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
relate to expectations or forecasts of future events. 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 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,
a deterioration in general economic conditions on a national basis or in the
local markets in which Bancorp operates, the Bank's continued ability to attract
and retain deposits, the risk that difficulties will arise in connection with
the integration of the operations of acquired businesses with the operations of
Bancorp's banking or investment management businesses, the Company's ability to
control costs, new accounting pronouncements, and the Bank's continued ability
to comply with existing and future 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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