Exhibit 99.1



               [LETTERHEAD OF THE FIRST NATIONAL BANK OF IPSWICH]



FOR IMMEDIATE RELEASE:
April 25, 2007
                                                        Contact: Russell G. Cole
                                                               President and CEO
                                                                    978-356-8157
                                                               Timothy L. Felter
                               Senior Vice President and Chief Financial Officer
                                              The First National Bank of Ipswich
                                                                    978-356-8257

         First Ipswich Bancorp Reports Profitable First Quarter in 2007

          Community Bank Makes Positive Progress with Strategic Refocus

Ipswich, MA - First Ipswich Bancorp (OTC:FIWC), the bank holding company for The
First National Bank of Ipswich (FNBI), announced increased profits for the first
quarter of 2007. Net income was $466,000 versus a loss of $183,000 for the same
period of 2006. The Company reported basic and diluted earnings of $0.20 per
share for the quarter ended March 31, 2007 versus a loss of $0.08 per share for
the quarter ended March 31, 2006.

Remarking on the improved financial results, Russ Cole, President and CEO,
stated, "We are very pleased with another consecutive quarter of improved
profitability. The implementation of our strategic plan has placed the Company
in a strong financial position for the future. We remain committed to a
disciplined and focused approach and our latest financial results indicate that
we're on the right path," commented Mr. Cole. "Our continued dedication to
personally meeting the needs of our customers remains the key to our success in
a competitive marketplace."

Tim Felter, Senior Vice President and CFO, stated, "Due to the completion of a
number of major initiatives, the Company's capital and liquidity positions are
very strong. We believe that these strengths, along with the continued stability
of our high quality loan portfolio, are a solid foundation for future
profitability. We are very pleased with the Company's core earnings."

Strategic initiatives, undertaken to "right size" the Bank, resulted in total
assets of $302.5 million as of March 31, 2007, managed from $332.8 million at
December 31, 2006. These same initiatives reduced total deposits by $27.2
million during the first quarter of 2007 to a total of $241.6 million as of
March 31, 2007 from $268.9 million at December 31, 2006. The Company reported
net interest income of $2.59 million for the first quarter of 2007 as compared
to $2.75 million in the same quarter of 2006.



This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Word such as "intends,"
"believes," "expects," "may," "will," "should," "contemplates," or "anticipates"
may indicate forward-looking statements.

Investors should be cautious in relying on such statements because they are
subject to a variety of risks, uncertainties, and other factors that could cause
actual results to differ materially from those expressed in any such
forward-looking statements.

These factors include, but are not limited to, statements regarding new business
strategies, the Bank's ability to comply with regulatory requirements, and those
set forth in our most recent annual report on Form 10-KSB and quarterly report
on 10-QSB, and other factors detailed from time to time in our filings with the
Securities and Exchange Commission (SEC). The Company undertakes no obligation
to update publicly any forward-looking statement, whether as the result of new
information, future events, or otherwise. For further information, please refer
to the reports and filings of the Company with the SEC.


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