8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 20, 2007

CHICOPEE BANCORP, INC.

(Exact name of registrant as specified in its charter)

Massachusetts	0-51996	20-4840562
(State or other jurisdiction of Incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

70 Center Street, Chicopee, Massachusetts	01013
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (413) 594-6692

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 communications 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 8.01 Other Events.

On July 20, 2007, Chicopee Bancorp, Inc., the holding company for Chicopee Savings Bank, announced its financial results for the quarter ended June 30, 2007. The press release announcing financial results for the quarter ended June 30, 2007 is included as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Earnings Press Release Dated July 20, 2007.

SIGNATURES

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.

	CHICOPEE BANCORP, INC.
	(Registrant)
Date: July 20, 2007	By:	/s/ William J. Wagner
		William J. Wagner
		President and Chief Executive Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

For More Information Contact:

W. Guy Ormsby

Executive Vice President & CFO

(413)594-6692

Chicopee Bancorp, Inc. Reports Second Quarter Results

July 20, 2007. Chicopee Bancorp, Inc. (the “Company”) (CBNK), the holding company for Chicopee Savings Bank (the “Bank”), announced the results of operations for the three and six months ended June 30, 2007. The Company’s net income for the three months ended June 30, 2007 was $590,000 compared to $389,000 for the same period in 2006. For the six months ended June 30, 2007, net income increased $417,000 from $727,000 for the six months ended June 30, 2006 to $1.1 million with earnings per share of $0.17.

The Company’s assets increased by $19.0 million, or 4.2%, from $450.0 million at December 31, 2006 to $469.1 million at June 30, 2007, primarily as a result of an increase in loans of $7.3 million as well as an increase in federal funds sold of $6.8 million. Net loans increased to $376.3 million at June 30, 2007 from $369.0 million at December 31, 2006, with the one-to-four family real estate loans increasing $2.9 million, or 2.03%, construction loans increasing $2.4 million, or 5.83% and consumer loans increasing $1.7 million, or 6.77%. The increase in federal funds sold was primarily due to an increase in deposits of $17.2 million offset by the loan growth.

Financial highlights include:

• The investment portfolio decreased by $1.3 million, or 2.9%, to $44.0 million as of June 30, 2007 compared to $45.3 million at December 31, 2006, primarily due to maturities of held-to-maturity securities.

• Total deposits were $328.7 million at June 30, 2007 compared to $311.6 million at December 31, 2006, an increase of $17.2 million or 5.5%. During the period certificates of deposit increased by $10.4 million, or 5.4%, money market deposits increased by $4.3 million, or 12.5%, savings accounts increased by $1.9 million, or 4.6%, and demand deposits increased by $1.7 million, or 5.9%, offset slightly by a decrease in NOW accounts of $1.1 million, or 6.5%. The growth in deposits was a result of aggressive deposit pricing.

• The allowance for loan losses at June 30, 2007 was $3.1 million, or 0.82% of total loans, compared to $2.9 million, or 0.78% of total loans as of December 31, 2006. Nonperforming loans at June 30, 2007 were $510,000, or 0.13% of total loans, decreasing $1.2 million from $1.7 million, or 0.46% of total loans as of December 31, 2006.

• The provision for loan losses remained relatively stable at $113,000 in the three months ended June 30, 2007 compared to $110,000 for the same period in 2006. For the six months ended June 30, 2007, the provision for loan losses decreased slightly to $214,000 from $260,000 for the six month ended June 30, 2006.

• During the quarter ended June 30, 2007, the net interest margin decreased to 3.42%, as compared to 3.46% for the second quarter of 2006. The decrease of 4 basis points was primarily due to an increase in the cost of funds. For the six months ended June 30, 2007, net interest margin was 3.40% compared to 3.45% for the six months ended June 30, 2006.

• Non-interest income was $795,000 for the quarter ended June 30, 2007 compared to $446,000 for the quarter ended June 30, 2006. The increase during the period was primarily attributable to the gain of $293,000 from the sale of available-for-sale securities partially offset by a decrease in loan sales and servicing income of $44,000 as the Company did not sell loans in the second quarter of 2007. For the six months ended June 30, 2007, non-interest income was $1.5 million, an increase of $602,000 or 65.7%, compared to $916,000 for the same period in 2006. The increase for the first six months of 2007 was primarily due to an increase of $151,000 in service charges, fees and commissions and an increase of $570,000 in gain on sales of available-for-sale securities. The increase was partially offset by a decrease in loan sales and servicing since the Company did not sell loans in the first half of 2007.

• Non-interest expense for the three and six months ended June 30, 2007 was $3.5 million and $6.8 million compared to $3.0 million and $5.9 million, respectively, for the same periods in 2006. The increases in non-interest expense for the three and six months ended June 30, 2007 are primarily due to increases in salaries and employee benefit expense of $347,000 and $566,000, respectively, additional staffing needs to support the requirements of a public company and increased benefit costs associated with the Bank’s ESOP.

• Total stockholders’ equity at June 30 2007 was $109.7 million, an increase of $1.3 million, or 1.2% over December 31, 2006, resulting mainly from net income for the period.

Chicopee Bancorp, Inc. is a publicly owned bank holding company and the parent corporation of Chicopee Savings Bank, a Massachusetts stock savings bank headquartered at 70 Center Street, Chicopee, MA 01013. Chicopee Savings Bank provides a wide variety of financial products and services through its six branch offices located in Chicopee, Ludlow and West Springfield in Western Massachusetts. For more information regarding the Bank’s products and services, please visit our web site at www.chicopeesavings.com.

This news release may contain forward-looking statements, which can be

identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows and changes in the quality or composition of the Company’s loan or investment portfolios. Additionally, other risks and uncertainties may be described in the Company’s quarterly reports on Form 10-Q and its annual report on Form 10-K, each filed with the Securities and Exchange Commission, which are available through the SEC’s website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company assumes no obligation to update any forward-looking statements.

CHICOPEE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars In Thousands)

(Unaudited)

	June 30, 2007			December 31, 2006
Assets
Cash and due from banks	$	13,392		$	8,816
Short-term investments		3,057			1,132
Federal funds sold		8,395			1,580
Total cash and cash equivalents		24,844			11,528
Securities available-for-sale, at fair value		8,198			7,861
Securities held-to-maturity, at cost (fair value $35,368 and $37,099 at June 30, 2007 and December 31, 2006, respectively)		35,777			37,411
Federal Home Loan Bank stock, at cost		1,583			1,574
Loans, net of allowance for loan losses ($3,079 at June 30, 2007 and $2,908 at December 31, 2006)		376,269			368,968
Cash surrender value of life insurance		11,438			11,200
Premises and equipment, net		6,779			7,003
Accrued interest and dividend receivable		1,852			1,901
Deferred income tax asset		1,586			1,538
Other assets		760			1,061
Total assets	$	469,086		$	450,045
Liabilities and Stockholders’ Equity
Deposits
Non-interest-bearing	$	30,816		$	29,088
Interest-bearing		297,918			282,483
Total deposits		328,734			311,571
Securities sold under agreements to repurchase		14,710			12,712
Advances from Federal Home Loan Bank		14,104			15,256
Mortgagors’ escrow accounts		980			997
Accrued expenses and other liabilities		827			1,063
Total liabilities		359,355			341,599
Commitments and contingencies
Stockholders’ Equity
Common stock (no par value, 20,000,000 shares authorized, 7,439,368 shares issued and outstanding at June 30, 2007 and December 31, 2006)		72,479			72,479
Additional paid-in-capital		225			144
Unearned compensation (Employee Stock Ownership Plan)		(5,505	)		(5,654	)
Retained earnings		41,961			40,817
Accumulated other comprehensive income		571			660
Total stockholders’ equity		109,731			108,446
Total liabilities and stockholders’ equity	$	469,086		$	450,045

CHICOPEE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2007		2006		2007			2006
Interest and dividend income:
Loans, including fees	$	5,889	$	4,879	$	11,616		$	9,576
Interest and dividends on securities		515		385		975			745
Other interest-earning assets		219		152		407			243
Total interest and dividend income		6,623		5,416		12,998			10,564
Interest expense:
Deposits		2,724		1,804		5,352			3,466
Securities sold under agreements to repurchase		77		48		149			110
Other borrowed funds		145		354		292			712
Total interest expense		2,946		2,206		5,793			4,288
Net interest income		3,677		3,210		7,205			6,276
Provision for loan losses		113		110		214			260
Net interest income, after provision for loan losses		3,564		3,100		6,991			6,016
Non-interest income:
Service charges, fees and commissions		503		391		932			781
Loan sales and servicing		—		44		(2	)		117
Net gain on sales of securities available-for-sale		293		11		588			18
Total non-interest income		796		446		1,518			916
Non-interest expenses:
Salaries and employee benefits		1,975		1,628		3,794			3,228
Occupancy expenses		260		262		551			541
Furniture and equipment		237		223		466			441
Data processing		181		163		364			343
Stationery, supplies and postage		86		85		179			161
Other non-interest expense		723		628		1,398			1,171
Total non-interest expenses		3,462		2,989		6,752			5,885
Income before income taxes		898		557		1,757			1,047
Income tax expense		308		168		613			320
Net income	$	590	$	389	$	1,144		$	727
Earnings per share:
Basic	$	0.09		NA	$	0.17			NA
Diluted	$	0.09		NA	$	0.17			NA
Weighted average shares outstanding since initial public offering:
Basic		6,881,194		NA		6,881,194			NA
Diluted		6,881,194		NA		6,881,194			NA
NA- Not Applicable

CHICOPEE BANCORP, INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA AND RATIOS

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2007		2006		2007		2006
Performance Ratios:
Return of Average Assets	0.51	%	0.39	%	0.51	%	0.37	%
Return of Average Equity	2.16	%	3.54	%	2.11	%	3.34	%
Interest Rate Spread	2.49	%	3.01	%	2.50	%	3.09	%
Net Interest Margin	3.42	%	3.46	%	3.40	%	3.45	%
Non-Interest Expense to Average Assets	3.02	%	2.99	%	2.98	%	3.01	%
Efficiency Ratio	77.39	%	81.76	%	77.40	%	81.83	%
Average Interest-Earning Assets to Average Interest-Bearing Liabilities	133.05	%	118.86	%	141.57	%	115.06	%
Average Equity to Average Assets	23.81	%	11.00	%	23.94	%	11.13	%
			At June 30,		At December 31,		At June 30,
			2007		2006		2006
Asset Quality Ratios:
Allowance for loan losses as a percent of total loans			0.82	%	0.78	%	0.85	%
Allowance for loan losses as a percent of total nonperforming loans			603.73	%	169.96	%	881.19	%
Net charge-offs to average outstanding loans during the period			0.02	%	0.04	%	0.03	%
Nonperforming loans as a percent of total loans			0.14	%	0.46	%	0.10	%
Other Data:
Number of Offices			7		7		7