Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:	Paul V. Cusick, Jr.
	pcusick@century-bank.com
Phone:	781-393-4601
Fax:	781-393-4071

CENTURY BANCORP, INC. REPORTS THIRD QUARTER RESULTS AND
DECLARES QUARTERLY DIVIDEND

Medford, MA, October 10, 2006—Century Bancorp, Inc. (NASDAQ:CNBKA) (www.century-bank.com) (“the Company”) today announced net income of $1,197,000, or $0.22 per share diluted, for the third quarter ended September 30, 2006, compared to net income of $1,532,000, or $0.28 per share diluted, for the third quarter of 2005. Included in income for the current quarter is approximately $354,000 of Federal Home Loan Bank (FHLB) stock dividend income. This dividend is for the second and third quarter of 2006 because the FHLB did not declare a dividend in the second quarter. For the first nine months of 2006, net income totaled $3,600,000, or $0.65 per share diluted, compared to net income of $5,609,000, or $1.01 per share diluted, for the same period a year ago. Included in income for 2006 is the previously announced pre-tax gain of $600,000 from the sale of its rights to future royalty payments for a portion of its Merchant Credit Card customer base.

Net interest income totaled $27,775,000 for the first nine months ended September 30, 2006, versus $30,678,000 for the same period in 2005. The 9.5% decrease in net interest income for the period is mainly due to a decrease of twenty basis points in the net interest margin as well as a $30,124,000 or 1.9% decrease in average earnings assets.

At September 30, 2006, total equity was $107.3 million compared to $103.2 million at December 31, 2005. Century’s leverage ratio stood at 8.78% on September 30, 2006, compared to 8.63% for the same period a year ago. Book value as of September 30, 2006 was $19.37 per share compared to $18.90 for the same period last year.

-more-

Century’s allowance for loan losses was $9.8 million or 1.36% of loans outstanding at the end of the third quarter, compared to $9.6 million, or 1.28% of loans outstanding at end of the previous quarter and $9.3 million or 1.35% at December 31, 2005. Non-performing assets totaled $0.3 million at September 30, 2006, compared to $0.3 million at the end of the previous quarter and $1.3 million at September 30, 2005.

Century’s Board of Directors voted a regular quarterly dividend of 12.00 cents ($0.12) per share on Century Class A common stock, and 6.00 cents ($0.06) per share on Century Class B common stock. The dividends were declared payable November 15, 2006 to stockholders of record on November 1, 2006.

Century Bancorp, Inc., through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-two full-service branches in the Greater Boston area, offers a full range of Business, Personal and Institutional Services.

Century Bank and Trust Company is a member of the FDIC and is an Equal Housing Lender.

This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.

Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Condition (unaudited)
(000’s)

	September 30,		December 31,
Assets	2006		2005
Cash and Due From Banks	$	54,151	$	47,626
Federal Funds Sold and Interest-bearing Deposits In Other Banks		42,209		105,053
Securities Available-For-Sale (AFS)		460,264		532,982
Securities Held-to-Maturity		270,306		286,578
Loans:
Commercial & Industrial		107,094		94,139
Construction & Land Development		58,973		58,846
Commercial Real Estate		308,412		302,279
Residential Real Estate		163,500		146,355
Consumer and Other		14,188		11,316
Home Equity		69,397		76,710
Total Loans		721,564		689,645
Less: Allowance for Loan Losses		9,784		9,340
Net Loans		711,780		680,305
Bank Premises and Equipment		23,370		25,228
Accrued Interest Receivable		7,268		7,127
Goodwill		2,714		2,714
Core Deposit Intangible		2,156		2,447
Other Assets		42,312		38,709
Total Assets	$	1,616,530	$	1,728,769
Liabilities
Demand Deposits	$	274,967	$	296,696
Interest Bearing Deposits:
Savings and NOW Deposits		277,218		239,326
Money Market Accounts		343,154		279,245
Time Deposits		380,588		401,773
Total Interest Bearing		1,000,960		920,344
Total Deposits		1,275,927		1,217,040
Borrowed Funds:
Securities Sold Under Agreements to Repurchase		63,930		50,010
Other Borrowed Funds		114,280		304,722
Total Borrowed Funds		178,210		354,732
Other Liabilities		19,003		17,713
Subordinated Debentures		36,083		36,083
Total Liabilities		1,509,223		1,625,568
Total Stockholders’ Equity		107,307		103,201
Total Liabilities & Stockholders’ Equity	$	1,616,530	$	1,728,769

Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Income (unaudited)
For the Quarter and Year-to-date ending
September 30, 2006 and 2005 (000’s)

	Quarter				Year-to-date
	2006		2005		2006		2005
Interest Income:
Loans	$	13,290	$	10,616	$	38,137	$	29,900
Securities Held-to-Maturity		2,497		2,773		7,665		8,957
Securities Available-for-Sale		4,390		4,895		13,214		14,829
Federal Funds Sold and Interest-bearing Deposits In Other Banks		364		5		445		337
Total Interest Income		20,541		18,289		59,461		54,023
Interest Expense:
Savings and NOW Deposits		1,344		1,015		3,426		2,663
Money Market Accounts		2,711		1,886		6,850		5,366
Time Deposits		4,157		2,174		11,069		6,169
Securities Sold Under Agreements to Repurchase		795		225		1,995		455
Other Borrowed Funds and Subordinated Debentures		2,163		3,215		8,346		8,692
Total Interest Expense		11,170		8,515		31,686		23,345
Net Interest Income		9,371		9,774		27,775		30,678
Provision For Loan Losses		225		150		600		450
Net Interest Income After Provision for Loan Losses		9,146		9,624		27,175		30,228
Other Operating Income
Service Charges on Deposit Accounts		1,747		1,481		4,965		4,446
Lockbox Fees		658		644		2,095		2,139
Brokerage Commissions		42		106		120		398
Net (Losses) Gains on Sales of Securities		0		0		0		0
Other Income		282		471		1,449		1,303
Total Other Operating Income		2,729		2,702		8,629		8,286
Operating Expenses
Salaries		4,477		4,707		13,745		13,925
Employee Benefits		1,366		1,357		4,347		4,193
Occupancy		1,020		874		2,986		2,803
Equipment		785		733		2,305		2,229
Other		2,408		2,396		6,963		7,067
Total Operating Expenses		10,056		10,067		30,346		30,217
Income Before Income Taxes		1,819		2,259		5,458		8,297
Income Tax Expense Provision for Income Taxes		622		727		1,858		2,688
Total Income Tax Expense		622		727		1,858		2,688
Net Income	$	1,197	$	1,532	$	3,600	$	5,609

Century Bancorp, Inc. and Subsidiaries
Consolidated Year-to-Date Average Comparative Statements of Condition (unaudited)
September 30, 2006 and 2005 (000’s)

	September 30,		September 30,
Assets	2006		2005
Cash and Due From Banks	$	58,390	$	53,522
Federal Funds Sold and Interest-Bearing Deposits in Other Banks		11,662		20,364
Securities Available-For-Sale (AFS)		511,909		588,077
Securities Held-to-Maturity		278,497		318,871
Total Loans		722,978		627,858
Less: Allowance for Loan Losses		9,527		9,289
Net Loans		713,451		618,569
Bank Premises and Equipment		24,318		26,414
Accrued Interest Receivable		7,573		7,539
Goodwill		2,714		2,714
Core Deposit Intangible		2,308		2,693
Other Assets		27,139		25,427
Total Assets	$	1,637,961	$	1,664,190
Liabilities
Demand Deposits	$	283,089	$	282,653
Interest Bearing Deposits:
Savings and NOW Deposits		288,970		326,621
Money Market Accounts		323,155		385,003
Time Deposits		342,385		261,852
Total Interest Bearing		954,510		973,476
Total Deposits		1,237,599		1,256,129
Borrowed Funds:
Securities Sold Under Agreements to Repurchase		70,004		36,441
Other Borrowed Funds		170,452		213,280
Total Borrowed Funds		240,456		249,721
Other Liabilities		19,372		16,408
Subordinated Debentures		36,083		37,060
Total Liabilities		1,533,510		1,559,318
Total Stockholders’ Equity		104,451		104,872
Total Liabilities & Stockholders’ Equity	$	1,637,961	$	1,664,190
Total Average Earning Assets — QTD	$	1,517,605	$	1,532,128
Total Average Earning Assets — YTD	$	1,525,046	$	1,555,170

Century Bancorp, Inc. and Subsidiaries
Consolidated Selected Key Financial Information (unaudited)
September 30, 2006 and 2005
(dollars in thousands, except share data)

	September 30,			September 30,
	2006			2005
Performance Measures:
Earnings per average share, basic, quarter	$	0.22		$	0.28
Earnings per average share, diluted, quarter	$	0.22		$	0.28
Earnings per average share, basic , year-to-date	$	0.65		$	1.01
Earnings per average share, diluted, year-to-date	$	0.65		$	1.01
Return on average assets, year-to-date		0.29	%		0.45	%
Return on average stockholders’ equity, year-to-date		4.61	%		7.15	%
Net interest margin (taxable equivalent), quarter		2.48	%		2.55	%
Net interest margin (taxable equivalent), year-to-date		2.43	%		2.63	%
Efficiency ratio, year-to-date		83.3	%		77.6	%
Book value per share	$	19.37		$	18.90
Tangible book value per share	$	18.49		$	17.95
Tangible capital / tangible assets		6.36	%		6.13	%
Common Share Data:
Average shares outstanding, basic, quarter		5,541,088			5,535,388
Average shares outstanding, basic, year-to-date		5,540,902			5,535,121
Average shares outstanding, diluted, quarter		5,548,842			5,553,751
Average shares outstanding, diluted, year-to-date		5,550,697			5,552,974
Shares outstanding Class A		3,498,638			3,435,802
Shares outstanding Class B		2,042,450			2,099,640
Total shares outstanding at period end		5,541,088			5,535,442
Assets Quality and Other Data:
Allowance for loan losses / loans		1.36	%		1.44	%
Nonaccrual loans	$	296		$	1,264
Nonperforming assets	$	296		$	1,264
Loans 90 days past due and still accruing	$	79		$	5
Net charge-offs (recoveries)	$	156			($41	)
Leverage ratio		8.78	%		8.63	%
Tier 1 risk weighted capital ratio		16.01	%		16.12	%
Total risk weighted capital ratio		17.10	%		17.20	%
Total risk weighted assets	$	897,313		$	879,024