EXHIBIT 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:	William P. Hornby, CPA
	whornby@century-bank.com
Phone:	781-393-4630
Fax:	781-393-4071

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

Medford, MA, January 15, 2008—Century Bancorp, Inc. (NASDAQ:CNBKA) (www.century-bank.com) (“the Company”) today announced net income of $2,374,000, or $0.43 per share diluted, for the fourth quarter ended December 31, 2007, an increase of 118.2% when compared to net income of $1,088,000, or $0.20 per share diluted, for the fourth quarter ended December 31, 2006. For the year ended 2007, net income totaled $7,864,000, or $1.42 per share diluted, an increase of 67.7% when compared to net income of $4,688,000, or $0.84 per share diluted, for the same period a year ago. Included in income for 2007 is the previously announced $1,321,000 pre-tax gain on the sale of the building which houses the Company’s Medford Square branch. Included in income for 2006 is a pre-tax gain of $600,000 from the sale of the Company’s rights to future royalty payments for a portion of its Merchant Credit Card customer base.

Net interest income totaled $39.2 million for the year ended December 31, 2007 as compared to $36.8 million for 2006. The 6.6% increase in net interest income for the period is due to an increase of twenty-five basis points in the net interest margin, from 2.40% on a fully taxable equivalent basis in 2006 to 2.65% on the same basis for 2007. Included in interest income for the year ended December 31, 2007 is $412,000 of prepayment fees collected on loans as compared to $327,000 for 2006, an increase of $85,000.

-more-

At December 31, 2007, total equity was $118.8 million compared to $106.8 million at December 31, 2006. The Company’s equity increased as a result of earnings less dividends paid as well as an improvement of $4.9 million in the net unrealized loss on the Company’s available-for-sale portfolio and an improvement of $1.3 million in the additional pension liability, net of taxes. The Company’s leverage ratio stood at 9.56% at December 31, 2007, compared to 8.58% at December 31, 2006. Book value as of December 31, 2007 was $21.43 per share compared to $19.28 at December 31, 2006.

The Company’s allowance for loan losses was $9.6 million or 1.33% of loans outstanding at the end of the fourth quarter of 2007, compared to $9.7 million, or 1.32% of loans outstanding at December 31, 2006. Non-performing assets totaled $1.8 million at December 31, 2007, compared to $135,000 at December 31, 2006. Non-performing assets increased primarily as a result of one foreclosed asset of $453,000 and three consumer mortgages totaling $938,000.

The Company’s Board of Directors voted a regular quarterly dividend of 12.00 cents ($0.12) per share on the Company’s Class A common stock, and 6.00 cents ($0.06) per share on the Company’s Class B common stock. The dividends were declared payable February 15, 2008 to stockholders of record on February 1, 2008.

The Company, through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-one 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 or 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)
(in thousands)

	December 31,		December 31,
	2007		2006
Assets
Cash and Due From Banks	$	66,974	$	60,465
Federal Funds Sold and Interest-bearing Deposits In Other Banks		232,927		99,203
Securities Available-For-Sale (AFS)		403,635		415,481
Securities Held-to-Maturity		183,710		265,712
Loans:
Commercial & Industrial		117,332		117,497
Construction & Land Development		62,412		49,709
Commercial Real Estate		299,920		327,040
Residential Real Estate		168,204		167,946
Consumer and Other		21,588		11,201
Home Equity		56,795		63,380
Total Loans		726,251		736,773
Less: Allowance for Loan Losses		9,633		9,713
Net Loans		716,618		727,060
Bank Premises and Equipment		21,985		22,955
Accrued Interest Receivable		6,590		7,372
Goodwill		2,714		2,714
Core Deposit Intangible		1,671		2,059
Other Assets		43,457		41,269
Total Assets	$	1,680,281	$	1,644,290
Liabilities
Demand Deposits	$	289,526	$	283,449
Interest Bearing Deposits:
Savings and NOW Deposits		310,858		274,231
Money Market Accounts		234,099		301,188
Time Deposits		295,578		410,097
Total Interest Bearing		840,535		985,516
Total Deposits		1,130,061		1,268,965
Borrowed Funds:
Securities Sold Under Agreements to Repurchase		85,990		86,960
Other Borrowed Funds		289,885		123,023
Total Borrowed Funds		375,875		209,983
Other Liabilities		19,456		22,441
Subordinated Debentures		36,083		36,083
Total Liabilities		1,561,475		1,537,472
Total Stockholders’ Equity		118,806		106,818
Total Liabilities & Stockholders’ Equity	$	1,680,281	$	1,644,290

Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Income (unaudited)
For the Quarter and Year ending
December 31, 2007 and 2006 (in thousands)

	Quarter				Year
	2007		2006		2007		2006
Interest Income:
Loans	$	13,056	$	13,300	$	52,796	$	51,437
Securities Held-to-Maturity		2,020		2,447		9,065		10,112
Securities Available-for-Sale		3,920		3,980		14,478		17,194
Federal Funds Sold and Interest-bearing Deposits In Other Banks		1,485		1,519		6,669		1,964
Total Interest Income		20,481		21,246		83,008		80,707
Interest Expense:
Savings and NOW Deposits		1,819		1,524		6,712		4,950
Money Market Accounts		1,849		2,954		8,901		9,804
Time Deposits		3,377		4,957		15,640		16,026
Securities Sold Under Agreements to Repurchase		763		686		3,191		2,681
Other Borrowed Funds and Subordinated Debentures		2,570		2,137		9,361		10,483
Total Interest Expense		10,378		12,258		43,805		43,944
Net Interest Income		10,103		8,988		39,203		36,763
Provision For Loan Losses		600		225		1,500		825
Net Interest Income After Provision for Loan Losses		9,503		8,763		37,703		35,938
Other Operating Income
Service Charges on Deposit Accounts		1,949		1,737		7,579		6,702
Lockbox Fees		694		677		2,956		2,772
Gain on Sale of Fixed Assets		117		—		1,438		—
Other Income		831		322		1,975		1,891
Total Other Operating Income		3,591		2,736		13,948		11,365
Operating Expenses
Salaries and Employee Benefits		5,962		5,723		24,543		23,815
Occupancy		993		921		3,852		3,907
Equipment		692		738		2,957		3,043
Other		2,118		2,468		8,903		9,431
Total Operating Expenses		9,765		9,850		40,255		40,196
Income Before Income Taxes		3,329		1,649		11,396		7,107
Income Tax Expense		955		561		3,532		2,419
Net Income	$	2,374	$	1,088	$	7,864	$	4,688

Century Bancorp, Inc. and Subsidiaries
Consolidated Year-to-Date Average Comparative Statements of Condition (unaudited)
(in thousands)

	December 31,			December 31,
	2007			2006
Assets
Cash and Due From Banks	$	57,553		$	58,543
Federal Funds Sold and Interest-Bearing Deposits in Other Banks		131,900			37,728
Securities Available-For-Sale (AFS)		373,208			497,467
Securities Held-to-Maturity		248,338			275,897
Total Loans		725,903			723,825
Less: Allowance for Loan Losses		9,719			9,608
Net Loans		716,184			714,217
Unrealized Loss on Securities AFS		(4,551	)		(12,568	)
Bank Premises and Equipment		22,869			24,032
Accrued Interest Receivable		7,110			7,517
Goodwill		2,714			2,714
Core Deposit Intangible		1,870			2,259
Other Assets		43,087			41,104
Total Assets	$	1,600,282		$	1,648,910
Liabilities
Demand Deposits	$	278,402		$	284,295
Interest Bearing Deposits:
Savings and NOW Deposits		314,961			290,172
Money Market Accounts		277,481			327,203
Time Deposits		335,972			359,046
Total Interest Bearing		928,414			976,421
Total Deposits		1,206,816			1,260,716
Borrowed Funds:
Securities Sold Under Agreements to Repurchase		89,815			70,861
Other Borrowed Funds		132,452			156,060
Total Borrowed Funds		222,267			226,921
Other Liabilities		23,566			19,802
Subordinated Debentures		36,083			36,083
Total Liabilities		1,488,732			1,543,522
Total Stockholders’ Equity		111,550			105,388
Total Liabilities & Stockholders’ Equity	$	1,600,282		$	1,648,910
Total Average Earning Assets — QTD	$	1,453,529		$	1,564,210
Total Average Earning Assets — YTD	$	1,479,349		$	1,534,917

Century Bancorp, Inc. and Subsidiaries
Consolidated Selected Key Financial Information (unaudited)

(in thousands, except share data)

	December 31,			December 31,
	2007			2006
Performance Measures:
Earnings per average share, basic, quarter	$	0.43		$	0.20
Earnings per average share, diluted, quarter	$	0.43		$	0.20
Earnings per average share, basic, year	$	1.42		$	0.85
Earnings per average share, diluted, year	$	1.42		$	0.84
Return on average assets, year		0.49	%		0.28	%
Return on average stockholders’ equity, year		7.05	%		4.45	%
Net interest margin (taxable equivalent), quarter		2.79	%		2.30	%
Net interest margin (taxable equivalent), year		2.65	%		2.40	%
Efficiency ratio, year-to-date		77.5	%		83.5	%
Book value per share	$	21.43		$	19.28
Tangible book value per share	$	20.64		$	18.42
Tangible capital / tangible assets		6.83	%		6.22	%
Common Share Data:
Average shares outstanding, basic, quarter		5,543,804			5,541,156
Average shares outstanding, basic, year		5,542,461			5,540,966
Average shares outstanding, diluted, quarter		5,547,234			5,550,796
Average shares outstanding, diluted, year		5,546,707			5,550,722
Shares outstanding Class A		3,516,704			3,498,738
Shares outstanding Class B		2,027,100			2,042,450
Total shares outstanding at period end		5,543,804			5,541,188
Assets Quality and Other Data:
Allowance for loan losses / loans		1.33	%		1.32	%
Nonaccrual loans	$	1,312		$	135
Nonperforming assets	$	1,765		$	135
Loans 90 days past due and still accruing	$	122		$	789
Net charge-offs (recoveries), year	$	1,580		$	453
Leverage ratio		9.56	%		8.58	%
Tier 1 risk weighted capital ratio		16.46	%		15.93	%
Total risk weighted capital ratio		17.51	%		17.00	%
Total risk weighted assets	$	914,129		$	906,094