Danvers Bancorp, Inc. Adopts Stock Repurchase Program

DANVERS, Mass.--(Business Wire)--
Danvers Bancorp, Inc. (the "Company") (NASDAQ: DNBK), the holding company for
Danversbank, today announced that its Board of Directors has adopted a stock
repurchase program to purchase up to five percent (5%) of the Company`s
outstanding common stock.

Repurchases under this program will be made in open market transactions, through
block trades, and pursuant to any trading plan that may be adopted in accordance
with Rule 10b5-1 of the Securities Exchange Act of 1934 (the "Exchange Act").
This authority may be exercised from time to time and in such amounts as market
conditions warrant and subject to regulatory considerations. The timing and
actual number of shares repurchased will depend on a variety of factors
including price, corporate and regulatory requirements, trading plans adopted by
the Company, market conditions, and other corporate liquidity requirements and
priorities. Open market purchases will be subject to the limitations set forth
in Rule 10b-18 of the Exchange Act and other applicable legal requirements. The
stock repurchase program may be suspended or terminated at any time without
prior notice.

Company Profile

Danvers Bancorp, Inc. is the holding company for Danversbank, a
Massachusetts-chartered savings bank headquartered in Danvers, Massachusetts.
Originally founded in 1850 as a Massachusetts-chartered mutual savings bank, we
have grown to $1.7 billion in assets through acquisitions and internal growth,
including de novo branching. We conduct business from our main office located at
One Conant Street, Danvers, Massachusetts, and our 15 other branch offices
located in Andover, Beverly, Boston, Chelsea, Danvers, Malden, Middleton,
Peabody, Reading, Revere, Salem, Saugus, Wilmington, and Woburn, Massachusetts.
Our business consists primarily of making loans to our customers, including
commercial and industrial, commercial real estate loans, owner-occupied
residential mortgages and consumer loans, and investing in a variety of
investment securities. We fund these lending and investment activities with
deposits from our customers; funds generated from operations and selected
borrowings. We also provide non-deposit investment products and services, cash
management, debit and credit card products and online banking services.
Additional information about the Company and its subsidiaries is available at
www.danversbank.com.

Forward Looking Statements

Certain statements herein constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on the beliefs and expectations of management, as well as
the assumptions made using information currently available to management. Since
these statements reflect the views of management concerning future events, these
statements involve risks, uncertainties and assumptions. As a result, actual
results may differ from those contemplated by these statements. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words like "believe," "expect,"
"anticipate," "estimate,` and "intend" or future or conditional verbs such as
"will," "would," "should," "could," or "may." Certain factors that could cause
actual results to differ materially from expected results include changes in the
interest rate environment, changes in general economic conditions, legislative
and regulatory changes and the risk factors described in the Company`s December
31, 2008 Form 10-K, filed on March 16, 2009, as updated by our Quarterly Reports
on Form 10-Q, that adversely affect the business in which Danvers Bancorp is
engaged and changes in the securities market. Readers are cautioned not to place
undue reliance on these forward-looking statements which speak only as of the
date of this release. The Company disclaims any intent or obligation to update
any forward-looking statements, whether in response to new information, future
events or otherwise.

Danvers Bancorp, Inc.
Kevin T. Bottomley, 978-739-0263
President and CEO
kevin.bottomley@danversbank.com
or
L. Mark Panella, 978-739-0217
Chief Financial Officer
mark.panella@danversbank.com

Copyright Business Wire 2009