The board of directors of Chicopee Bancorp Inc., the holding company for Chicopee Savings Bank, has approved its fourth stock repurchase program.

Under the repurchase program, the company intends to repurchase up to 318,952 shares, or approximately 5 percent of the company’s outstanding shares of common stock.

The repurchase program will be conducted solely through a Rule 10b5-1 repurchase plan with Stifel, Nicolaus & Co. Inc. Repurchased shares will be held in treasury. The Rule 10b5-1 repurchase plan allows the company to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout period.

This is the company’s fourth repurchase program announced since becoming a public company in July 2006. The company’s third repurchase program was completed on Nov. 25, 2009, under which 335,000 shares were purchased at a total cost of approximately $4.3 million or $12.98 per share.