Carrollton Bancorp Extends Termination Date of Merger Agreement With Jefferson Bancorp; Announces Resignation of Chief Financial

Carrollton Bancorp Extends Termination Date of Merger Agreement With Jefferson
Bancorp; Announces Resignation of Chief Financial Officer

COLUMBIA, Md., Dec. 21, 2012 (GLOBE NEWSWIRE) -- Carrollton Bancorp
(Nasdaq:CRRB) today announced that it entered into a letter agreement
extending until February 28, 2013 the termination date as provided for in the
Agreement and Plan of Merger (the "Merger Agreement") by and among Carrollton,
Jefferson Bancorp, Inc. ("Jefferson") and Financial Service Partners Fund I,
LLC ("FSPF") dated as of April 8, 2012, amended as of May 7, 2012. Carrollton,
Jefferson and FSPF entered into the letter agreement on December 20, 2012.

The scheduled date for the termination under the Merger Agreement was December
31, 2012. If all conditions to closing had not been satisfied or waived by
such date, the Agreement was subject to extension to February 28, 2013 under
certain circumstances.

As disclosed in Carrollton's Proxy Statement, dated July 11, 2012 (the "Proxy
Statement"), it is a condition to closing under the Merger Agreement that the
acquisition of Carrollton by FSPF through the merger with Jefferson be
approved by the Board of Governors of the Federal Reserve System (the "Federal
Reserve Board"), and the merger of Carrollton's bank subsidiary, Carrollton
Bank, with and into Jefferson's bank subsidiary, Bay Bank, FSB ("Bay Bank"),
be approved by the Office of the Comptroller of the Currency (the "OCC").As
the Proxy Statement reported, Jefferson had preliminary discussions with both
the staff of the Federal Reserve Board and the OCC and filed formal
applications with both agencies on June 6, 2012.Jefferson has advised
Carrollton that since then it has responded to requests from both agencies for
additional information regarding the mergers.

In connection with processing the application filed with it, the Federal
Reserve Board staff has advised Jefferson that it is reviewing the ownership
structure of Bay Bank which was previously approved by a predecessor
regulatory agency under the Home Owners' Loan Act, including its ultimate
holding company, FSPF, and the ownership of interests in FSPF by persons who
also are investors in other banks.The Proxy Statement also disclosed that
this review by the Federal Reserve Board might occur. The OCC staff has
advised Jefferson that it will not continue processing the merger application
filed with it until, among other things, it receives indication from the
Federal Reserve Board staff that the Federal Reserve Board is ready to act on
the holding company merger application filed with it. Jefferson, FSPF and Bay
Bank, with support of Carrollton and Carrollton Bank, are continuing to work
with the Federal Reserve Board and the OCC to complete the processing of the
applications filed with these agencies.Jefferson has advised Carrollton that
it expects to be able to satisfactorily resolve all of the issues raised by
the Federal Reserve Board and the OCC to date, but that there cannot be any
assurance that such previously raised issues can be satisfactorily resolved or
that such agencies will not raise additional issues that cannot be
satisfactorily resolved.

The mergers contemplated by the Merger Agreement cannot be completed without
securing regulatory approvals as disclosed in the Proxy Statement.Based upon
currently available information, all necessary regulatory approvals to
complete the mergers are expected by Jefferson, FSPF and Carrollton to be
received so that the mergers can be completed by February 28, 2013.However,
there can be no assurance that this will occur when expected, if at all, or
that no adverse conditions will be imposed on FSPF, Carrollton or Bay Bank by
the Federal Reserve Board or OCC as part of their approvals.

As a result of the delay in obtaining the regulatory approvals discussed
above, the parties entered into the letter agreement extending the termination
date under the Merger Agreement until February 28, 2013.

Resignation of Chief Financial Officer

Mark A. Semanie informed the Board of Directors of Carrollton on December 17,
2012 of his decision to resign as Carrollton's Chief Financial Officer to
pursue other career opportunities. It is anticipated that Mr. Semanie will
remain employed with Carrollton until January 18, 2013 to assist with the
transition of his responsibilities. Mr. Semanie was expected to be the CFO of
the combined institutions upon completion of the mergers contemplated by the
Merger Agreement.Jefferson has advised Carrollton that it intends to appoint
David Borowy, current CFO of Jefferson and Bay Bank, as the interim CFO of the
combined institutions until such time as a permanent CFO is identified and
appointed.Management of Jefferson has further advised Carrollton that it does
not believe that Mr. Semanie's resignation will adversely affect the
regulatory approval application process.

About Carrollton Bancorp/Carrollton Bank

Carrollton Bank is a wholly-owned subsidiary of Carrollton Bancorp, a publicly
traded bank holding company (Nasdaq:CRRB) headquartered in Columbia, Maryland.
Carrollton Bank has been committed to providing outstanding financial service
to the central Maryland region for more than 100 years. Carrollton Bank
provides a wide range of financial services for personal and business banking
customers, including a variety of checking accounts, competitive rates on
certificates of deposit and savings accounts, commercial lending, free
nationwide ATMs with the MoneyPass® symbol, mortgages, investment services*
and 24-hour internet and telephone banking. As of December 31, 2011,
Carrollton Bank had approximately $365 million in total assets and ten (10)
branch locations in the region. Please visit Carrollton Bank's website at
www.carrolltonbank.com for additional information.

About Jefferson Bancorp, Inc./Bay Bank, FSB

Jefferson Bancorp, Inc. was formed in 2009 to operate as the savings and loan
holding company of a federal savings bank, Bay Bank, FSB, which commenced
operations in July 2010, when it acquired certain assets and assumed certain
liabilities of Bay National Bank from the Federal Deposit Insurance
Corporation. Substantially all of Jefferson Bancorp, Inc.'s outstanding common
shares are owned by Financial Services Partners Fund I, LLC ("FSPF"). FSPF is
a Delaware limited liability company established on July 1, 2005, to pursue
equity investments in banks, thrifts, insurance and specialty finance
institutions. Bay Bank, FSB is headquartered in Lutherville, Maryland, and is
focused on providing superior customer service to small and medium-sized
businesses, their owners and professionals located throughout the region. Its
core products are commercial loans, real estate loans, commercial and consumer
deposit services, cash management services and consumer loans. As of December
31, 2011, Bay Bank had total assets of approximately $130 million and two
branch locations. Please visit Bay Bank's website at www.baybankmd.com for
additional information.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 concerning Carrollton
Bancorp and Jefferson Bancorp, Inc. and the financial condition and projected
expenses of Carrollton Bancorp, Jefferson Bancorp, Inc. and the combined
company. These forward-looking statements about future expectations, plans and
prospects of Carrollton Bancorp, Jefferson Bancorp, Inc. and the combined
company involve significant risks, uncertainties and assumptions, including
risks that can be found in the "Risk Factors" section of the Carrollton
Bancorp Annual Report on Form 10-K on file with the Securities and Exchange
Commission and the other reports that Carrollton Bancorp periodically files
with the Securities and Exchange Commission. Actual results may differ
materially from those Carrollton Bancorp contemplated by these forward-looking
statements. These forward looking statements reflect management's current
views, and Carrollton Bancorp does not undertake to update any of these
forward-looking statements to reflect a change in its views or events or
circumstances that occur after the date of this release.

CONTACT: Mark A. Semanie,
         Chief Financial Officer
         (410) 536-7308
 
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