Carrollton Bancorp Receives Key Regulatory Approvals

Carrollton Bancorp Receives Key Regulatory Approvals

COLUMBIA, Md., March 26, 2013 (GLOBE NEWSWIRE) -- Carrollton Bancorp
(Nasdaq:CRRB) ("Carrollton") recently received two key regulatory approvals
required in connection with the transactions contemplated by the Agreement and
Plan of Merger ("Merger Agreement") by and among Carrollton, Jefferson
Bancorp, Inc. ("Jefferson") and Financial Services Partners Fund I, LLC
("FSPF"), dated as of April 8, 2012, and amended as of May 7, 2012 and
February 28, 2013.

On March 14, 2013, the Federal Reserve Bank of Richmond ("FRB"), acting under
authority delegated by the Board of Governors of the Federal Reserve System,
approved (1) the acquisition by Hovde Acquisition I LLC, Hovde Private Equity
Advisors LLC and FSPF of100% of the voting securities of Carrollton pursuant
to the Merger Agreement, and (2) Carrollton to become a savings and loan
holding company through the merger of Jefferson with and into Carrollton (the
"Merger") pursuant to the Merger Agreement. The FRB approval requires that
the Merger be consummated within three (3) months from the date of the
approval unless the period is extended by the FRB.

Secondly, on March 22, 2013, Carrollton received an approval letter from the
Office of the Comptroller of the Currency ("OCC") in connection with the
proposed merger of Carrollton's bank subsidiary, Carrollton Bank, with and
into Jefferson's subsidiary, Bay Bank FSB ("Bay Bank") ("Bank Merger"). The
OCC approval letter waived the Qualified Thrift Lender (QTL) test with regard
to Bay Bank during the first two (2) years following the Bank Merger and noted
that consummation of the Bank Merger is subject to a 15-day waiting period.

Approval of the FRB and OCC were closing conditions pursuant to the Merger
Agreement.As previously announced, if the Merger is not consummated by April
19, 2013, either Jefferson or Carrollton may terminate the Merger Agreement at
any time.Subject to satisfaction of the remaining closing conditions pursuant
to the Merger Agreement, it is anticipated that the Merger and Bank Merger
will be consummated on or before April 19, 2013.

"We are very excited to receive the approval from the Office of the
Comptroller of the Currency. We continue to believe that this transaction is
a wonderful opportunity for both banking institutions. The combined bank will
be well capitalized and well positioned to serve the needs of Baltimoreans
across the region. We look forward to being your local bank, in your
community, ready to serve your needs," said Kevin B. Cashen, President and CEO
of Bay Bank.

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, 2012, Carrollton
Bank had approximately $365 million in total assets and ten 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 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, 2012, Bay Bank had total assets of approximately $133 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: Robert A. Altieri, 410.536.7392
 
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