Howard Bank Agrees to Buy Aberdeen, Maryland Branch from Cecil Bank

  Howard Bank Agrees to Buy Aberdeen, Maryland Branch from Cecil Bank

Business Wire

ELLICOTT CITY, Md. -- April 1, 2013

Howard Bancorp, Inc. (NASDAQ:HBMD) and Cecil Bancorp, Inc. (OTCBB:CECB) today
jointly announced that their respective banking subsidiaries, Howard Bank and
Cecil Bank, have entered into a purchase and assumption agreement for Howard
Bank to purchase the Cecil Bank branch located at 3 West Bel Air Ave.,
Aberdeen, MD 21001.

Pursuant to the agreement, Howard Bank will acquire a minimum of $38.0 million
in loans and $37.9 million in deposits from Cecil Bank.

Mary Ann Scully, Howard Bank’s President and CEO, said of the transaction,
“Howard Bank’s successful track record of organic growth in the attractive
markets of Greater Baltimore - our birthplace in Howard County, our developing
presence in Anne Arundel County and our announced branch in Towson, is now
complemented by our extension into the Harford County market through the
acquisition of the Cecil Bank branch in Aberdeen. Harford County presents many
exciting opportunities and we are presently searching for an additional
location in the Bel Air marketplace. We look forward to working with Cecil
Bank to welcome these customers to Howard Bank and to continuing their strong
commitment to community and tradition of customer service.”

Mary Halsey, Cecil Bank’s President and CEO, stated, “We are looking forward
to seamlessly transition our Aberdeen customer base into their organization.
This transaction, which will involve approximately 10% of our deposits, is
part of our ongoing strategy to strengthen our capital position as we
concentrate on our core markets. Most importantly, the capital impact of the
transaction reinforces our ability to meet the financial needs of our current
and new customers, while focusing on building shareholder value. We are
especially pleased that our branch customers and employees will find a new
home at a bank that shares our culture and values.”

The purchase is subject to customary closing conditions, including receipt of
all necessary regulatory approvals, and is expected to be completed in the
third quarter of 2013.

Griffin Financial Group acted as financial advisor to Howard Bank. Ober|Kaler
served as legal counsel to Howard Bank and Spidi & Fisch, PC and Venable
served as legal counsel to Cecil Bank.

About Howard Bancorp, Inc.

Howard Bancorp, Inc. is a bank holding company with total assets of $402
million as of December 31, 2012. Its principal operating subsidiary, Howard
Bank, located in Ellicott City, MD, is a growth-focused community bank serving
businesses, professionals and individuals in the Greater Baltimore area
through five full service branches and also a regional office in Annapolis,
MD. Howard Bank is a wholly owned subsidiary of Howard Bancorp, Inc. (NASDAQ:
HBMD). For information, call 410-750-0020 or visit www.howardbank.com

About Cecil Bancorp, Inc.

Cecil Bancorp, Inc. is the parent company of Cecil Bank, headquartered in
Elkton, Maryland, with 14  locations in Harford and Cecil Counties, Maryland.
Cecil Bank is a full-service, community-oriented financial institution
dedicated to serving the financial services needs of consumers and businesses
within its market area. At December 31, 2012, Cecil Bancorp, Inc. had
consolidated assets of $440.0 million.

This statements in this press release regarding the anticipated timing and
impact of Howard Bank’s purchase of Cecil Bank’s Aberdeen branch are
forward-looking statements as defined by the Private Securities Litigation
Reform Act of 1995 or the Securities and Exchange Commission in its rules,
regulations, and releases. We intend that such forward-looking statements be
subject to the safe harbors created thereby. Such statements are based on our
current beliefs and expectations and are inherently subject to significant
business, economic and competitive uncertainties and contingencies, many of
which are beyond our control. In addition, such forward-looking statements are
subject to assumptions with respect to future business strategies and
decisions that are subject to change. Potential risks and uncertainties
include, but are not limited to, the risk of not receiving required regulatory
approvals and changes in local and national economic conditions. Accordingly,
actual results may differ from those expressed in the forward-looking
statements, and the making of such statements should not be regarded as a
representation by the companies or any other person that results expressed
therein will be achieved. We do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions that may be made
to any forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.

Contact:

Howard Bank
Mary Ann Scully
President and Chief Executive Officer
(410) 750-0020
or
Cecil Bank
Mary B. Halsey
President and Chief Executive Officer
(410) 398-1650
 
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