PRESS RELEASE

For Immediate Release
November 15, 2004

CARROLLTON BANCORP REPORTS QUARTERLY DIVIDEND

BALTIMORE, MARYLAND - Carrollton Bancorp (NASDAQ: CRRB) announced today a quarterly dividend of $0.10 per share payable December 1, 2004 to shareholders of record on November 11, 2004. Robert A. Altieri, President & CEO, stated that the cash dividend rate was based on current earnings and future prospects for the Company

For additional information, contact Barbara Broczkowski, Chief Financial Officer, (410) 536-7308, or visit the Company's Internet site at www.carrolltonbank.com.

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