Exhibit 4.3
    

    
      INCORPORATED UNDER THE LAWS OF THE
STATE OF MARYLAND

    

    
    	
          NUMBER
        	
           
        	
          SHARES
        
	
          **A-1**
        	

        	
          **9,201**
        


    

    

    

    
      CARROLLTON BANCORP
(a
      Maryland Corporation)
    

    
      Fixed Rate Cumulative Perpetual Preferred Stock, Series A
    

    
      THIS CERTIFIES THAT  **United States Department of Treasury** is
      the registered holder of **Nine Thousand Two Hundred One (9,201)**
      Shares of the Fixed Rate Cumulative Perpetual Preferred Stock, Series A,
      or the Corporation, par value $1.00 per share, fully paid and
      non-assessed transferable on the books of the Corporation by the holder
      hereof in person or by Attorney upon surrender of this Certificate
      properly endorsed.
    

    
      SEE IMPORTANT LEGENDS ON REVERSE SIDE
    

    
      IN WITNESS WHEREOF, the said Corporation has caused this
      Certificate to be signed by its duly authorized officers and its
      Corporate Seal to be hereunto affixed this 13th day of February, 2009.
    

    

    

    
    	
           
        	
           
        	
           
        
	
          
            Allyson Cwiek, Secretary
          

        	

        	
          
            Robert A. Altieri, President and CEO
          

        


    

    
      SHARES PAR VALUE $1.00 EACH
    

    
      
        

        

      

      
        

        

        
          


        

      

      
        

        

      

    

    

    

    
      IMPORTANT NOTICE
    

    
      THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS,
      DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE
      FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.
    

    
      THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
      THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR
      OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING
      THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS
      OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH
      LAWS.  EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT
      IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION
      5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.  ANY
      TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT BY ITS
      ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
      BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES
      THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES
      REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A REGISTRATION
      STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO
      LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR
      RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A
      “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
      SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
      A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
      TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO THE ISSUER OR
      (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO
      EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE
      TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.
    

    
      THE CORPORATION IS AUTHORIZED TO ISSUE STOCK OF MORE THAN ONE CLASS,
      CONSISTING OF COMMON STOCK AND FIXED RATE CUMULATIVE PERPETUAL PREFERRED
      STOCK, SERIES A.  THE CORPORATION WILL FURNISH, WITHOUT CHARGE, TO ANY
      STOCKHOLDER MAKING A WRITTEN REQUEST THEREFORE, A FULL STATEMENT OR
      SUMMARY OF THE INFORMATION REQUIRED BY THE BYLAWS OF THE CORPORATION AND
      BY SECTION 2-211(b) OF THE MARYLAND GENERAL CORPORATION LAW.
    

    
      KEEP THIS CERTIFICATE IN A SAFE PLACE.  IF IT IS LOST, STOLEN
OR
      DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A
CONDITION
      TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.
    

    
      The following abbreviations, when used in the inscription on the face of
      this Certificate, shall be construed as though they were written out in
      full according to applicable laws or regulations:
    

    
    	
          
            TEN COM - as tenants in common
          

        	
          
            UNIF GIFT MIN ACT - __________________ Custodian _______________
            (Minor)
          

        
	
          
            TEN ENT - as tenants by the entireties
          

        	
          
            under Uniform Gifts to Minors Act of _____________________________
            (State)
          

        
	
          
            JT TEN - as joint tenants with right of survivorship
          

        	

        
	
          
            and not as tenants in common
          

        	
          
            Additional abbreviations may also be used though not in the above
            list.
          

        


    

    
      FOR VALUE RECEIVED, _______________________ HEREBY SELLS, ASSIGNS AND
      TRANSFERS UNTO
    

    
    	
           
        
	
          
            (PLEASE INSERT NAME AND ADDRESS OF ASSIGNEE, INCLUDING ZIP CODE)
          

        
	

        	
           
        
	
           
        	

        
	
          
            (PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
            ASSIGNEE)
          

        	

        


    

    
      
        

        

      

      
        

        

        
          


        

      

      
        

        

      

    

    

    

    
      ___________________ (_____)Shares of Common Stock of the Corporation
      represented by this Certificate, and does hereby irrevocably constitutes
      and appoints _______________________________________ agent to transfer
      the said shares on the books of the Corporation, with full power of
      substitution in the premises.
    

    
      Dated
      _________________                                              ___________________________________________
    

    
      NOTICE:   THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME
      AS WRITTEN UPON THE FACE OF THIS CERTIFICATE IN EVERY PARTICULAR,
      WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.