CF Bankshares (CFBK) 8-K Central Federal Corporation Declares Dividend

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Date:
Company:


Contact:

Phone: March 16, 2007
Central Federal Corporation
2923 Smith Road
Fairlawn, Ohio 44333
Mark S. Allio
Chairman, President and CEO
330.576.1334
Fax:    330.666.7959

CENTRAL FEDERAL CORPORATION DECLARES DIVIDEND

Fairlawn, Ohio — March 16, 2007 — Central Federal Corporation (NASDAQ: CFBK) announced today that the Company’s Board of Directors declared a cash dividend of 9 cents per share on its common stock to be paid on April 13, 2007 to stockholders of record on April 2, 2007.

About Central Federal Corporation and CFBank

Central Federal Corporation is the holding company for CFBank, a federally chartered savings association formed in Ohio in 1892. CFBank has four full-service banking offices in Fairlawn, Calcutta, Columbus and Wellsville, Ohio. Additional information about mortgage loans, home equity loans, commercial loans and other services is available atwww.CFBankOnline.com.

Statements contained in this release that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cautions that such statements necessarily are based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic and market conditions. Further information on these risk factors is included in the Company’s filings with the Securities and Exchange Commission.