EXHIBIT 99.2

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact:          David C. Vernon, Chairman, President and CEO
                  330-666-7979

Central Federal Corporation Announces Quarterly Dividends

WELLSVILLE, OHIO - JUNE 20, 2003 - Central Federal Corporation (NASDAQ: GCFC)
announced today that its Board of Directors, at their meeting on June 18, 2003,
declared a cash dividend of 9 cents per share on its common stock payable July
18, 2003 to shareholders of record on July 7, 2003.

As of June 18, 2003, Central Federal Corporation had 1,645,921 shares of common
stock outstanding which will represent a total dividend paid of $148,132.89.

Central Federal Corporation, a holding company owning all the shares of Central
Federal Bank, was formed in connection with the mutual to stock conversion of
Central Federal Bank completed on December 30, 1998.

Central Federal Bank, organized in 1892, operates two offices located within
Columbiana County, Ohio, one office in Fairlawn, Ohio and one office in
Columbus, Ohio.

This release contains certain forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended. We intend these
forward-looking statements to be subject to the safe harbor created by that
provision. These forward-looking statements involve risks and uncertainties and
include, but are not limited to, statements regarding future events and our
plans, goals and objectives. Our actual results may differ materially from these
statements. Although we believe the assumptions underlying the assumptions are
reasonable, any of the assumptions could prove to be inaccurate. Therefore, we
can give no assurance that the results contemplated in these forward-looking
statements will be realized. The inclusion of this forward-looking information
should not be regarded as a representation by our company or by any person that
the future events, plans or expectations contemplated by our company will be
achieved. Furthermore, past performance in operations and share price is not
necessarily predictive of future performance.