Exhibit 99.1


                                  PRESS RELEASE


FOR IMMEDIATE RELEASE

DATE:             August 20, 2003
COMPANY:          Central Federal Corporation and Central Federal Bank
                  601 Main Street, Wellsville, Ohio 43968
CONTACT:          David C. Vernon
PHONE:            330-532-1517
FAX:              330-532-3875


Wellsville, Ohio - Central Federal Corporation (Nasdaq: GCFC) and Central
Federal Bank, today announced that William R. Downing and Jerry F. Whitmer have
been elected to the Board of Directors of both the Corporation and the Bank.

William R. Downing has been a lifetime resident of Akron, Ohio. Mr. Downing is
President of R.H. Downing, Inc. an automotive supply, sales and marketing agency
and Chairman and Chief Executive Officer of JohnDow Industries, Inc., a
manufacturer and distributor of lubrication and fluid handling equipment. Mr.
Downing founded JohnDow Industries, Inc. in 1988. He received a Bachelor of
Science degree in Business Administration from Wittenberg University in 1963.

Jerry F. Whitmer was born in Fulton County, Ohio and has been a resident of
Akron, Ohio for the past 40 years. Mr. Whitmer serves as the Managing Partner
of Brouse McDowell, LPA, a law firm headquartered in Akron, Ohio. Mr. Whitmer
joined the firm in 1971. He is a member of the Akron, Ohio, and American Bar
Associations. Mr. Whitmer received a Bachelor of Arts degree from Kent State
University in 1957 and a Juris Doctor degree from Case Western Reserve
University in 1960. Brouse McDowell serves as counsel to the Company.

ABOUT GRAND CENTRAL CORPORATION

Central Federal Corporation is the holding company of Central Federal Bank and
was organized as a Delaware corporation in September 1998 in connection with
Central Federal Bank's conversion from a mutual to stock organization. Central
Federal Bank is a community-oriented financial institution organized in 1892.

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 forward-looking
statements 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.