Exhibit 99

PRESS RELEASE


FOR IMMEDIATE RELEASE

DATE:      January 16, 2004
COMPANY:   Central Federal Corporation
           2841 Riviera Drive
           Suite 300
           Akron, Ohio  44333
CONTACT:   David C. Vernon
           Chairman, President and CEO
PHONE:     330.666.7979                     FAX:  330.666.7959

Akron, Ohio - January 16, 2004 - Central Federal Corporation (Nasdaq: GCFC)
announced today that its Board of Directors, at their meeting on January 15,
2004, set the date for its annual meeting of shareholders to be held on April
20, 2004 at the offices of Central Federal Bank at 2923 Smith Road, Fairlawn,
Ohio at 10:00 AM. The record date for shareholders eligible to vote at the
annual meeting was set at February 27, 2004.


ABOUT CENTRAL FEDERAL BANK AND CENTRAL FEDERAL CORPORATION

Central Federal Bank is a community-oriented financial institution organized in
1892. It operates two offices in Columbiana County, Ohio, one in Columbus, Ohio,
and a temporary office in Fairlawn, Ohio. The Bank plans to occupy a new office
building now under construction at the corner of Smith and Ghent Roads in
Fairlawn, Ohio. The office is scheduled to open in the first quarter of 2004.
Central Federal Corporation (NASDAQ: GCFC) is the holding company of Central
Federal Bank and was organized as a Delaware corporation in September 1998 in
connection with the Bank's conversion from a mutual to stock organization, which
was completed on December 30, 1998.

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.