Exhibit 99

PRESS RELEASE


FOR IMMEDIATE RELEASE

DATE:      March 19, 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 - March 19, 2004 - Central Federal Corporation (Nasdaq: GCFC)
announced today that its Board of Directors, at their meeting on March 18, 2004,
declared a cash dividend of 9 cents per share on its common stock to be paid on
April 16, 2004 to shareholders of record on April 5, 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 April 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.