PRESS RELEASE


FOR IMMEDIATE RELEASE

DATE:      September 17, 2004
COMPANY:   Central Federal Corporation
           2923 Smith Road
           Fairlawn, Ohio  44333
CONTACT:   David C. Vernon
           Chairman, President and CEO
PHONE:     330.666.7979                FAX: 330.666.7959

Fairlawn, Ohio - September 17, 2004 - Central Federal Corporation (Nasdaq: GCFC)
announced today that its Board of Directors, at their meeting on September 16,
2004, declared a cash dividend of 9 cents per share on its common stock to be
paid on October 15, 2004 to shareholders of record on October 4, 2004.



ABOUT CENTRAL FEDERAL CORPORATION AND CFBANK

Central Federal Corporation ((Nasdaq: GCFC), the holding company for CFBank, 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. CFBank is a community-oriented financial services company
founded in 1892. Its home office is in Fairlawn, Ohio. It operates two
additional offices in Columbiana County, Ohio, and one 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 assurances 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.