Exhibit 99

PRESS RELEASE


FOR IMMEDIATE RELEASE

Date:          November 24, 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

CENTRAL FEDERAL CORPORATION ANNOUNCES UPDATE TO SPECIAL STOCKHOLDERS' MEETING
TO APPROVE REVERSE STOCK SPLIT

Fairlawn, Ohio - November 24, 2004 - Central Federal Corporation (Nasdaq: GCFC)
announced that the Board has unanimously approved a 1-to-500 reverse stock split
of the Company's common stock as part of a "going private" transaction. The
Company had previously announced that the reverse stock split would be proposed
at a ratio of 1-to-1,000 shares. After considering the number of shares to be
purchased, the total cost to the Company, and the number of stockholders
remaining after a reverse stock split, the Board of Directors concluded that a
reverse split of 1-to-500 was advisable.

At a special meeting of stockholders to be held on a date to be announced,
stockholders will be asked to approve the reverse stock split by authorizing an
amendment to the Company's Certificate of Incorporation. The record date for the
meeting that was previously announced by the Company to be November 11, 2004 has
been extended to a later date to be announced.

If the proposed reverse stock split is approved, each stockholder would receive
one share of new common stock for each 500 shares of the Company's common stock
owned on the effective date of the reverse stock split. No fractional shares
would be issued. Any fractional share resulting from the split would be redeemed
by the Company for a cash payment equal to $14.50 per pre-split share. The
Company expects to pay cash from working capital of approximately $2,068,500 in
the aggregate to repurchase fractional shares and pay the costs of the
transaction. If the amendment to the Company's Certificate of Incorporation
receives approval at the special meeting of stockholders, the Board intends to
effect the split immediately thereafter.

As a result of the split, the Company expects to have fewer than 300 record
holders of its common stock, permitting the Company to terminate the
registration


of its common stock with the Securities and Exchange Commission under the
Securities Exchange Act of 1934. The Company intends to apply for such
termination as soon as practicable after effecting the split. Thereafter, the
Company's common stock no longer will be quoted on Nasdaq(R), but it will be
eligible for quotation in the over-the-counter market maintained by the NASD
Electronic Bulletin Board (OTCBB) so long as the Company remains current in its
filings with the US Department of Treasury, Office of Thrift Supervision, and
one or more market makers undertakes to make a market in the Company's common
stock. At least one market maker that currently follows the Company is expected
to continue to make a market in the Company's common stock on the OTCBB.


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.
Reserve Mortgage Services, Inc., an Ohio corporation with offices in Akron, Ohio
and Atlanta, Georgia, originates and services residential mortgages and became a
wholly owned subsidiary of CFBank on October 22, 2004.

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 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.