Exhibit 99
PRESS RELEASE

FOR IMMEDIATE RELEASE

DATE:      September 27, 2005
COMPANY:   Central Federal Corporation
           2923 Smith Road
           Fairlawn, Ohio  44333
CONTACT:   Mark S. Allio
           Vice Chairman, President and CEO
PHONE:     330.576.1334                     FAX:    330.666.7959


CENTRAL FEDERAL CORPORATION RECORDS IMPAIRMENT LOSS

Fairlawn, Ohio - September 27, 2005 - Central Federal Corporation (NASDAQ: GCFC)
announced today that it intends to record a non-cash after-tax impairment loss
of $1.9 million or $.86 per diluted share in the quarter ending September 30,
2005 to write-off the value of goodwill and other intangible assets related to
the October 2004 acquisition of Reserve Mortgage Services, Inc. Goodwill
totaling $1.7 million represents the excess of the purchase price over the fair
value of acquired tangible assets and liabilities and identifiable intangible
assets. Other intangible assets with a current unamortized balance of $217,000
consist of prior owner intangibles arising from the acquisition. The decision to
recognize the impairment loss is in accordance with Statement of Financial
Accounting Standards No. 142, "Goodwill and Other Intangible Assets" which
requires recognition of an impairment loss when the carrying amount of the asset
is not recoverable and its carrying amount exceeds its fair value. Recognition
of the impairment loss has no effect on the regulatory capital ratios of CFBank
or tangible book value of the Company.

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, as
well as a mortgage services office in Akron, 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 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.