Exhibit 99
PRESS RELEASE


FOR IMMEDIATE RELEASE

DATE:      February 2, 2005
COMPANY:   Central Federal Corporation
           2923 Smith Road
           Fairlawn, Ohio  44333
CONTACT:   David C. Vernon, Chairman, or Mark S. Allio, President and CEO
PHONE:     330.666.7979                     FAX:       330.666.7959

CENTRAL FEDERAL CORPORATION ANNOUNCES RECORD DATE AND DATE OF SPECIAL
STOCKHOLDERS' MEETING TO APPROVE REVERSE STOCK SPLIT

Fairlawn, Ohio - February 2, 2005 - Central Federal Corporation (Nasdaq: GCFC)
announced that its Board of Directors has set a record date and a meeting date
for a special meeting of stockholders to consider the previously announced
reverse stock split of the Company's common stock as part of a "going private"
transaction. At a special meeting of stockholders to be held on March 14, 2005,
stockholders will be asked to approve a reverse stock split by authorizing an
amendment to the Company's Certificate of Incorporation. The record date for the
meeting will be February 8, 2005.

The Company announced in October 2004 that it would ask stockholders to approve
a reverse stock split in an effort to ease the economic and management burden of
complying with the Sarbanes-Oxley Act of 2002 and federal securities laws. The
Board of Directors subsequently established a reverse stock split ratio of
1-to-500 shares and set $14.50 per share as a fair price to compensate
stockholders who hold fewer than 500 shares on the effective date and who would
no longer remain stockholders of the Company after the effective date.
Significant numbers of individuals have purchased share lots in quantities of
499 or fewer shares during the past few months. These individuals appear to be
attempting to take advantage of a perceived opportunity to obtain a slight gain
based on the established $14.50 per share price and the announced 1-to-500
reverse stock split ratio. For very little potential gain, they have taken on
risk that the transaction would not close. The dramatic increase in shares held
by stockholders who own fewer than 500 shares has increased substantially the
cost of the Company's effecting its going private transaction in the event the
transaction is approved by stockholders.

The Board of Directors has determined that it is in the best interest of
stockholders to proceed with the meeting of stockholders to approve the going
private transaction. The purpose of the Company's reverse stock split is to
reduce the



cost of operations and to increase the time management and the Board can focus
on growing and strengthening the Company. The Company will save significantly by
accomplishing the announced reverse stock split; but as is the case with any
business transaction, the cost cannot be allowed to exceed the benefit. The
Board intends to maintain a well capitalized financial services company.
Accordingly, in order to reduce the aggregate cost of repurchasing shares, the
Board of Directors has reserved the right to change the ratio of the reverse
stock split as late as the date the meeting notice and proxy statement are
mailed to stockholders. Moreover, the Board also has reserved the right to
abandon the transaction following stockholder approval in the interest of the
Company and its stockholders, and it not likely that the Board will authorize
the Company to move forward with the proposed reverse stock split if the cost of
the transaction is expected to exceed $2 million.


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.