Exhibit 99

PRESS RELEASE

FOR IMMEDIATE RELEASE:	July 17, 2009
For Further Information:	Mark S. Allio, Chairman, President and CEO
	Phone: 330.576.1334
	Fax: 330.666.7959

CENTRAL FEDERAL CORPORATION ANNOUNCES PERFORMANCE FOR THE QUARTER AND
YEAR TO DATE PERIODS ENDED JUNE 30, 2009

Fairlawn, Ohio — July 17, 2009 — Central Federal Corporation (Nasdaq: CFBK) announced a net loss of ($762,000) or ($.21) per diluted common share for the quarter ended June 30, 2009 compared to net income of $224,000, or $.05 per diluted common share, for the quarter ended June 30, 2008.

For the six months ended June 30, 2009, the net loss totaled ($1,008,000) or ($.30) per diluted common share, compared to net income of $348,000, or $.08 per diluted common share, for the six months ended June 30, 2008.

The net loss for the three and six months ended June 30, 2009 was primarily due to an increase in CFBank’s provision for loan losses of $1.1 million and $1.4 million, respectively, for the three and six months ended June 30, 2009 compared to the prior year periods. The increase in the provision for loan losses was due to the continued effect of current economic conditions and trends on loan portfolio performance, which resulted in an increase in nonperforming loans and net loan charge-offs.

The net loss for the three and six months ended June 30, 2009 was also due to an increase in FDIC premiums of $263,000 and $323,000, respectively, for the three and six months ended June 30, 2009 compared to the prior year periods. The increase in FDIC premiums was due to higher quarterly assessment rates and a special assessment to restore the reserve ratio of the Deposit Insurance Fund (DIF). On May 22, 2009, the Board of Directors of the FDIC voted to levy a special assessment on insured institutions as part of the agency’s efforts to rebuild the DIF and help maintain public confidence in the banking system. The final rule established a special assessment of 5 basis points on each insured depository institution’s assets minus Tier 1 capital as of June 30, 2009, and will be collected September 30, 2009. The special assessment to CFBank totaled approximately $129,000 and is included in noninterest expense during the quarter ended June 30, 2009. A one-time FDIC credit issued to CFBank as a result of the Federal Deposit Insurance Reform Act of 2005 reduced premiums in the prior year periods.

The Company received $7.2 million in connection with the U.S. Treasury Department’s Capital Purchase Program (CPP), which was part of the government’s Troubled Asset Relief Program (TARP), in December 2008. These funds were held in short-term, low yielding liquid investments for the six months ended June 30, 2009 pending approval from regulators to contribute them as additional capital to CFBank, where the funds can be invested in higher yielding assets, such as loans. Net income in the three and six months ended June 30, 2009 was detrimentally affected by the regulatory requirements placed on the Company’s use of the funds. In July 2009, regulators approved the use of CPP funds as capital to CFBank. The Company is considering whether to continue its participation in the CPP in light of additional restrictions under the legislation enacted during 2009.

Other Highlights:

• Total assets increased $10.6 million, or 4%, in the first six months of 2009.

• Loan originations totaled $54.4 million since our receipt of TARP funds on December 5, 2008 through June 30, 2009.

• Deposit balances increased $7.3 million, or 4%, during the six months ended June 30, 2009, and $16.0 million, or 8%, compared to June 30, 2008.

• Net gains on sales of loans increased 241% and mortgage loans originated for sale increased 111% in the first six months of 2009 compared to the first six months of 2008.

Net interest income

Net interest income decreased $146,000, or 6.6%, and totaled $2.1 million for the quarter ended June 30, 2009 compared to $2.2 million for the quarter ended June 30, 2008. Average interest-earning assets increased $15.1 million in the second quarter of 2009 compared to the second quarter of 2008, and included $7.2 million in CPP proceeds. The average yield on interest-earning assets decreased to 5.33% in the second quarter of 2009, compared to 6.33% in the second quarter of 2008, due to a decline in market interest rates and investment of the CPP funds in short-term investments. The decline in the average yield on interest-earning assets resulted in an 11.1% decrease in total interest income. The average cost of interest-bearing liabilities also decreased, to 2.62% in the second quarter of 2009, from 3.20% in the second quarter of 2008, due to a decline in market interest rates. The decrease in the average cost of interest-bearing liabilities resulted in a 16.5% decrease in total interest expense. Net interest margin decreased to 3.03% in the second quarter of 2009, compared to 3.43% in the second quarter of 2008.

Net interest income decreased $130,000, or 3.0%, and totaled $4.1 million for the six months ended June 30, 2009, compared to $4.3 million for the six months ended June 30, 2008. Average interest-earning assets increased $13.8 million for the six months ended June 30, 2009 compared to the same period in 2008, and included $7.2 million in CPP proceeds, as previously discussed. The average yield on interest-earning assets decreased to 5.43% for the six months ended June 30, 2009, compared to 6.55% for the same period in 2008, due to a decline in market interest rates and investment of the CPP funds in short-term investments. The decline in the average yield on interest-earning assets resulted in a 12.8% decrease in total interest income. The average cost of interest-bearing liabilities also decreased, to 2.72% for the six months ended June 30, 2009, from 3.58% in the same period in 2008, due to a decline in market interest rates. The decrease in the average cost of interest-bearing liabilities resulted in a 22.8% decrease in total interest expense. Net interest margin decreased to 3.04% for the six months ended June 30, 2009, compared to 3.30% for the same period in 2008.

Noninterest income

Noninterest income increased $84,000, or 38.7%, and totaled $301,000 for the quarter ended June 30, 2009, compared to $217,000 for the quarter ended June 30, 2008. The increase in noninterest income was primarily due to a $118,000 increase in net gains on sales of loans. The increase in net gains on sales of loans was a result of an increase in mortgage originations for sale, from $9.8 million during the second quarter of 2008 to $21.5 million during the second quarter of 2009, and a positive change in CFBank’s internal pricing policies.

Noninterest income increased $179,000, or 43.9%, and totaled $587,000 for the six months ended June 30, 2009, compared to $408,000 for the six months ended June 30, 2008. The increase in noninterest income was primarily due to a $234,000 increase in net gains on sales of loans. The increase in net gains on sales of loans was a result of increased mortgage originations for sale, from $15.9 million during the six month ended June 30, 2008, to $33.5 million during the six months ended June 30, 2009.

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The increase in mortgage production is a result of management’s decision during 2008 to increase CFBank’s staff of professional mortgage loan originators, who have been successful in increasing this business despite the current depressed condition of the housing market.

Provision for loan losses

Provisions for loan losses are provided based on management’s estimate of probable incurred credit losses in the loan portfolio and the resultant allowance for loan losses required. Management’s estimate is based on a review of the loan portfolio, including the nature and volume of the loan portfolio and segments of the portfolio; industry and loan concentrations; historical loss experience; delinquency statistics and the level of nonperforming loans; specific problem loans; the ability of borrowers to meet loan terms; an evaluation of collateral securing loans and the market for various types of collateral; various collection strategies; current economic conditions and trends; and other factors. Based on this review, the provision totaled $1.4 million and $1.9 million for the three and six months ended June 30, 2009, respectively, compared to $260,000 and $484,000 for the three and six months ended June 30, 2008, respectively. The increase in the provision for loan losses in the current year periods was primarily due to adverse economic conditions affecting loan performance, which resulted in an increase in nonperforming loans and loan charge-offs. The ratio of the allowance for loan losses to total loans totaled 1.70% at June 30, 2009, compared to 1.32% at December 31, 2008.

Nonperforming loans, which are nonaccrual loans and loans 90 days past due still accruing interest, increased $3.7 million and totaled $6.1 million, or 2.59% of total loans, at June 30, 2009, compared to $2.4 million, or 1.02% of total loans, at December 31, 2008. The increase in nonperforming loans was primarily related to deterioration in the commercial real estate and home equity lines of credit portfolios.

Nonperforming loans included $3.9 million in commercial real estate loans, $348,000 in commercial loans, $1.5 million in home equity lines of credit and $347,000 in mortgage loans at June 30, 2009. The amount of the allowance for loan losses specifically allocated to individually classified impaired loans, which are included in nonperforming loans, totaled $1.7 million at June 30, 2009 compared to $514,000 at December 31, 2008.

Net charge-offs totaled $1.0 million, or 0.88% of average loans on an annualized basis, during the six months ended June 30, 2009, compared to net charge-offs of $220,000, or 0.19% of average loans on an annualized basis, during the six months ended June 30, 2008. Net charge-offs during the six months ended June 30, 2009 included 4 commercial loans, which totaled $831,000, and one home equity line of credit, which totaled $146,000. Net charge-offs during the six months ended June 30, 2008 related primarily to home equity lines of credit.

We believe the allowance for loan losses is adequate to absorb probable incurred credit losses in the loan portfolio as of June 30, 2009; however, future additions to the allowance may be necessary based on factors such as deterioration in client business performance, slow economic conditions, and declines in cash flows and market conditions which result in lower real estate values. Management continues to diligently monitor credit quality in the existing portfolio and analyze potential loan opportunities carefully in order to manage credit risk. An increase in loan losses would occur if economic conditions and factors which affect credit quality continue to worsen.

Noninterest expense

Noninterest expense for the quarter ended June 30, 2009 increased $316,000, or 16.9%, and totaled $2.2 million, compared to $1.9 million for the quarter ended June 30, 2008. The ratio of noninterest expense to average assets was 3.01% for the second quarter of 2009, compared to 2.70% in the second quarter of 2008. The efficiency ratio was 91.91% for the quarter ended June 30, 2009, compared to 77.27% for quarter ended June 30, 2008.

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Noninterest expense for the six months ended June 30, 2009 increased $650,000, or 17.5%, and totaled $4.4 million, compared to $3.7 million for the six months ended June 30, 2008. The ratio of noninterest expense to average assets was 3.02% for the six months ended June 30, 2009, compared to 2.69% for the six months ended June 30, 2008. The efficiency ratio was 92.42% for the six months ended June 30, 2009, compared to 80.22% for six months ended June 30, 2008.

The increase in noninterest expense during the three and six months ended June 30, 2009 was primarily due to an increase in professional fees and FDIC premiums. Professional fees increased $10,000 and $277,000, respectively, during the three and six months ended June 30, 2009. The increase in professional fees was due to legal and accounting fees related to the investigation of certain deposit accounts associated with a third party payment processor, which are no longer active, and legal fees related primarily to nonperforming loans and regulatory filings. The increase in FDIC premiums was due to higher quarterly assessment rates and a one-time special assessment to restore the reserve ratio of the Deposit Insurance Fund (DIF), discussed previously.

Balance sheet activity

Assets totaled $288.4 million at June 30, 2009 and increased $10.6 million, or 3.8%, from $277.8 million at December 31, 2008. The increase in assets was due to the growth in cash and short term investments and an increase in loans held for sale due to increased mortgage banking activity, partially offset by a decline in loan balances.

Cash and cash equivalents totaled $12.5 million at June 30, 2009 and increased $8.3 million, from $4.2 million at December 31, 2008. The increase was primarily due to the $7.2 million CPP funds held in short-term, liquid investments at June 30, 2009.

Net loans totaled $231.7 million at June 30, 2009 and decreased $2.2 million, or 0.9%, from $233.9 million at December 31, 2008. The decrease in net loans was primarily due to a $1.4 million, or 5.2%, decline in the consumer loan portfolio due to repayments on home equity and auto loans, and an $877,000 increase in the allowance for loan losses. Mortgage loan balances decreased $75,000, or 0.3%, primarily due to repayments. Commercial, commercial real estate and multi-family loan balances increased by $103,000, or 0.1%, during the six months ended June 30, 2009. Commercial, commercial real estate and multi-family loan originations totaled $15.9 million and loan payoffs totaled $12.9 million during the six months ended June 30, 2009.

Deposits totaled $214.9 million at June 30, 2009 and increased $7.3 million, or 3.5%, from $207.6 million at December 31, 2008. The increase in deposits was due to a $10.1 million increase in money market deposit account balances, partially offset by a $4.4 million decrease in certificates of deposit account balances. Certificate of deposit account balances decreased primarily due to the maturity of $8.1 million in brokered deposit accounts that were not renewed, partially offset by growth in retail certificate of deposit accounts. Interest bearing and noninterest bearing checking account balances increased $1.0 million and savings account balances increased $624,000 during the six month period.

FHLB advances totaled $33.9 million at June 30, 2009 and increased of $4.9 million, or 16.8%, from $29.1 million at December 31, 2008. FHLB advances were used to fund increased mortgage banking activities.

Shareholders’ equity totaled $32.1 million at June 30, 2009 and decreased $1.0 million, or 3.1%, from $33.1 million December 31, 2008 due to the net loss and preferred stock dividends for the six months ended June 30, 2009, offset by an increase in accumulated other comprehensive income associated with an increase in the market value of the securities portfolio.

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About Central Federal Corporation and CFBank

Central Federal Corporation is the holding company for CFBank, a federally chartered savings association formed in Ohio in 1892. CFBank has four full-service banking offices in Fairlawn, Calcutta, Wellsville and Worthington, Ohio. Additional information about CFBank’s banking services and the Company is available at www.CFBankOnline.com.

Forward-Looking Information

Certain statements contained in this earnings release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying those statements. Forward-looking statements involve risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events, including: (i) changes in political, economic or other factors such as inflation rates, recessionary or expansive trends, and taxes; (ii) competitive pressures; (iii) fluctuations in interest rates; (iv) the level of defaults and prepayments on loans made by CFBank; (v) unanticipated litigation, claims or assessments; (vi) fluctuations in the cost of obtaining funds to make loans; and (vii) regulatory changes. Further information on these risk factors is included in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made to reflect unanticipated events.

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Consolidated Statements of Operations	Three months ended								Six months ended
($ in thousands, except share data)	June 30,								June 30,
(unaudited)	2009			2008		% change			2009			2008		% change
Total interest income	$	3,644		$	4,100		-11	%	$	7,374		$	8,459		-13	%
Total interest expense		1,571			1,881		-16	%		3,241			4,196		-23	%
Net interest income		2,073			2,219		-7	%		4,133			4,263		-3	%
Provision for loan losses		1,357			260		422	%		1,907			484		294	%
Net interest income after provision for loan losses		716			1,959		-63	%		2,226			3,779		-41	%
Noninterest income
Service charges on deposit accounts		79			87		-9	%		161			169		-5	%
Net gain on sales of loans		179			61		193	%		331			97		241	%
Net gain on sale of securities		—			21		n/m			—			44		n/m
Other		43			48		-10	%		95			98		-3	%
Noninterest income		301			217		39	%		587			408		44	%
Noninterest expense
Salaries and employee benefits		1,097			997		10	%		2,143			2,045		5	%
Occupancy and equipment		139			112		24	%		284			218		30	%
Data processing		144			140		3	%		294			277		6	%
Franchise taxes		92			84		10	%		178			166		7	%
Professional fees		105			95		11	%		442			165		168	%
Director fees		17			34		-50	%		51			68		-25	%
Postage, printing and supplies		53			44		20	%		112			95		18	%
Advertising and promotion		2			15		-87	%		14			27		-48	%
Telephone		28			22		27	%		52			44		18	%
Loan expenses		10			1		n/m			18			8		n/m
Foreclosed assets, net		—			9		n/m			—			8		n/m
Depreciation		117			176		n/m			236			351		-33	%
FDIC premiums		271			8		n/m			336			13		n/m
Other		107			129		-17	%		202			227		-11	%
Noninterest expense		2,182			1,866		17	%		4,362			3,712		18	%
Income (loss) before income taxes		(1,165	)		310		n/m			(1,549	)		475		n/m
Income tax expense (benefit)		(403	)		86		n/m			(541	)		127		n/m
Net income (loss)	$	(762	)	$	224		n/m		$	(1,008	)	$	348		n/m
Net income (loss) available to common shareholders	$	(864	)	$	224		n/m		$	(1,211	)	$	348		n/m
Share Data
Basic earnings (loss) per common share	$	(0.21	)	$	0.05		n/m		$	(0.30	)	$	0.08		n/m
Diluted earnings (loss) per common share	$	(0.21	)	$	0.05		n/m		$	(0.30	)	$	0.08		n/m
Cash dividends per common share	$	—		$	0.05		n/m		$	—		$	0.10		n/m
Average common shares outstanding — basic		4,099,723			4,253,958					4,099,828			4,349,160
Average common shares outstanding — diluted		4,099,723			4,258,112					4,099,828			4,351,450

n/m — not meaningful

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Consolidated Statements of Financial Condition
($ in thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
(unaudited)	2009			2009			2008			2008			2008
Assets
Cash and cash equivalents	$	12,510		$	12,329		$	4,177		$	7,601		$	3,607
Securities available for sale		22,700			22,529			23,550			25,323			26,182
Loans held for sale		5,995			1,642			284			549			1,805
Loans
Mortgage		28,703			27,756			28,778			27,844			30,766
Commercial, commercial real estate and multi-family		181,921			186,492			181,818			180,191			176,696
Consumer		25,079			25,482			26,445			26,796			26,308
Total loans		235,703			239,730			237,041			234,831			233,770
Less allowance for loan losses		(3,996	)		(3,528	)		(3,119	)		(3,045	)		(2,947	)
Loans, net		231,707			236,202			233,922			231,786			230,823
Federal Home Loan Bank stock		2,109			2,109			2,109			2,109			2,081
Loan servicing rights		97			105			112			123			134
Foreclosed assets, net		—			175			—			—			123
Premises and equipment, net		5,032			5,139			5,246			5,304			5,404
Bank owned life insurance		3,956			3,924			3,892			3,863			3,832
Deferred tax asset		2,064			1,657			1,598			1,709			1,865
Accrued interest receivable and other assets		2,232			3,481			2,891			2,388			2,766
Total assets	$	288,402		$	289,292		$	277,781		$	280,755		$	278,622
Liabilities and Shareholders’ Equity
Deposits
Noninterest bearing	$	14,960		$	15,108		$	14,557		$	14,238		$	13,458
Interest bearing		199,958			205,283			193,090			195,189			185,485
Total deposits		214,918			220,391			207,647			209,427			198,943
Federal Home Loan Bank advances		33,942			28,200			29,050			38,200			46,775
Advances by borrowers for taxes and insurance		72			93			167			79			94
Accrued interest payable and other liabilities		2,265			2,531			2,687			2,064			1,689
Subordinated debentures		5,155			5,155			5,155			5,155			5,155
Total liabilities		256,352			256,370			244,706			254,925			252,656
Shareholders’ equity		32,050			32,922			33,075			25,830			25,966
Total liabilities and shareholders’ equity	$	288,402		$	289,292		$	277,781		$	280,755		$	278,622

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Consolidated Financial Highlights	At or for the three months ended															At or for the six months ended
($ in thousands except per share data)	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,
(unaudited)	2009			2009			2008			2008			2008			2009			2008
Earnings (loss)
Net interest income	$	2,073		$	2,060		$	2,166		$	2,273		$	2,219		$	4,133		$	4,263
Provision for loan losses	$	1,357		$	550		$	250		$	183		$	260		$	1,907		$	484
Noninterest income	$	301		$	286		$	364		$	176		$	217		$	587		$	408
Noninterest expense	$	2,182		$	2,180		$	2,173		$	1,864		$	1,866		$	4,362		$	3,712
Net income (loss)	$	(762	)	$	(246	)	$	90		$	285		$	224		$	(1,008	)	$	348
Net income (loss) available to common shareholders	$	(864	)	$	(347	)	$	61		$	285		$	224		$	(1,211	)	$	348
Basic earnings (loss) per common share	$	(0.21	)	$	(0.08	)	$	0.01		$	0.07		$	0.05		$	(0.30	)	$	0.08
Diluted earnings (loss) per common share	$	(0.21	)	$	(0.08	)	$	0.01		$	0.07		$	0.05		$	(0.30	)	$	0.08
Performance Ratios (annualized)
Return on average assets		(1.05	%)		(0.34	%)		0.13	%		0.41	%		0.32	%		(0.70	%)		0.25	%
Return on average equity		(9.42	%)		(2.98	%)		1.27	%		4.43	%		3.43	%		(6.16	%)		2.59	%
Average yield on interest-earning assets		5.33	%		5.53	%		6.16	%		6.36	%		6.33	%		5.43	%		6.55	%
Average rate paid on interest-bearing liabilities		2.62	%		2.82	%		3.20	%		3.17	%		3.20	%		2.72	%		3.58	%
Average interest rate spread		2.71	%		2.71	%		2.96	%		3.19	%		3.13	%		2.71	%		2.97	%
Net interest margin, fully taxable equivalent		3.03	%		3.05	%		3.33	%		3.47	%		3.43	%		3.04	%		3.30	%
Efficiency ratio		91.91	%		92.92	%		85.89	%		76.42	%		77.27	%		92.42	%		80.22	%
Noninterest expense to average assets		3.01	%		3.04	%		3.13	%		2.66	%		2.70	%		3.02	%		2.69	%
Capital
Equity to total assets at end of period		11.11	%		11.38	%		11.91	%		9.20	%		9.32	%		11.11	%		9.32	%
Tangible equity to tangible assets		11.11	%		11.38	%		11.91	%		9.20	%		9.32	%		11.11	%		9.32	%
Book value per common share	$	6.11		$	6.32		$	6.36		$	6.30		$	6.19		$	6.11		$	6.19
Tangible book value per common share	$	6.11		$	6.32		$	6.36		$	6.30		$	6.19		$	6.11		$	6.19
Period-end market value per common share	$	2.92		$	2.90		$	2.98		$	3.50		$	3.74		$	2.92		$	3.74
Dividends declared per common share	$	—		$	—		$	0.05		$	0.05		$	0.05		$	—		$	0.10
Period-end common shares outstanding		4,100,337			4,101,537			4,101,537			4,102,662			4,192,662			4,100,337			4,192,662
Average basic common shares outstanding		4,099,723			4,099,913			4,099,628			4,110,326			4,253,958			4,099,828			4,349,160
Average diluted common shares outstanding		4,099,723			4,099,913			4,101,301			4,110,326			4,258,112			4,099,828			4,351,450
Asset Quality
Nonperforming loans	$	6,103		$	4,996		$	2,412		$	2,007		$	1,972		$	6,103		$	1,972
Nonperforming loans to total loans		2.59	%		2.08	%		1.02	%		0.85	%		0.84	%		2.59	%		0.84	%
Nonperforming assets to total assets		2.12	%		1.79	%		0.87	%		0.71	%		0.75	%		2.12	%		0.75	%
Allowance for loan losses to total loans		1.70	%		1.47	%		1.32	%		1.30	%		1.26	%		1.70	%		1.26	%
Allowance for loan losses to nonperforming loans		65.48	%		70.62	%		129.31	%		151.72	%		149.44	%		65.48	%		149.44	%
Net charge-offs	$	889		$	141		$	176		$	86		$	41		$	1,030		$	220
Annualized net charge-offs to average loans		1.52	%		0.24	%		0.30	%		0.15	%		0.07	%		0.88	%		0.19	%
Average Balances
Loans	$	234,235		$	236,011		$	233,245		$	233,444		$	229,051		$	235,123		$	227,972
Assets	$	290,097		$	287,216		$	277,561		$	280,093		$	276,438		$	288,657		$	276,124
Shareholders’ equity	$	32,350		$	33,070		$	28,296		$	25,729		$	26,133		$	32,710		$	26,904

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