8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


       Date of Report (Date of earliest event reported): December 31, 2003


                           CENTRAL FEDERAL CORPORATION
             (Exact name of registrant as specified in its charter)


                                                                   
                  Delaware                           0-25045                        34-1877137
                  --------                           -------                        ----------
    (State or other jurisdiction of               (Commission                     (IRS Employer
     incorporation or organization)               File Number)                Identification Number)


      601 Main Street, Wellsville, Ohio              42968                        (330) 532-1517
      ---------------------------------              -----                        --------------
   (Address of principal executive offices)        (Zip Code)            (Registrant's Telephone Number)














ITEM 5.  OTHER EVENTS AND REQUIRED FD DISCLOSURE

On December 31, 2003, the registrant issued a press release announcing that its
subsidiary, Central Federal Bank had elected to prepay fixed rate Federal Home
Loan Bank borrowings totaling $11.2 million. These borrowings had an average
cost of 5.52 percent and an average remaining maturity of 4.5 years. The
repayment will result in a charge of $1.3 million ($838 thousand after tax, or
$.41 per diluted share for the quarter ended December 31, 2003) as a result of a
penalty associated with prepaying the loans.

A copy of the press release is included as Exhibit 99 to this Current Report on
Form 8-K.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c) Exhibits

         99  Press release issued on December 31, 2003










                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                 Central Federal Corporation

Date:  December 31, 2003                  By:    /s/ Therese Ann Liutkus
                                                 ------------------------------
                                                 Therese Ann Liutkus, CPA
                                                 Chief Financial Officer

EX-99

                                                                      Exhibit 99


PRESS RELEASE

FOR IMMEDIATE RELEASE

DATE:      December 31, 2003

COMPANY:   Central Federal Corporation
           2841 Riviera Drive
           Suite 300
           Akron, Ohio  44333

CONTACT:   David C. Vernon
           Chairman, President and CEO

PHONE:     330.666.7979                     FAX:         330.666.7959

Akron, Ohio - December 31, 2003 - Central Federal Corporation (Nasdaq: GCFC)
announced today that its subsidiary, Central Federal Bank has elected to prepay
fixed rate Federal Home Loan Bank borrowings totaling $11.2 million. These
borrowings had an average cost of 5.52 percent and an average remaining maturity
of 4.5 years. The repayment will result in charge of $1.3 million ($838 thousand
after tax, or $.41 per diluted share for the quarter ended December 31, 2003) as
a result of a penalty associated with prepaying the loans.

"These fixed rate loans were arranged in 1998 and 1999 and were used to finance
mortgage loans which have prepaid. Accordingly, the loans represent an
inappropriate and costly source of funding which is not needed at this time.
Eliminating this costly source of funding will result in a $618,000 annual
pre-tax interest expense reduction," said David C. Vernon.

ABOUT CENTRAL FEDERAL BANK AND CENTRAL FEDERAL CORPORATION

Central Federal Bank is a community-oriented financial institution organized in
1892. It operates two offices in Columbiana County, Ohio, one in Columbus, Ohio,
and a temporary office in Fairlawn, Ohio. The Bank plans to occupy a new office
building now under construction at the corner of Smith and Ghent Roads in
Fairlawn, Ohio. The office




is scheduled to open in the first quarter of 2004. Central Federal Corporation
(NASDAQ: GCFC) is the holding company of Central Federal Bank and 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.

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 assurance 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.