8-K

                       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): May 6, 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            43968            (330) 531-1517
(Address of Principal Executive Offices)   (Zip Code)        (Telephone Number)


















Item 5     Other Events and Required FD Disclosure

           On May 6, 2003, the registrant issued a press release announcing that
           it will open its first central Ohio office in Columbus, Ohio this
           summer and another office in Akron, Ohio later this year.

Item 7     Financial Statements, Pro Forma Financial Information and Exhibits.

           (c)  Exhibits

                99  Press Release dated May 6, 2003 announcing that the
                    registrant will open its first central Ohio office in
                    Columbus, Ohio this summer and another office in Akron, Ohio
                    later this year.






                                    SIGNATURE

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


Dated: May 7, 2003                             By: /s/ David C. Vernon
                                                  ---------------------
                                                  David C. Vernon
                                                  President

EX-99

                                                                      EXHIBIT 99

FOR IMMEDIATE RELEASE

CONTACT:  PARKER MACDONELL, 614.932.2000 OR DAVID C. VERNON, 330.532.1517


                          CENTRAL FEDERAL BANK TO OPEN
                          FIRST OFFICE IN CENTRAL OHIO

Banking Veteran to Head Institution with Business Focus

     WELLSVILLE, OHIO - MAY 6, 2003 - Central Federal Bank (formerly known as
Central Federal Savings and Loan of Wellsville), a subsidiary of Central Federal
Corporation (Nasdaq: GCFC) (formerly known as Grand Central Financial Corp.)
will open its first central Ohio office this summer with a focus on small and
medium-sized businesses and individuals who are looking for personalized,
focused service and access to decision makers.

     Banking veteran Parker MacDonell has been named president of Central
Federal's Columbus region.

     MacDonell said he hopes to have the first office open by Aug. 31 in the
Dublin-Worthington area. MacDonell recently rented office space in Dublin to
begin recruiting employees and prospective customers.

     "We want to be known as the bank for business owners," MacDonell said. "Our
objective is to have a business focus and we'll cater to business owners. Our
customers will notice the difference in our brand of personal service, and
they'll have access to a banker who can make decisions on the spot, just as they
do for their own businesses."



     "Central Federal's roots are embedded in the industrial area of eastern
Ohio. We're going to maintain that hard-working heritage when we open in
Columbus."

     Central Federal Bank was founded in 1892 in Wellsville, Ohio, an industrial
community on the Ohio River that grew up around the pottery industry, which
flourished in the area. Central Federal, which has assets of $105 million,
currently has two offices, one in Wellsville and another in nearby Calcutta,
Ohio.

     The bank is also establishing an office in Fairlawn, Ohio, a suburb of
Akron, later this year. Central Federal's Chairman and CEO is David C. Vernon,
who founded Summit Bancorp and Summit Bank in Fairlawn in 1991. Under his
leadership, Summit Bancorp grew to $130 million in assets before merging with
Signal Corp., Wooster, Ohio in 1997. Signal was acquired by FirstMerit, Akron,
Ohio in February, 1999.

     MacDonell has 15 years of banking experience with Bank One, where he was a
senior vice president and head of branch and business banking in Columbus and
southeast Ohio. "Parker MacDonell is a third generation Ohio banker and we are
delighted to have him as part of our management team. As President of our
Columbus region Parker will be leading a most important growth initiative for
us" said David C. Vernon Chairman and CEO.

     "I know the Columbus market extremely well," MacDonell said. "Business
owners with borrowing needs of up to $5 million will find us great to work
with."

     Central Federal will begin operations with eight employees, which will
include specialists in business and personal finance. The design of the new
office will emphasize the bank's focus on personal service and access to
decision-makers. It will feature private client service areas and meeting rooms.
Traditional services will be offered including night depository and ATM
services. "The difference and our competitive advantage will be in providing
access to decision-makers," said MacDonell. "This banking model has been tested
and we believe it can be very successful in Columbus" MacDonell added.

     MacDonell's office is located at 4880 Blazer Parkway in the Dublin Tech
Center. He can be reached at 614.932.2000 or via email at
parkermacdonell@columbus.rr.com.




ABOUT CENTRAL FEDERAL

Central Federal Corporation was organized as a Delaware corporation in September
1998 and the holding company for Central Federal Bank in connection with its
conversion from a mutual to stock organization. Central Federal Bank is a
community-oriented financial services company organized in 1892.

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.