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): November 24, 2008

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

Delaware	0-25045	34-1877137
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2923 Smith Road, Fairlawn, Ohio	44333
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (330) 666-7979

Not Applicable

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

On November 24, 2008, the registrant issued a press release announcing it had received preliminary approval from the U.S. Treasury Department to participate in its Capital Purchase Program, a voluntary initiative designed for U.S. financial institutions to build capital and increase the flow of credit to support the economy.

A copy of the press release is included as Exhibit 99.1 to this report.

Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits

(d) Exhibits

99.1 Press release issued on November 24, 2008

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: November 24, 2008	By:	/s/ Therese Ann Liutkus
		Therese Ann Liutkus, CPA
		Treasurer and Chief Financial Officer

EXHIBIT INDEX

99.1 Press release issued on November 24, 2008

EX-99.1

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Date:	November 24, 2008
Company:	Central Federal Corporation
	2923 Smith Road
	Fairlawn, Ohio 44333
Contact:	Mark S. Allio
	Chairman, President and CEO
Phone:	330.576.1334	Fax: 330.666.7959

CENTRAL FEDERAL CORPORATION RECEIVES PRELIMINARY APPROVAL
FOR PARTICIPATION IN THE U.S. TREASURY’S
CAPITAL PURCHASE PROGRAM

Highlights

• Provides $7.2 million in additional capital, boosting our already strong capital position

• Enhances lending and strategic capabilities, allowing us to increase economic support to businesses and consumers

Fairlawn, Ohio – November 24, 2008 – Central Federal Corporation (NASDAQ: CFBK) announced today that the United States Treasury Department has preliminarily approved its application to participate in the Capital Purchase Program, subject to program terms and conditions. Under the program, the Treasury will invest $7,225,000 in Central Federal Corporation through the purchase of newly issued preferred stock from the Company. The preferred stock will pay cumulative dividends of 5% for the first 5 years, and 9% thereafter. The Treasury will also receive warrants, with a term of 10 years, to purchase shares of Central Federal Corporation common stock with an aggregate market value of 15% of the preferred stock investment.

“We are proud to receive this preliminary approval and to be included among the group of large, strong financial institutions that have already received approval to participate in this program. It confirms the strength and viability of our Company,” commented Mark S. Allio, Chairman, President and Chief Executive Officer.

“The Treasury’s investment will enhance our already strong capital position. Tier 1 and Total Capital ratios will increase from their September 30, 2008 levels, resulting in a Tier 1 Capital ratio of approximately 13.3% and a Total Capital ratio of approximately 14.4%. These ratios are well in excess of the 6% and 10% ‘well-capitalized’ regulatory requirements, respectively.”

“CFBank is a profitable, well-capitalized, diversified provider of financial and advisory services focused on businesses and individuals,” Allio continued. “With the capital provided by this investment, we intend to continue to fill the demand for the much-needed financing needs of businesses and consumers in our existing market areas and to explore opportunities to expand our services into other communities.”

“During these turbulent times, depository customers continue to be attracted to our safe, sound and secure banking approach. Our deposit balances have increased 12.4% from December 31, 2007 through October 31, 2008. We have continued to lend during this difficult economic time, originating during that period more than $30 million in loans to businesses in the communities we serve. We remain committed to our mission of providing liquidity and attractive funding to small businesses and serving the credit needs of our consumer community.”

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.