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<SEC-DOCUMENT>0000950152-05-007841.txt : 20050927
<SEC-HEADER>0000950152-05-007841.hdr.sgml : 20050927
<ACCEPTANCE-DATETIME>20050927152044
ACCESSION NUMBER:		0000950152-05-007841
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050922
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050927
DATE AS OF CHANGE:		20050927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL FEDERAL CORP
		CENTRAL INDEX KEY:			0001070680
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				341877137
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25045
		FILM NUMBER:		051105265

	BUSINESS ADDRESS:	
		STREET 1:		C/O CENTRAL FEDERAL BANK
		STREET 2:		601 MAIN ST
		CITY:			WELLSVILLE
		STATE:			OH
		ZIP:			43968
		BUSINESS PHONE:		3305321517

	MAIL ADDRESS:	
		STREET 1:		C/O CENTRAL FEDERAL BANK
		STREET 2:		601 MAIN ST
		CITY:			WELLSVILLE
		STATE:			OH
		ZIP:			43968

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAND CENTRAL FINANCIAL CORP
		DATE OF NAME CHANGE:	19980918
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l16187ae8vk.txt
<DESCRIPTION>CENTRAL FEDERAL CORPORATION     8-K
<TEXT>
<PAGE>
                                  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): September 22, 2005


                           CENTRAL FEDERAL CORPORATION
                           ---------------------------
             (Exact Name of Registrant as Specified in its Charter)


           Delaware                      0-25045                34-1877137
           --------                      -------                ----------
(State or Other Jurisdiction           (Commission            (IRS Employer
       of Incorporation)               File Number)       Identification Number)


    2923 Smith Road, Fairlawn, Ohio             44333           (330) 666-7979
    -------------------------------             -----           --------------
(Address of Principal Executive Offices)     (Zip Code)          (Registrant's
                                                               Telephone Number)

                                 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:

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

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

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

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






<PAGE>



ITEM 2.06 MATERIAL IMPAIRMENTS

     (a)  On September 22, 2005 the registrant determined that goodwill and
          other intangible assets related to the October 2004 acquisition of
          Reserve Mortgage Services, Inc. (Reserve) were impaired and recorded
          the impairment loss. On September 27, 2005 the registrant issued a
          press release announcing the amount and reasons for the impairment
          charge. A copy of the press release is included as Exhibit 99 to this
          report.

     (b)  The amount of the impairment is $1.9 million.

     (c)  None.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

     (c)  Exhibits

            99   Press release issued on September 27, 2005 announcing the
                 impairment loss.



<PAGE>




                                   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:  September 27, 2005             By: /s/ Therese Ann Liutkus
                                           -----------------------------------
                                           Therese Ann Liutkus, CPA
                                           Treasurer and Chief Financial Officer




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>l16187aexv99.txt
<DESCRIPTION>EXHIBIT 99
<TEXT>
<PAGE>



                                                                     Exhibit 99
PRESS RELEASE

FOR IMMEDIATE RELEASE

DATE:      September 27, 2005
COMPANY:   Central Federal Corporation
           2923 Smith Road
           Fairlawn, Ohio  44333
CONTACT:   Mark S. Allio
           Vice Chairman, President and CEO
PHONE:     330.576.1334                     FAX:    330.666.7959


CENTRAL FEDERAL CORPORATION RECORDS IMPAIRMENT LOSS

Fairlawn, Ohio - September 27, 2005 - Central Federal Corporation (NASDAQ: GCFC)
announced today that it intends to record a non-cash after-tax impairment loss
of $1.9 million or $.86 per diluted share in the quarter ending September 30,
2005 to write-off the value of goodwill and other intangible assets related to
the October 2004 acquisition of Reserve Mortgage Services, Inc. Goodwill
totaling $1.7 million represents the excess of the purchase price over the fair
value of acquired tangible assets and liabilities and identifiable intangible
assets. Other intangible assets with a current unamortized balance of $217,000
consist of prior owner intangibles arising from the acquisition. The decision to
recognize the impairment loss is in accordance with Statement of Financial
Accounting Standards No. 142, "Goodwill and Other Intangible Assets" which
requires recognition of an impairment loss when the carrying amount of the asset
is not recoverable and its carrying amount exceeds its fair value. Recognition
of the impairment loss has no effect on the regulatory capital ratios of CFBank
or tangible book value of the Company.

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, as
well as a mortgage services office in Akron, Ohio.


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


<PAGE>

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.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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