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<SEC-DOCUMENT>0000950152-06-000190.txt : 20060113
<SEC-HEADER>0000950152-06-000190.hdr.sgml : 20060113
<ACCEPTANCE-DATETIME>20060113083250
ACCESSION NUMBER:		0000950152-06-000190
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060110
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060113
DATE AS OF CHANGE:		20060113

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:		06528333

	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>l17839ae8vk.htm
<DESCRIPTION>CENTRAL FEDERAL CORPORATION    8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Central Federal Corporation    8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>










<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): January&nbsp;10, 2006</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">CENTRAL FEDERAL CORPORATION</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-25045
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34-1877137</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">2923 Smith Road, Fairlawn, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44333
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(330) 666-7979</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Registrant&#146;s Telephone Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(former name or former address, if changed since last report)</FONT></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>









<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a material Definitive Agreement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;10, 2006, the registrant entered into an Underwriting Agreement with Ryan Beck &#038; Co.,
for the sale of 2&nbsp;million shares of the registrant&#146;s $.01 par value common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Underwriting Agreement grants Ryan Beck an option, exercisable for a period 30&nbsp;days, to
purchase up to an additional 300,000 shares of common stock to cover over-allotments, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The offering was made pursuant to a registration statement filed with the Securities and Exchange
Commission, which has been declared effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the Underwriting Agreement is attached as Exhibit&nbsp;1.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01 Other Information.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;12, the registrant issued a press release announcing the completion of the 2&nbsp;million
share stock offering at a price of $7.00 per share. A copy of the press release is attached as
Exhibit&nbsp;99.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Exhibits</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underwriting Agreement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press release issued dated January&nbsp;12, 2006 announcing completion of the
registrant&#146;s stock offering</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Federal Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: January&nbsp;13, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Therese Ann Liutkus</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Therese Ann Liutkus, CPA</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer and Chief Financial
Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>l17839aexv1w1.htm
<DESCRIPTION>EX-1.1 UNDERWRITING AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 1.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT 1.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CENTRAL FEDERAL CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(a Delaware corporation)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">2,000,000 Shares of Common Stock
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>UNDERWRITING AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS UNDERWRITING AGREEMENT (this &#147;Agreement&#148;) is made and entered into this 10th day of
January, 2006 by and between Central Federal Corporation, a Delaware corporation (the &#147;Company&#148;),
and Ryan Beck &#038; Co, Inc. (the &#147;Underwriter&#148;). The Company hereby confirms its agreement with the
Underwriter with respect to the issue and sale by the Company and the purchase by the Underwriter
of 2,000,000 shares (the &#147;Initial Securities&#148;) of the Company&#146;s $0.01 par value common stock
(&#147;Common Stock&#148;). The Company also proposes to issue and sell to the Underwriter, at the
Underwriter&#146;s option, up to an additional 300,000 shares of Common Stock (the &#147;Option Securities&#148;)
as set forth herein. The term &#147;Securities&#148; as used herein, unless indicated otherwise, shall mean
the Initial Securities and the Option Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial public offering price for the Securities, the purchase price to be paid by the
Underwriter for the Securities, and the number of Securities to be sold to the Underwriter by the
Company shall be agreed upon by the Company and the Underwriter, and such agreement shall be set
forth in a separate written instrument substantially in the form of <U><B>Exhibit&nbsp;A</B></U> hereto (the
&#147;Price Determination Agreement&#148;). The Price Determination Agreement may take the form of an
exchange of any standard form of written telecommunication between the Company and the Underwriter
and shall specify such applicable information as is indicated in <U><B>Exhibit&nbsp;A</B></U> hereto. The
offering of the Securities will be governed by this Agreement, as supplemented by the Price
Determination Agreement. From and after the date of the execution and delivery of the Price
Determination Agreement, this Agreement shall be deemed to incorporate, and all references herein
to &#147;this Agreement&#148; shall be deemed to include, the Price Determination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has prepared and filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) a registration statement on Form S-2 (File No.&nbsp;333-129315), as amended by a
registration statement on Form S-1/A, covering the registration of the Securities under the
Securities Act of 1933, as amended (the &#147;1933 Act&#148;), including the related preliminary prospectus,
and, if such registration statement has not become effective, the Company will prepare and file,
prior to the effective date of such registration statement, an amendment to such registration
statement, including a final prospectus. Each prospectus used before the time such registration
statement becomes effective is herein called a &#147;preliminary prospectus.&#148; Such registration
statement, at the time it becomes effective, is herein called the &#147;Registration Statement,&#148; and the
prospectus, included in the Registration Statement at the time it becomes
</DIV>

<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">effective is herein called the &#147;Prospectus,&#148; except that, if any revised prospectus provided
to the Underwriter by the Company for use in connection with the offering of the Securities differs
from the prospectus included in the Registration Statement at the time it becomes effective
(whether or not such prospectus is required to be filed pursuant to Rule 424(b) under the 1933 Act
(&#147;Rule&nbsp;424(b)&#148;), the term &#147;Prospectus&#148; shall refer to such revised prospectus from and after the
time it is first furnished to the Underwriter for such use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company understands that the Underwriter proposes to make a public offering of the
Securities (the &#147;Offering&#148;) as soon as possible after the Registration Statement becomes effective.
The Underwriter may assemble and manage a selling group of broker-dealers that are members of the
National Association of Securities Dealers, Inc. (&#147;NASD&#148;) to participate in the solicitation of
purchase orders for the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;1: Representations and Warranties</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company represents and warrants to and agrees with the Underwriter that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company meets the requirements for use of Form S-1 under the 1933 Act and,
when the Registration Statement on such form shall become effective and at all times
subsequent thereto up to the Closing Time referred to below (and, with respect to the
Option Securities, up to the &#147;Option Closing Time&#148; referred to below), (A)&nbsp;the Registration
Statement and any amendments and supplements thereto will comply in all material respects
with the requirements of the 1933 Act and the rules and regulations of the Commission under
the 1933 Act (the &#147;1933 Act Regulations&#148;); (B)&nbsp;neither the Registration Statement nor any
amendment or supplement thereto will contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; and (C)
neither the Prospectus nor any amendment or supplement thereto will include an untrue
statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in light of the circumstances under which they were made, not
misleading, except that this representation and warranty does not apply to statements or
omissions made in reliance upon and in conformity with information furnished in writing to
the Company by the Underwriter expressly for use in the Registration Statement or the
Prospectus. The statements contained under the caption &#147;Underwriting&#148; in the Prospectus
constitute the only information furnished to the Company in writing by the Underwriter
expressly for use in the Registration Statement or the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the time of filing the Registration Statement relating to the offering of the
Securities and at the date hereof, the Company was not, and is not, an ineligible issuer,
as defined in Rule&nbsp;405. At the time of the filing of the registration statement and at the
time of the use of any issuer free writing prospectus, as defined in Rule&nbsp;433(h), the
Company met the conditions required by Rules&nbsp;164 and 433 for the use of a free writing
prospectus related to the offered Securities at the time it is required to be filed under
Rule&nbsp;433 and, if not required to be filed, will retain such
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">free writing prospectus in the Company&#146;s records pursuant to Rule 433(g) and if any
issuer free writing prospectus is used after the date hereof in connection with the
offering of the Securities the Company will file or retain such free writing prospectus as
required by Rule&nbsp;433.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As of the Applicable Time, neither (i)&nbsp;the Issuer-Represented General Free
Writing Prospectus(es) issued at or prior to the Applicable Time and the Statutory
Prospectus, all considered together (collectively, the &#147;General Disclosure Package&#148;), nor
(ii)&nbsp;any individual Issuer-Represented Limited-Use Free Writing Prospectus, when considered
together with the General Disclosure Package, included any untrue statement of a material
fact or omitted to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The
preceding sentence does not apply to statements in or omissions from any Prospectus
included in the Registration Statement relating to the offered Securities or any
Issuer-Represented Free Writing Prospectus based upon and in conformity with written
information furnished to the Company by the Underwriter specifically for use therein. As
used in this paragraph and elsewhere in this Agreement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Applicable Time&#148; means 4:00 p.m. (Eastern
time) on the date of this Underwriting Agreement.1</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Statutory Prospectus,&#148; as of any time, means
the Prospectus relating to the offered Securities that is included in
the Registration Statement relating to the offered Securities
immediately prior to that time, including any document incorporated by
reference therein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Issuer-Represented Free Writing Prospectus&#148;
means any &#147;issuer free writing prospectus,&#148; as defined in Rule&nbsp;433(h),
relating to the offered Securities that is required to be filed with
the SEC by the Company or required to be filed with the SEC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Issuer-Represented General Free Writing
Prospectus&#148; means any Issuer-Represented Free Writing Prospectus that
is intended for general distribution to prospective investors, as
evidenced by its being specified in <U><B>Schedule&nbsp;A</B></U> to this
Underwriting Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Issuer-Represented Limited-Use Free Writing
Prospectus&#148; means any Issuer-Represented Free Writing Prospectus that
is not an Issuer-Represented General Free Writing Prospectus. The
term Issuer-Represented Limited-Use Free</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD> The &#147;Applicable Time&#148; will be the time
selected by Ryan Beck at which it desires the disclosure to be tested for
Section&nbsp;12(a)(2) purposes. The time must necessarily fall after pricing and,
in light of Rule&nbsp;159, before the first oral sale to any investor.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">Writing Prospectus also includes any &#147;<I>bona fide </I>electronic road
show,&#148; as defined in Rule&nbsp;433, that is made available without
restriction pursuant to Rule&nbsp;433(d)(8)(ii) or otherwise, even
though not required to be filed with the SEC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Issuer-Represented Free Writing Prospectus, as of its date of first use and
at all subsequent times through the completion of the offering and sale of the offered
Securities or until any earlier date that the Company notified or notifies the Underwriter
(as described in the next sentence), did not, does not and will not include any information
that conflicted, conflicts or will conflict with the information contained in the
Registration Statement relating to the offered Securities, including any document
incorporated by reference therein that has not been superseded or modified. If at any time
following the date of first use of an Issuer-Represented Free Writing Prospectus there
occurred or occurs an event or development as a result of which such Issuer-Represented
Free Writing Prospectus conflicted or would conflict with the information contained in the
Registration Statement relating to the offered Securities or included or would include an
untrue statement of a material fact or omitted or would omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances
prevailing at that subsequent time, not misleading, the Company has notified or will notify
promptly the Underwriter so that any use of such Issuer-Represented Free-Writing Prospectus
may cease until it is amended or supplemented and the Company has promptly amended or will
promptly amend or supplement such Issuer-Represented Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or omission. The foregoing two sentences do not
apply to statements in or omissions from any Issuer-Represented Free Writing Prospectus
based upon and in conformity with the written information furnished to the Company by the
Underwriter specifically for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Documents previously filed with the Commission complied in all material respects
with the requirements of the Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;),
and the rules and regulations of the Commission thereunder (the &#147;1934 Act Regulations&#148;)
and, when read together and with the other information in the Prospectus, at the time the
Registration Statement becomes effective and at all times subsequent thereto up to the
Closing Time (and with respect to the Option Securities, up to the &#147;Option Closing Time&#148;
referred to below), will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the
statements therein not misleading, in each case after excluding any statement that does not
constitute a part of the Registration Statement or the Prospectus pursuant to Rule&nbsp;412 of
the 1933 Act Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Crowe Chizek and Company LLC (&#147;Crowe Chizek&#148;) who is reporting upon the audited
financial statements included or incorporated by reference in the Registration Statement,
has advised the Company that it is an independent certified public accountant as required
by the 1933 Act and the 1933 Act Regulations and within the meaning of the Code of Ethics
of the American Institute of Certified
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Public Accountants (&#147;AICPA&#148;), is, with respect to the Company and each of its
subsidiaries, an independent certified public accountant and is a &#147;registered public
accounting firm&#148; within the meaning of Section&nbsp;102(a)(12) of the Sarbanes-Oxley Act of 2002
(&#147;Sarbanes-Oxley&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The audited and unaudited consolidated financial statements (including the
notes thereto), included or incorporated by reference in the Registration Statement present
fairly the consolidated financial position of the Company and its subsidiaries as of the
dates indicated and the consolidated results of operations and cash flows of the Company
and its subsidiaries for the periods specified. Such financial statements have been
prepared in conformity with generally accepted accounting principles applied on a
consistent basis throughout the periods involved, except as otherwise stated therein. The
financial statement schedules, if any, included in the Registration Statement present
fairly the information required to be stated therein. The selected financial and
statistical data included in the Prospectus are accurate in all material respects and
present fairly the information shown therein and have been compiled on a basis consistent
with that of the audited and, if any, unaudited consolidated financial statements included
or incorporated by reference in the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Company is, and at all relevant times has been, in compliance with the
applicable provisions of Sarbanes-Oxley and the rules and regulations promulgated
thereunder, except where such failure to comply would not be reasonably likely to have a
material adverse effect on the condition (financial or otherwise), earnings, business
affairs, assets or business prospects of the Company and its subsidiaries, considered as
one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Company and each of its subsidiaries have established and maintain
disclosure controls and procedures as required by Rules&nbsp;13a-15 and 15d-15 under the 1934
Act. The Company has conducted an evaluation under the supervision and with the
participation of its management, including the Company&#146;s Chief Executive Officer and Chief
Financial Officer, of the effectiveness of the design and operation of its disclosure
controls and procedures, and the Company&#146;s Chief Executive Officer and Chief Financial
Officer have concluded that its disclosure controls and procedures are effective to ensure
that information required to be disclosed in the Commission Reports is recorded, processed,
summarized and reported, within the periods specified in, and in accordance with the
requirements of, the Commission&#146;s rules, regulations and forms. Based on such evaluations,
(i)&nbsp;there were no significant deficiencies or material weaknesses in the design or
operation of internal control over financial reporting which are reasonably likely to
adversely affect the Company&#146;s ability to record, process, summarize and report financial
information and (ii)&nbsp;there was no fraud, whether or not material, that involved management
or other employees of the Company or any of its subsidiaries who have a significant role in
the Company&#146;s internal control over financial reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware with corporate power and
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">authority under such laws to own, lease and operate its properties and conduct its
business as described in the Prospectus. Each direct and indirect subsidiary of the
Company is an entity duly organized, validly existing and in good standing under the laws
of its respective jurisdiction of organization with corporate power and authority under
such laws to own, lease and operate its properties and conduct its business. The Company
and each of its direct and indirect subsidiaries is duly qualified to transact business as
a foreign corporation and is in good standing in each other jurisdiction in which it owns
or leases property of a nature, or transacts business of a type, that would make such
qualification necessary, except to the extent that the failure to so qualify or be in good
standing would not have a material adverse effect on the condition (financial or
otherwise), earnings, business affairs, assets or business prospects of the Company and its
subsidiaries, considered as one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Company is duly registered with the Office of Thrift Supervision as a
savings and loan holding company under the Home Owners&#146; Loan Act, as amended. The Bank is
a federally-chartered savings association subsidiary of the Company; and the deposit
accounts of the Bank are insured by the Savings Association Insurance Fund of the Federal
Deposit Insurance Corporation (the &#147;FDIC&#148;) up to the maximum allowable limits thereof. The
Company has all such power, authority, authorization, approvals and orders as may be
required to enter into this Agreement to carry out the provisions and conditions hereof and
thereof and to issue and sell the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) All of the outstanding shares of capital stock of the Bank have been duly
authorized and validly issued and are fully paid and non-assessable and are owned by the
Company free and clear of any pledge, lien, security interest, charge, claim, equity or
encumbrance of any kind.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Except for the Bank and Central Federal Capital Trust I, the Company does not
have any &#147;significant subsidiaries&#148; as defined in Rule&nbsp;1-02 of Regulation&nbsp;S-X of the
Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The Company had at the date indicated a duly authorized and outstanding
capitalization as set forth in the Prospectus under the caption &#147;Description of Our Common
Stock.&#148; The capital stock, subordinated debentures and associated trust preferred
securities and other securities of the Company conform in all material respects to the
description thereof contained or incorporated by reference in the Prospectus and such
description conforms to the rights set forth in the instruments defining the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) This Agreement has been duly authorized, executed and delivered by the Company
and, when duly executed by the Underwriter, will constitute the valid and binding
agreements of the Company enforceable against the Company in accordance with its terms,
except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium or other similar laws relating to or affecting creditors&#146; rights generally or by
general equitable principles.
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;( xvi) The Securities have been duly and validly authorized by the Company for
issuance and sale to the Underwriter pursuant to this Agreement and, when issued and
delivered by the Company to the Underwriter pursuant to this Agreement against payment of
the consideration set forth herein, will be validly issued, fully paid and non-assessable
and will constitute valid and legally binding obligations of the Company enforceable in
accordance with their terms. The Securities conform in all material respects to the
description thereof in the Prospectus, and such description conforms in all material
respects to the rights set forth in the instruments defining the same; the holders of the
Securities will be entitled to the same limitation of personal liability extended to
shareholders of private corporations for profit organized under the Delaware General
Corporation Law; and the issuance of the Securities is not subject to any preemptive or
other similar rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Except for information provided in writing to the Company by the Underwriter
about the Underwriter for use in the Prospectus, the Company has not relied upon the
Underwriter or its legal or other advisors for any legal, tax or accounting advice. The
Company has been advised by counsel in the negotiation, execution and delivery of this
Underwriting Agreement, that the Underwriter does not have any fiduciary relationship with
or fiduciary duty to the Company or any other person arising out of or in connection with
this Underwriting Agreement or any of the other agreements or transactions contemplated
hereby and that the Underwriter has not been retained to advise and has not advised the
Company or any other person regarding the wisdom, prudence or advisability of entering into
or consummating the Offering or of consummating the Offering at any particular price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;( xviii) The issuance and sale of the Securities by the Company, the compliance by
the Company with all of the provisions of this Agreement and the consummation of the
transactions herein contemplated will not conflict with or result in a breach of any of the
terms or provisions of, or constitute a default under, any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over the Company
or any of its properties; and no consent, approval, authorization, order, license,
certificate, permit, registration or qualification of or with any such court or other
governmental agency or body is required to be obtained by the Company for the issue and
sale of the Securities by the Company, or the consummation by the Company of the
transactions contemplated by this Agreement, except for such consents, approvals,
authorizations, licenses, certificates, permits, registrations or qualifications as have
already been obtained, or as may be required under the 1933 Act or the 1933 Act
Regulations, the 1934 Act or the 1934 Act Regulations, or state securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Each person who is an executive officer or director of the Company has agreed
to sign an agreement substantially in the form attached hereto as <U>Exhibit&nbsp;B</U> (the
&#147;Lock-up Agreements&#148;). The Company has provided to counsel for the Underwriter true,
accurate and complete copies of all of the Lock-up Agreements presently in effect or
effected hereby. The Company hereby represents and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">warrants that it will not release any
of its officers, directors or other shareholders
from any Lock-up Agreements currently existing or hereafter effected without the prior
written consent of the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) The Company has not engaged in any activity that would result in the Company
being, and after giving effect to the offering and sale of the Securities, the Company will
not be, an &#147;investment company,&#148; or an entity &#147;controlled&#148; by an &#147;investment company,&#148; as
such terms are defined in the Investment Company Act of 1940, as amended (the &#147;Investment
Company Act&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) All of the outstanding shares of capital stock of the Company have been duly
authorized and validly issued, are fully paid and non-assessable, and are not subject to
the preemptive rights of any stockholder of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) Since the respective dates as of which information is given in the
Registration Statement and the Prospectus, except as otherwise stated therein, there has
not been (A)&nbsp;any material adverse change in the condition (financial or otherwise),
earnings, business affairs, assets or business prospects of the Company and its
subsidiaries, considered as one enterprise, whether or not arising in the ordinary course
of business, (B)&nbsp;any transaction entered into by the Company or any subsidiary thereof,
other than in the ordinary course of business, that is material to the Company and its
subsidiaries, considered as one enterprise, or (C)&nbsp;any cash dividend or cash distribution
of any kind declared, paid or made by the Company on its capital stock. Neither the
Company, the Bank nor any other subsidiary of the Company has any material liability of any
nature, contingent or otherwise, except as set forth in the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) Neither the Company, the Bank nor any other direct or indirect subsidiary of
the Company is in violation of any provision of its articles of incorporation, charter,
certificate of trust, trust agreement or bylaws, as applicable, or in default in the
performance or observance of any obligation, agreement, covenant or condition contained in
any contract, indenture, mortgage, loan agreement, note, lease or other agreement or
instrument to which it is a party or by which it may be bound or to which any of its
respective properties may be subject, except for such defaults that, individually or in the
aggregate, would not have a material adverse effect on the condition (financial or
otherwise), earnings, business affairs, assets or business prospects of the Company and its
subsidiaries, considered as one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) Except as disclosed in the Prospectus, there is no action, suit or proceeding
before or by any government, governmental instrumentality or court, domestic or foreign,
now pending or, to the knowledge of the Company, threatened against the Company, the Bank
or any other subsidiary that is required to be disclosed in the Prospectus or that could
reasonably be expected to result in any material adverse change in the condition (financial
or otherwise), earnings, business affairs, assets or business prospects of the Company and
its subsidiaries, considered as one enterprise, or that could reasonably be expected
materially and adversely to affect the properties or assets of the Company and its
subsidiaries, considered as
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">one enterprise, or that could reasonably be expected materially
and adversely to affect the consummation of the transactions contemplated in this Agreement; all
pending legal or governmental proceedings to which the Company, the Bank or any other
subsidiary is a party that are not described in the Prospectus, including ordinary routine
litigation incidental to its business, if decided in a manner adverse to the Company, would
not have a material adverse effect on the condition (financial or otherwise), earnings,
business affairs or business prospects of the Company and its subsidiaries, considered as
one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) There are no material contracts or documents of a character required to be
described in the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement that are not described and filed as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) Each of the Company and its direct and indirect subsidiaries, including the
Bank, has good and marketable title to all properties and assets described in the
Prospectus as owned by it, free and clear of all liens, charges, encumbrances or
restrictions, except such as (A)&nbsp;are described in the Prospectus or (B)&nbsp;are neither
material in amount nor materially significant in relation to the business of the Company
and its subsidiaries, considered as one enterprise; all of the leases and subleases
material to the business of the Company and its subsidiaries, considered as one enterprise
are in full force and effect, and neither the Company, the Bank nor any other subsidiary
has any notice of any material claim that has been asserted by anyone adverse to the rights
of the Company, the Bank or any other subsidiary under any such lease or sublease or
affecting or questioning the rights of such corporation to the continued possession of the
leased or subleased premises under any such lease or sublease.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) Each of the Company and its direct and indirect subsidiaries, owns, possesses
or has obtained all material governmental licenses, permits, certificates, consents,
orders, approvals and other authorizations necessary to own or lease, as the case may be,
and to operate its properties and to carry on its business as presently conducted, and
neither the Company, the Bank nor any other subsidiary has received any notice of any
restriction upon, or any notice of proceedings relating to revocation or modification of,
any such licenses, permits, certificates, consents, orders, approvals or authorizations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) No labor problem with the employees of the Company, the Bank or any other
subsidiary exists or, to the best knowledge of the Company, is imminent such that it could
materially adversely affect the condition (financial or otherwise), earnings, business
affairs or business prospects of the Company and its subsidiaries, considered as one
enterprise, and the Company is not aware of any existing or imminent labor disturbance by
the employees of any of its, the Bank&#146;s or any other subsidiary&#146;s principal suppliers,
contractors or customers that could reasonably be expected to materially adversely affect
the condition (financial or otherwise), earnings, business affairs or business prospects of
the Company and its subsidiaries, considered as one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) Except as disclosed in the Prospectus, there are no persons with
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">registration
or other similar rights to have any securities of the Company registered
pursuant to the Registration Statement or otherwise registered by the Company under
the 1933 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) Except as disclosed in the Prospectus, to the best of its knowledge, the
Company and its direct and indirect subsidiaries, including the Bank, own or are entitled
to use or otherwise possess legally enforceable rights in all patents, patent rights,
licenses, inventions, copyrights, know-how (including trade secrets or other unpatented
and/or unpatentable proprietary or confidential information systems or procedures),
trademarks, service marks and trade names (collectively, &#147;Patent and Proprietary Rights&#148;),
if any, currently employed by them in connection with the business now operated by them
except where the failure to own, be entitled to use, possess or acquire such Patent and
Proprietary Rights would not have a material adverse effect on the condition (financial or
otherwise), earnings, business affairs, assets or business prospects of the Company and its
subsidiaries, considered as one enterprise. Neither the Company, the Bank nor any other
subsidiary has received any notice or is otherwise aware of any infringement of or conflict
with asserted rights of others with respect to any Patent and Proprietary Rights, and which
infringement or conflict (if the subject of any unfavorable decision, rule and refinement,
singly or in the aggregate) could reasonably be expected to result in any material adverse
change in the condition (financial or otherwise), earnings, business affairs, assets or
business prospects of the Company and its subsidiaries, considered as one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) The Company and each subsidiary of the Company have filed all federal, state
and local income, franchise or other tax returns required to be filed and have made timely
payments of all taxes due and payable in respect of such returns, and no material
deficiency has been asserted with respect thereto by any taxing authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) The Company has filed with The Nasdaq Stock Market, Inc. (&#147;Nasdaq&#148;) all
documents and notices required by Nasdaq of companies that have issued securities that are
traded in the over-the-counter market and quotations for which are reported by the Nasdaq
Capital Market or, as applicable, the Nasdaq National Market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) Neither the Company, the Bank nor any other subsidiary of the Company has
taken or will take, directly or indirectly, any action designed to cause or result in, or
which has constituted or which might reasonably be expected to constitute, the
stabilization or manipulation, under the 1934 Act or otherwise, of the price of the
Securities or the Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) Neither the Company, the Bank nor any other subsidiary is or has been (by
virtue of any action, omission to act, contract to which it is a party or by which it is
bound, or any occurrence or state of facts whatsoever) in violation of any applicable
foreign, federal, state, municipal or local statutes, laws, ordinances, rules, regulations
and/or orders issued pursuant to foreign, federal, state, municipal or local statutes,
laws, ordinances, rules, or regulations (including those relating to any
</DIV>

<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">aspect of
securities registration or issuance, banking, bank holding companies,
consumer credit, truth-in-lending, truth-in-savings, usury, currency transaction
reporting, anti-money laundering and customer identification regulations, environmental
protection, occupational safety and health and equal employment practices) heretofore or
currently in effect, except such violations that have been fully cured or satisfied without
recourse or that in the aggregate will not have a material adverse effect on the condition
(financial or otherwise), earnings, business affairs, assets or business prospects of the
Company and its subsidiaries, considered as one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) Each subsidiary of the Company that is engaged in the business of insurance or
reinsurance (collectively, the &#147;Insurance Subsidiaries&#148;), holds such insurance licenses,
certificates and permits from the governmental authorities (including, without limitation,
from the insurance regulatory agencies of the various jurisdictions where it conducts
business (the &#147;Insurance Licenses&#148;)) as are necessary to the conduct of its business as
described in the Prospectus, and the Company and each Insurance Subsidiary have fulfilled
and performed all obligations necessary to maintain the Insurance Licenses. Except as
disclosed in the Prospectus, (1)&nbsp;there is no pending or, to the knowledge of the Company,
threatened action, suit, proceeding or investigation that would reasonably be expected to
result in the revocation, termination or suspension of any Insurance License that would
reasonably be expected to have, individually or in the aggregate, a material adverse effect
on the condition (financial or otherwise), earnings, business affairs, assets or business
prospects of the Company and its subsidiaries, considered as one enterprise, and (2)&nbsp;no
insurance regulatory agency or body has issued, or commenced any proceeding for the
issuance of, any order or decree impairing, restricting or prohibiting the payment of
dividends by any Insurance Subsidiary to its parent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) The Company and its subsidiaries, taken as a whole, are insured by insurers
of recognized financial responsibility against such losses and risks and in such amounts as
are prudent and customary in the business in which they are engaged. Neither the Company
nor any of its subsidiaries has any reason to believe that it will not be able to renew its
existing insurance coverage from similar insurers as may be necessary to continue its
business at a cost that would not have a material adverse effect on the condition
(financial or otherwise), earnings, business affairs, assets or business prospects of the
Company and its subsidiaries, considered as one enterprise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) Except as disclosed in the Prospectus, the Company and its Insurance
Subsidiaries have made no material change in their insurance reserving practices since
December&nbsp;31, 2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) Neither the Company, the Bank nor any other subsidiary has any agreement or
understanding with any person (A)&nbsp;concerning the future acquisition by the Company or the
Bank of a controlling interest in any entity or (B)&nbsp;concerning the future acquisition by
any person of a controlling interest in the Company, the Bank or any other subsidiary, in
either case that is required by the 1933 Act or the
</DIV>

<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">1933 Act Regulations to be disclosed by
the Company that is not disclosed in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any certificate signed by any authorized officer of the Company or the Bank and delivered
to the Underwriter or to counsel for the Underwriter pursuant to this Agreement shall be deemed a
representation and warranty by the Company to the Underwriter as to the matters covered thereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Underwriter represents and warrants to and agrees with the Company that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriter is registered as a broker-dealer with the Commission and is a
member of the NASD.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Underwriter is validly existing and in good standing as a corporation under
the laws of the State of New Jersey with corporate power and authority to provide the
services to be furnished to the Company hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii ) This Agreement has been duly authorized, executed and delivered by the
Underwriter and, when duly executed by the Underwriter, will constitute the valid and
binding agreements of the Underwriter enforceable against the Underwriter in accordance
with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to or affecting creditors&#146; rights
generally or by general equitable principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Underwriter and, to the Underwriter&#146;s knowledge, its employees, and agents
who shall perform any of the services required hereunder to be performed by the Underwriter
shall be duly authorized and shall have all licenses, approvals and permits necessary to
perform such services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The execution and delivery of this Agreement by the Underwriter, the fulfillment
of the terms set forth herein and the consummation of the transactions herein contemplated
shall not violate or conflict with the corporate charter or bylaws of the Underwriter or
violate, conflict with or constitute a breach of, or default (or any event which, with
notice or lapse of time, or both, would constitute a default) under, any material
agreement, indenture or other instrument by which the Underwriter is bound or under any
governmental license or permit or any law, administrative regulation, authorization,
approval or order or court decree, injunction or order applicable to it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;There is not now pending or, to the Underwriter&#146;s knowledge, threatened
against the Underwriter any material action or proceeding before the Commission,
the NASD, any state securities commission or any state or federal court
concerning the Underwriter&#146;s activities as a broker-dealer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Sale and Delivery to the Underwriter; Closing</U>.
</DIV>


<P align="center" style="font-size: 10pt">12
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On the basis of the representations and warranties herein contained and subject to
the terms and conditions herein set forth, the Company agrees to sell to the Underwriter, and the
Underwriter agrees to purchase from the Company, the number of Initial Securities set forth at the
purchase price and terms set forth herein and in the Price Determination Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, on the basis of the representations and warranties herein contained and subject
to the terms and conditions herein set forth, the Company hereby grants an option to the
Underwriter to purchase all or a portion of the Option Securities in accordance with the terms set
forth herein and in the Price Determination Agreement. The option hereby granted will expire at
5:00 p.m. on the 30th day after the date the Registration Statement is declared effective by the
Commission (or at 5:00 p.m. on the next business day following the 30th day if such 30th day is not
a business day) and may be exercised, solely for the purpose of covering over-allotments which may
be made in connection with the offering and distribution of the Initial Securities upon notice by
the Underwriter to the Company setting forth the number of Option Securities as to which the
Underwriter is exercising the option and the time, date and place of payment and delivery for the
Option Securities. Such time and date of delivery (the &#147;Option Closing Date&#148;) shall be determined
by the Underwriter but shall not be later than five full business days after the exercise of said
option, nor in any event prior to the Closing Time, as hereinafter defined, nor earlier than the
second business day after the date on which the notice of the exercise of the option shall have
been given.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Payment of the purchase price for, and delivery of certificates for, the Common Stock
issuable in connection with the Initial Securities shall be made at such place as shall be agreed
upon by the Company and the Underwriter, at 9:30 a.m. on the third full business day after the
effective date of the Registration Statement, or at such other time not earlier than three or more
than ten full business days thereafter as the Underwriter and the Company shall determine (such
date and time of payment and delivery being herein called the &#147;Closing Time&#148;). In addition, in the
event that any or all of the Option Securities are purchased by the Underwriter, payment of the
purchase price for, and delivery of certificates for, such Option Securities shall be made at such
place as shall be agreed upon by the Company and the Underwriter, on the Option Closing Date as
specified in the notice from the Underwriter to the Company. Payment for the Initial Securities
and the Option Securities, if any, shall be made to the Company by wire transfer of immediately
available funds, against delivery of the Common Stock which comprises the Initial Securities and
Option Securities, as the case may be, to the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Common Stock which comprises the Initial Securities and Option Securities, as the
case may be, shall be registered in such name or names as the Underwriter may request in writing at
least two business days prior to the Closing Time or the Option Closing Time, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Certain Covenants of the Company</U>. The Company covenants with the
Underwriter as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company will use its best efforts to cause the Registration Statement to become
effective and will notify the Underwriter immediately, and confirm the notice in writing, (i)&nbsp;when
the Registration Statement, or any post-effective amendment
</DIV>


<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the Registration Statement, shall
have become effective, or any supplement to the Prospectus or any amended Prospectus shall have
been filed, (ii)&nbsp;of the receipt of any comments from the Commission&#146;s staff, (iii)&nbsp;of any request
of the Commission&#146;s staff to amend the Registration Statement or amend or supplement the Prospectus
or for additional information and (iv)&nbsp;of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or of any order preventing or suspending
the use of any preliminary prospectus, or of the suspension of the qualification of the Securities
for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings
for any of such purposes. The Company will use every reasonable effort to prevent the issuance of
any such stop order or of any order preventing or suspending such use and, if any such order is
issued, to obtain the lifting thereof at the earliest possible moment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company will not at any time file or make any amendment to the Registration Statement
or, if the Company has elected to rely upon Rule&nbsp;430A of the 1933 Act Regulations (&#147;Rule&nbsp;430A&#148;),
any amendment or supplement to the Prospectus (including documents incorporated by reference into
the Registration Statement or the Prospectus) of which the Underwriter shall not previously have
been advised and furnished a copy, or to which the Underwriter or counsel for the Underwriter shall
reasonably object.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company represents and agrees that, unless it obtains the prior consent of the
Underwriter and the Underwriter represents and agrees that, unless it obtains the prior consent of
the Company, it has not made and will not make any offer relating to the offered Securities that
would constitute an &#147;issuer free writing prospectus,&#148; as defined in Rule&nbsp;433, or that would
constitute a &#147;free writing prospectus,&#148; as defined in Rule&nbsp;405, required to be filed with the SEC.
Any such free writing prospectus consented to by the Company and the Underwriter is hereinafter
referred to as a &#147;Permitted Free Writing Prospectus.&#148; The Company represents that it has treated
or agrees that it will treat each Permitted Free Writing Prospectus as an &#147;issuer free writing
prospectus,&#148; as defined in Rule&nbsp;433, and has complied and will comply with the requirements of Rule
433 applicable to any Permitted Free Writing Prospectus, including timely SEC filing where
required, legending and record keeping.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Company has furnished or will furnish to the Underwriter as many signed and conformed
copies of the Registration Statement as originally filed and of each amendment thereto, whether
filed before or after the Registration Statement becomes effective, copies of all exhibits and
documents filed therewith and signed copies of all consents and certificates of experts as the
Underwriter may reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company will deliver or cause to be delivered to the Underwriter, without charge,
from time to time until the effective date of the Registration Statement, as many copies of each
preliminary prospectus as the Underwriter may reasonably request, and the Company hereby consents
to the use of such copies for purposes permitted by the 1933 Act. The Company will deliver or cause
to be delivered to the Underwriter, without charge, as soon as the Registration Statement shall
have become effective (or, if the Company has elected to rely upon Rule&nbsp;430A, as soon as practicable after the Price
Determination Agreement has been executed and delivered) and thereafter from time to time as
requested by the Underwriter during the period when the Prospectus is required to
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be delivered
under the 1933 Act, such number of copies of the Prospectus (as supplemented or amended) as the
Underwriter may reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Company will comply to the best of its ability with the 1933 Act and the 1933 Act
Regulations, and the 1934 Act and the 1934 Act Regulations, so as to permit the completion of the
distribution of the Securities as contemplated in this Agreement and in the Prospectus. If, at any
time when a prospectus is required by the 1933 Act to be delivered in connection with sales of the
Securities, any event shall occur or condition exist as a result of which it is necessary, in the
reasonable opinion of counsel for the Underwriter or counsel for the Company, to amend the
Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not
include an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein not misleading, in light of the circumstances existing at the time
it is delivered to a purchaser, or if it shall be necessary, in the reasonable opinion of either
such counsel, at any such time to amend the Registration Statement or amend or supplement the
Prospectus in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations,
the Company will promptly prepare and file with the Commission, subject to Section 3(b) hereof,
such amendment or supplement as may be necessary to correct such untrue statement or omission or to
make the Registration Statement or the Prospectus comply with such requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company will use its best efforts, in cooperation with the Underwriter, to qualify
the Securities for offering and sale under the applicable securities laws of such states and other
jurisdictions as the Underwriter may designate and to maintain such qualifications in effect for a
period of not less than one year from the effective date of the Registration Statement; provided,
however, that the Company shall not be obligated to file any general consent to service of process
or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it
is not so qualified or to subject itself to taxation in respect of doing business in any
jurisdiction in which it is not otherwise so subject. The Company will file such statements and
reports as may be required by the laws of each jurisdiction in which Securities have been qualified
as above provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Company will make generally available, within the meaning of Rule&nbsp;158 of the 1933 Act
Regulations (&#147;Rule&nbsp;158&#148;), to the holders of the Securities and the Underwriter as soon as
practicable, but not later than 90&nbsp;days after the close of the period covered thereby, an earnings
statement of the Company and its subsidiaries (in form complying with the provisions of Rule&nbsp;158)
covering a period of at least 12&nbsp;months beginning after the effective date of the Registration
Statement but not later than the first day of the Company&#146;s fiscal quarter next following such
effective date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Company will use the net proceeds received by it from the sale of the Securities in
the manner specified in the Prospectus under the caption &#147;Use of Proceeds.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The Company, during the period when a prospectus is required by the 1933 Act to be
delivered in connection with the sales of Common Stock, will use its best efforts to cause a
registration statement for the Common Stock to be effective and will file
</DIV>


<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">promptly all documents
required to be filed with the Commission pursuant to Section&nbsp;13 or 14 of the 1934 Act subsequent to
the time the Registration Statement becomes effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;For a period of five years after the Closing Time, the Company will furnish to the
Underwriter copies of all annual reports, quarterly reports and current reports filed by the
Company with the Commission, such other documents, reports, proxy statements and information as
shall be furnished by the Company to its stockholders generally, and such other public information
concerning the Bank or the Company as the Underwriter may reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The Company will provide to the holders of the Common Stock annual reports containing
financial statements audited by the Company&#146;s independent auditors and, upon written request, the
Company&#146;s annual reports on Form 10-K or Form 10-KSB, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;The Company will file with Nasdaq all documents and notices required by Nasdaq of
companies that have issued securities that are quoted on the Nasdaq Capital Market or Nasdaq
National Market, as applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;The Company shall cause to be prepared by its counsel one or more &#147;blue sky&#148; surveys
(each, a &#147;Blue Sky Survey&#148;) for use in connection with the offering of the Securities as
contemplated by the Prospectus and a copy of each Blue Sky Survey or surveys shall be delivered to
each of the Company and the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;If, at the time the Registration Statement becomes effective, any information shall have
been omitted therefrom in reliance upon Rule&nbsp;430A, then the Company will prepare, and file or
transmit for filing with the Commission in accordance with Rule&nbsp;430A and Rule&nbsp;424(b), copies of an
amended Prospectus or, if required by Rule&nbsp;430A, a post-effective amendment to the Registration
Statement (including an amended Prospectus) containing all information so omitted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;The Company will, at its expense, subsequent to the issuance of the Securities, prepare
and distribute to the Underwriter and counsel to the Underwriter a bound volume containing copies
of the documents used in connection with the issuance of the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;The Company will not, prior to the Option Closing Date or thirty (30)&nbsp;days after the date
of this Agreement, whichever occurs first, incur any material liability or obligation, direct or
contingent, or enter into any material transaction, other than in the ordinary course of business,
or any transaction with a related party which is required to be disclosed in the Prospectus
pursuant to Item&nbsp;404 of Regulation&nbsp;S-K (or Regulation&nbsp;S-B, as applicable) of the Commission, except
as contemplated by the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;The Company will not sell or issue, contract to sell or issue, or otherwise dispose of,
for a period of 180&nbsp;days after the Closing Time, without the prior written
consent of the Underwriter, any shares of, or any securities convertible into or exercisable
for shares of, Common Stock other than in connection with any plan or arrangement described in the
Prospectus.
</DIV>


<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Payment of Expenses</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Whether or not the sale of the Securities by the Company is consummated, the Company
agrees to pay all expenses incident to the performance of the obligations of the Company under this
Agreement, including the following: (i)&nbsp;the preparation, printing, issuance and delivery of the
certificates or entries evidencing the shares of Common Stock comprising the Securities; (ii)&nbsp;the
fees and disbursements of the Company&#146;s counsel, accountants and other advisors; (iii)&nbsp;the
qualification or exemption from qualification of the Securities under all applicable securities or
&#147;blue sky&#148; laws, including filing fees and the reasonable fees and disbursements of counsel in
connection therewith and in connection with the preparation of the Blue Sky Survey concerning such
jurisdictions as the Underwriter may reasonably designate; (iv)&nbsp;the printing and delivery to the
Underwriter, in such quantities as the Underwriter shall reasonably request, copies of the
Prospectus, and all other documents in connection with this Agreement; (v)&nbsp;the filing fees and the
fees and disbursements of counsel incurred in connection with the review of the Offering by the
NASD; (vi)&nbsp;the fees for listing the Common Stock comprising the Securities on the Nasdaq Capital
Market; (vii)&nbsp;the fees and expenses relating to advertising expenses, investor meeting expenses and
other miscellaneous expenses relating to the marketing by the Underwriter of the Securities; and
(viii)&nbsp;the fees and charges of any transfer agent, registrar or other agent. In the event that the
Underwriter incurs any such expenses on behalf of the Company, the Company will pay or reimburse
the Underwriter for such expenses regardless of whether the Offering is successfully completed, and
such reimbursements will not be included in the expense limitations set forth in the following
paragraph.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, the Company will reimburse the Underwriter for all reasonable out-of-pocket
expenses, including legal fees and expenses of Underwriter&#146;s counsel, incurred by the Underwriter
in connection with the services provided by the Underwriter to the Company pursuant to this
Agreement. Such legal fees shall not exceed $75,000 with regard to the Offering (including the
out-of-pocket expenses of counsel and any &#147;blue sky&#148; fees and expenses). The Underwriter will
provide a detailed accounting of the out-of-pocket expenses referred to in this paragraph, which
will be paid by the Company on the Closing Time. The parties hereto acknowledge that it may be
necessary to exceed the expense limitations set forth in this paragraph in the event of a material
delay in the Offering including, but not limited to, a delay that requires an update of financial
or other information contained in the Prospectus. Accordingly, the Company and the Underwriter
shall amend this Agreement in accordance with the requirements of Section&nbsp;15 to revise the expense
limitations set forth in this paragraph as necessary to cover all or an agreed upon amount of the
additional expenses arising from a material delay in the Offering. The Company shall have no duty
to reimburse the Underwriter for expenses exceeding the express limitations of this of this Section
4(b) or any amendment hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If (i)&nbsp;the Closing Time does not occur on or before March&nbsp;31, 2006, (ii)&nbsp;the Company
abandons or terminates the Offering, or (iii)&nbsp;this Agreement is terminated by
the Underwriter in accordance with the provisions of Section&nbsp;5 or 9(a), the Company shall
reimburse the Underwriter for its reasonable out-of-pocket expenses, as set forth in this Section
4, including the reasonable fees and disbursements of counsel for the Underwriter.
</DIV>


<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U> Conditions of Underwriter&#146;s Obligations</U>. The obligations of the
Underwriter to purchase and pay for the Securities that it has agreed to purchase pursuant to this
Agreement are subject, in the discretion of the Underwriter, to the accuracy of the representations
and warranties of the Company contained herein or in certificates of the officers of the Company or
any subsidiary delivered pursuant to the provisions hereof, to the execution of the Price
Determination Agreement no later than 5:30 p.m. on the first business day following the date
hereof, or at such later time as the Underwriter may agree in writing (in the Underwriter&#146;s sole
discretion), to the performance by the Company of its obligations hereunder and to the following
further conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registration Statement shall have become effective no later than 4:00 p.m. on the
first business day following the date hereof, or at such later time or on such later date as the
Underwriter may agree to in writing; at the Closing Time, no stop order suspending the
effectiveness of the Registration Statement shall have been issued under the 1933 Act and no
proceedings for that purpose shall be pending or, to the Underwriter&#146;s knowledge or the knowledge
of the Company, shall be contemplated by the Commission, and any request on the part of the
Commission for additional information shall have been complied with to the satisfaction of counsel
for the Underwriter. If the Company has elected to rely upon Rule&nbsp;430A, a prospectus containing
the information required by Rule&nbsp;430A shall have been filed with the Commission in accordance with
Rule 424(b) (or a post-effective amendment providing such information shall have been filed and
declared effective in accordance with the requirements of Rule&nbsp;430A).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;At the Closing Time, the Underwriter shall have received:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The favorable opinion, dated as of the Closing Time, of Brouse McDowell, LPA
(&#147;Brouse McDowell&#148;), counsel for the Company, in form and substance reasonably satisfactory
to counsel for the Underwriter, substantially in the form set forth in <U><B>Exhibit&nbsp;C</B></U>
and a letter in the form of <U><B>Exhibit&nbsp;D</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The favorable opinion, dated as of the Closing Time, of Thacher Proffitt &#038; Wood
LLP (&#147;Thacher Proffitt&#148;) counsel for the Underwriter, in form and substance satisfactory to
the Underwriter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, counsel may rely, to the extent such counsel deems such reliance
necessary or appropriate, upon certificates of governmental officials, certificates or opinions of
other counsel reasonably satisfactory to the Underwriter and, as to matters of fact, officers&#146;
certificates. The opinion of such counsel need refer only to matters of Delaware and federal law
and may add other qualifications and explanations of the basis of their opinion as may be
reasonably acceptable to the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At the Closing Time and again at the Option Closing Date, (i)&nbsp;the Registration Statement
and the Prospectus, as they may then be amended or supplemented, shall contain all statements that
are required to be stated therein under the 1933 Act and the
1933 Act Regulations and shall conform in all material respects to the requirements of the
1933 Act and the 1933 Act Regulations, the Company shall have complied in all material respects
with Rule&nbsp;430A (if it shall have elected to rely thereon), and neither the Registration Statement
nor the Prospectus, as they may then be amended or supplemented,
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading; (ii)&nbsp;there shall not have been, since the respective
dates as of which information is given in the Registration Statement, any material adverse change
in the condition (financial or otherwise), earnings, business affairs, assets or business prospects
of the Company and its subsidiaries, considered as one enterprise, whether or not arising in the
ordinary course of business; (iii)&nbsp;no action, suit or proceeding at law or in equity shall be
pending or, to the knowledge of the Company, threatened against the Company or its subsidiaries
that would be required to be set forth in the Prospectus that is not set forth therein, and no
proceedings shall be pending or, to the knowledge of the Company, threatened against either of the
Company or any subsidiary of the Company before or by any federal, state or other commission, board
or administrative agency wherein an unfavorable decision, ruling or finding would materially
adversely affect the condition (financial or otherwise), earnings, business affairs, assets or
business prospects of the Company and its subsidiaries, considered as one enterprise, other than as
set forth in the Prospectus; (iv)&nbsp;the Company shall have complied, in all material respects, with
all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to
the Closing Time or Option Closing Date, as applicable; (v)&nbsp;the other representations and
warranties of the Company set forth in Section l(a) hereof shall be accurate in all material
respects as though expressly made at and as of the Closing Time or Option Closing Date, as
applicable; and (vi)&nbsp;no stop order suspending the effectiveness of the Registration Statement shall
have been issued and no proceeding for that purpose been initiated or, to the best knowledge of the
Company, threatened by the Commission. At the Closing Time, the Underwriter shall have received a
certificate of the President and the principal financial officer of the Company, dated as of the
Closing Time, to such effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;At the Closing Time and again at the Option Closing Date, neither the Company nor any of
its subsidiaries shall have sustained since the date of the latest audited financial statements
included or incorporated by reference in the Prospectus any loss or interference with its business
from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any
labor dispute or court or governmental action, order or decree, otherwise than as set forth or
contemplated in the Prospectus, and (ii)&nbsp;since the respective dates as of which information is
given in the Prospectus there shall not have been any change in the capital stock or long term debt
of the Company or any of its subsidiaries or any change, or any development involving a prospective
change, in or affecting the general affairs, management, financial position, stockholders&#146; equity
or results of operations of the Company and its subsidiaries, otherwise than as set forth or
contemplated in the Prospectus, the effect of which, in any such case described in clause (i)&nbsp;or
(ii), is in the judgment of the Underwriter so material and adverse as to make it impracticable or
inadvisable to proceed with the public offering or the delivery of the Securities on the terms and
in the manner contemplated in the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;At the Closing Time and again at the Option Closing Date, there shall not have occurred
any of the following: (i)&nbsp;a suspension or material limitation in trading in securities generally on
Nasdaq; (ii)&nbsp;a general moratorium on commercial banking activities declared by either Federal or
Delaware authorities or a material disruption in commercial banking or securities settlement or
clearance services in the United States; (iii)&nbsp;the outbreak
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of new hostilities or escalation of
existing hostilities involving the United States or the declaration by the United States of a
national emergency or war; or (iv)&nbsp;the occurrence of any other calamity or crisis or any change in
financial, political or economic conditions in the United States or elsewhere, including without
limitation, as a result of terrorist activities occurring after the date hereof, if the effect of
any such event specified in clause (iii)&nbsp;or (iv), in the judgment of the Underwriters makes it
impracticable or inadvisable to proceed with the public offering or the delivery of the Securities
on the terms and in the manner contemplated in the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;At the time that this Agreement is executed by the Company, the Underwriter shall have
received from Crowe Chizek a letter or letters, dated such date, in form and substance satisfactory
to the Underwriter, confirming that they are independent certified public accountants with respect
to the Company within the meaning of the 1933 Act and the 1933 Act Regulations and a &#147;registered
public accounting firm&#148; within the meaning of Section&nbsp;102(a)(12) of Sarbanes-Oxley, and stating in
effect that, with respect to the Company:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in their opinion, the consolidated financial statements as of December&nbsp;31, 2004
and 2003, and for each of the years in the three year period ended December&nbsp;31, 2004 and
the related financial statement schedules, if any, included or incorporated by reference in
the Registration Statement and the Prospectus and covered by their opinions included
therein comply as to form in all material respects with the applicable accounting
requirements of the 1933 Act and the 1933 Act Regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the basis of procedures (but not an audit in accordance with generally
accepted accounting standards) specified by the AICPA for a review of
interim financial information as described in SAS No.&nbsp;100, Interim Financial
Information, including a reading of the latest available interim consolidated financial
statements of the Company, a reading of the minutes of all meetings of the Board of
Directors of the Company and the Bank and of each committees of the Board of Directors of
the Company and the Bank since September&nbsp;30, 2005, inquiries of certain officials of the
Company and its subsidiaries responsible for financial and accounting matters, and such
other inquiries and procedures as may be specified in such letter, nothing came to their
attention that caused them to believe that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the unaudited interim consolidated financial information included or
incorporated by reference in the Prospectus, if any, do not comply as to form in
all material respects with applicable accounting requirements of the 1933 Act, or
are not presented in conformity with generally accepted accounting principles
applied on a basis consistent with that of the audited financial statements
included in the Prospectus;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at a specified date not more than three days prior to the date of this
Agreement, there was any increase in total borrowings, real estate owned or Federal
Home Loan Bank advances of the Company and its consolidated subsidiaries or any
decrease in total assets, total deposits or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">shareholders&#146; equity of the Company and
its consolidated subsidiaries, any increase in the number of outstanding shares of
capital stock of the Company and its consolidated subsidiaries or any increase or
decrease in loan loss allowance of the Company and its consolidated subsidiaries,
in each case as compared with amounts shown in the financial statements at
September&nbsp;30, 2005 included in the Registration Statement, except in all cases for
changes, increases or decreases that the Registration Statement discloses have
occurred or may occur; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) for the period from September&nbsp;30, 2005 to a specified date not more than
three days prior to the date of this Agreement, there was any decrease in
consolidated net interest income, non-interest income, net income or net income per
share or any increase in the consolidated provision for loan losses, in each case
as compared with a period of comparable length in the preceding year, except in all
cases for changes, increases or decreases that the Registration Statement discloses
have occurred or may occur; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in addition to the procedures referred to in clause (ii)&nbsp;above, they have
performed other specified procedures, not constituting an audit, with respect to certain
amounts, percentages, numerical data and financial information appearing in the
Registration Statement (including the Selected Consolidated Financial Data) (having
compared such items with, and having found such items to be in agreement with, the
financial statements of the Company or general accounting records of the Company, as
applicable, which are subject to the Company&#146;s internal accounting controls or other data
and schedules prepared by the Company from such records); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the basis of a review of schedules provided to them by the Company, nothing
came to their attention that caused them to believe that the pro forma information set
forth in the Prospectus under the heading &#147;Capitalization&#148; had not been correctly
calculated on the basis described therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;At the Closing Time, the Underwriter shall have received from Crowe Chizek a letter, in
form and substance satisfactory to the Underwriter and dated as of the Closing Time, reaffirming
the statements made in the letter(s) furnished pursuant to Section 5(d) hereof, except that the
inquiries specified in Section 5(d) hereof shall be made based upon the latest available unaudited
interim consolidated financial statements and the specified date referred to shall be a date not
more than five days prior to the Closing Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;At the Closing Time, counsel for the Underwriter shall have been furnished with all such
documents, certificates and opinions as they may reasonably request for the purpose of enabling
them to pass upon the issuance and sale of the Securities as contemplated in this Agreement and the
matters referred to in Section 5(c) hereof and in order to evidence the accuracy and completeness
of any of the representations, warranties or statements of the Company, the performance of any of
the covenants of the Company or the fulfillment of any of the conditions herein contained; and all
proceedings taken by the Company at or prior to the Closing Time in connection with the
authorization, issuance and
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">sale of the Securities as contemplated in this Agreement shall be
satisfactory in form and substance to the Underwriter and to counsel for the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Company shall have paid, or made arrangements satisfactory to the Underwriter for the
payment of, all such expenses as may be required by Section&nbsp;4 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;In the event the Underwriter exercises its option provided in Section&nbsp;2 hereof to
purchase all or any portion of the Option Securities, the obligations of the Underwriter to
purchase the Option Securities that it has agreed to purchase shall be subject to the receipt by
the Underwriter on the Option Closing Date of:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A certificate, dated the Option Closing Date, of the President and the Chief
Financial Officer of the Company confirming that the certificate delivered at the Closing
Time pursuant to Section 5(c) hereof remains true as of the Option Closing Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The favorable opinion of Brouse McDowell, counsel for the Company, addressed to
the Underwriter and dated the Option Closing Date, in form satisfactory to Thacher
Proffitt, counsel to the Underwriter, relating to the Option Securities and otherwise to
the same effect as the opinion required by Section&nbsp;5(b)(i) hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The favorable opinion of Thacher Proffitt, counsel to the Underwriter, dated
the Option Closing Date, relating to the Option Securities and otherwise to the same effect
as the opinion required by Section&nbsp;5(b)(ii) hereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A letter from Crowe Chizek addressed to the Underwriter and dated the Option
Closing Date, in form and substance satisfactory to the Underwriter and
substantially the same in form and substance as the letter(s) furnished to the
Underwriter pursuant to Section 5(e) hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;The Common Stock comprising the Securities shall have been qualified or registered for
sale, or subject to an available exemption from such qualification or registration, under the &#147;blue
sky&#148; or securities laws of such jurisdictions as shall have been reasonably specified by the
Underwriter, and the Offering contemplated by this Agreement shall have been cleared by the NASD.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The Securities shall have been duly listed for quotation on the Nasdaq Capital Market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;The Lock-Up Agreements shall have been delivered to the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the conditions specified in this Section&nbsp;5 shall not have been fulfilled when and as
required by this Agreement, this Agreement may be terminated by the Underwriter on notice to the
Company at any time at or prior to the Closing Time, and such termination shall be without
liability of any party to any other party, except as provided in Section&nbsp;4 of this Agreement.
Notwithstanding any such termination, the provisions of Sections&nbsp;4, 6, 7, 10 and 12 of this
Agreement shall remain in effect.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. Indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company agrees to indemnify and hold harmless the Underwriter, each officer,
director, employee, agent and legal counsel of the Underwriter, and each person, if any, who
controls the Underwriter within the meaning of Section&nbsp;15 of the 1933 Act or Section 20(a) of the
1934 Act, against any loss, liability, claim, damage and expense whatsoever (which shall include,
but not be limited to, amounts incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim or investigation whatsoever and any and all
amounts paid in settlement of any claim or litigation, provided such settlement is entered into
with the consent of the Company as provided herein), as and when incurred, arising out of, based
upon or in connection with (i)&nbsp;any untrue statement or alleged untrue statement of a material fact
or any omission or alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, contained in (A)&nbsp;any preliminary
prospectus, the Registration Statement, the Prospectus (as from time to time amended and
supplemented), or any amendment or supplement thereto or in any document incorporated by reference
therein or required to be delivered with any preliminary prospectus or the Prospectus or in any
Issuer-Represented Free Writing Prospectus or (B)&nbsp;in any application or other document or
communication (collectively called an &#147;application&#148;) executed by or on behalf of the Company or
based upon written information furnished by or on behalf of the Company filed in any jurisdiction
in order to qualify the Securities under the &#147;blue sky&#148; or securities laws thereof or filed with
the Commission, Nasdaq or any securities exchange, unless such statement or omission or alleged
statement or omission was made in reliance upon and in conformity with written information
concerning the Underwriter, this Agreement or the compensation of the Underwriter furnished to the
Company by or on behalf of the Underwriter expressly for inclusion in any preliminary prospectus,
the Registration Statement, the Prospectus, or any amendment or supplement thereto, or in any
Issuer-Represented Free Writing Prospectus or in any application, as the case may be, or
(ii)&nbsp;any breach of any representation, warranty, covenant or agreement of the Company
contained in this Agreement. For purposes of this section, the term &#147;expense&#148; shall include, but
not be limited to, counsel fees and costs, court costs, out-of-pocket costs and compensation for
the time spent by any of the Underwriter&#146;s directors, officers, employees and counsel according to
his or her normal hourly billing rates. The indemnification provisions shall also extend to all
directors, officers, employees, agents, legal counsel and controlling persons of each affiliate of
the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Underwriter agrees to indemnify and hold harmless the Company, its directors, each
officer who signed the Registration Statement, and each person, if any, who controls the Company
within the meaning of Section&nbsp;15 of the 1933 Act or Section 20(a) of the 1934 Act, against any and
all loss, liability, claim, damage and expense described in the indemnity contained in subsection
(a)&nbsp;above, as incurred, but only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in any preliminary prospectus, the Registration Statement, the
Prospectus, or any amendment or supplement thereto, or in any Issuer-Represented Free Writing
Prospectus or any application in reliance upon and in conformity with written information about the
Underwriter, this Agreement or the compensation of the Underwriter, furnished to the Company by the
Underwriter expressly for inclusion in such preliminary prospectus, the
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registration Statement or
the Prospectus, or any amendment or supplement thereto, or in any application.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;An indemnified party shall give prompt notice to each indemnifying party if any action,
suit, proceeding or investigation is commenced in respect of which indemnity may be sought
hereunder, but failure to notify an indemnifying party shall not relieve the indemnifying party
from its obligations to indemnify hereunder, except to the extent that the indemnifying party has
been prejudiced in any material respect by such failure. If it so elects within a reasonable time
after receipt of such notice, an indemnifying party may assume the defense of such action,
including the employment of counsel satisfactory to the indemnified parties and the payment of all
expenses of the indemnified party in connection with such action. Such indemnified party or
parties shall have the right to employ its or their own counsel in any such case, but the fees and
expenses of such counsel shall be at the expense of such indemnified party or parties unless the
employment of such counsel shall have been authorized in writing by the indemnifying party in
connection with the defense of such action or the indemnifying party shall not have promptly
employed counsel satisfactory to such indemnified party or parties or such indemnified party or
parties shall have reasonably concluded that there may be one or more legal defenses available to
it or them or to other indemnified parties that are different from or additional to those available
to one or more of the indemnifying parties, in any of which events such fees and expenses shall be
borne by the indemnifying party and the indemnifying party shall not have the right to direct the
defense of such action on behalf of the indemnified party or parties. The Company shall be liable
for any settlement of any claim against the Underwriter (or any of its directors, officers,
employees, agents, legal counsel or controlling persons) made with the Company&#146;s written consent,
which consent shall not be unreasonably withheld. The Company shall not, without the written
consent of the Underwriter, settle or compromise any claim against the Underwriter (or any of its
directors, officers, employees, agents, legal counsel or controlling persons) based upon
circumstances giving rise to an indemnification claim against the Company hereunder unless
such settlement or compromise provides that the Underwriter and the other indemnified parties shall
be unconditionally and irrevocably released from all liability in respect to such claim.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In order to provide for just and equitable contribution, if a claim for indemnification
pursuant to these indemnification provisions is made but it is found in a final judgment by a court
that such indemnification may not be enforced in such case, even though the express provisions
hereof provide for indemnification in such case, then the Company, on the one hand, and the
Underwriter, on the other hand, shall contribute to the amount paid or payable by such indemnified
persons as a result of such loss, liability, claim, damage and expense (i)&nbsp;in such proportion as is
appropriate to reflect the relative benefits received by the Company, on the one hand, and the
Underwriter, on the other hand, from the underwriting, or (ii)&nbsp;if the allocation provided by clause
(i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company,
on the one hand, and the Underwriter, on the other hand, in connection with the statements, acts or
omissions which resulted in such loss, liability, claim, damage and expense, and any other relevant
equitable considerations. No person found liable for a fraudulent
</DIV>



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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">misrepresentation or omission shall be entitled to contribution from any person who is not
also found liable for such fraudulent misrepresentation or omission. Notwithstanding the
foregoing, the Underwriter shall not be obligated to contribute any amount hereunder that exceeds
the amount of the underwriting discount retained by it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The indemnity and contribution agreements contained herein are in addition to any
liability which the Company may otherwise have to the Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Neither termination nor completion of the engagement of the Underwriter nor any
investigation made by or on behalf of the Underwriter shall affect the indemnification obligations
of the Company or the Underwriter hereunder, which shall remain and continue to be operative and in
full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U> Representations, Warranties and Agreements to Survive Delivery</U>. The
representations, warranties, indemnities, agreements and other statements of the Company or its
officers set forth in or made pursuant to this Agreement will remain operative and in full force
and effect regardless of any investigation made by or on behalf of the Underwriter or any
controlling person of the Underwriter and will survive termination of this Agreement and receipt or
delivery of and payment for the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Offering by the Underwriter</U>. The Company is advised by the Underwriter
that the Underwriter proposes to make a public offering of the Securities, on the terms and
conditions set forth in the Registration Statement from time to time as and when the Underwriter
deems advisable after the Registration Statement becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Termination of Agreement</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Underwriter may terminate this Agreement, by notice to the Company, at any time at or
prior to the Closing Time (i)&nbsp;if there has been, since the time of execution of this Agreement or
since the respective dates as of which information is given in the Registration Statement, any
material adverse change in the condition (financial or otherwise), earnings, business affairs or
business prospects of the Company and its subsidiaries, considered as one enterprise, whether or
not arising in the ordinary course of business; or (ii)&nbsp;if there has occurred, since the execution
of this Agreement, any material adverse change in the financial markets of the United States, any
outbreak of hostilities or escalation thereof or other calamity or crisis or any change or
development involving a prospective change in national or international political, financial or
economic conditions, in each case the effect of which is such as to make it, in the judgment of the
Underwriter, impracticable or inadvisable to market the Securities or enforce contracts for the
sale of the Securities; or (iii)&nbsp;if, since the execution of this Agreement, trading in any
securities of the Company has been suspended or materially limited by the Commission or Nasdaq, or
if trading generally on The New York Stock Exchange, Nasdaq National Market, Nasdaq Capital Market
or in the over-the-counter market has been suspended or materially limited, or minimum or maximum
prices for trading have been fixed, or maximum ranges for prices for securities have been required,
by such exchange or system or by order of the Commission, Nasdaq or any other governmental
authority with appropriate jurisdiction over such matters, or a material disruption has occurred in
commercial banking or securities settlement or clearance services in the United States; or (iv)&nbsp;if,
since the
</DIV>


<P align="center" style="font-size: 10pt">25
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">execution of this Agreement, a banking moratorium has been declared by any federal, Delaware,
New York or New Jersey authority; or (v)&nbsp;if, since the execution of this Agreement, there shall
have been such material and substantial change in the market for securities in general or in
political, financial or economic conditions as in the Underwriter&#146;s judgment makes it inadvisable
to proceed with the offering, sale and delivery of the Securities on the terms contemplated by the
Prospectus; or (vi)&nbsp;if the Underwriter reasonably determines (which determination shall be in good
faith) that there has not been satisfactory disclosure of all relevant financial information
relating to the Company in the Company&#146;s disclosure documents and that the sale of the Securities
is inadvisable given such disclosures; or (vii)&nbsp;if the Price Determination Agreement has not been
executed by all the parties hereto prior to 5:30 p.m. on the first business day following the date
of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If this Agreement is terminated pursuant to this Section, such termination shall be
without liability of any party to any other party, except to the extent provided in Section&nbsp;4
hereof. Notwithstanding any such termination, the provisions of Sections&nbsp;4, 6, 7, 10 and 12 hereof
shall remain in effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Notices</U>. All notices and other communications under this Agreement shall
be in writing and shall be deemed to have been duly given if delivered, mailed or transmitted by
any standard form of telecommunication. Notices shall be addressed as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">If to the Underwriter:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ryan Beck &#038; Co., Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">18 Columbia Turnpike</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florham Park, New Jersey 07932-2289</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Charles R. Crowley, Managing Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">with a copy to:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thacher Proffitt &#038; Wood LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1700 Pennsylvania Avenue, NW, Suite&nbsp;800</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington, DC 20006</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: V. Gerard Comizio, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">If to the Company:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Federal Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2923 Smith Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fairlawn, Ohio 44333</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Mark S. Allio, President, Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Chairman of the Board of Directors</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">26
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">with a copy to:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brouse McDowell LPA</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">388 South Main Street, Suite&nbsp;500</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Akron, Ohio 44311</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Stanley E. Everett, Esq.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Parties</U>. This Agreement is made solely for the benefit of the
Underwriter, and the officers, directors, employees, agents and legal counsel of the Underwriter
specified in Section&nbsp;5 hereof, the Company and, to the extent expressed, any person controlling the
Company or the Underwriter, and the directors of the Company, its officers who have signed the
Registration Statement, and their respective executors, administrators, successors and assigns, and
no other person shall acquire or have any right under or by virtue of this Agreement. The term
&#147;successors and assigns&#148; shall not include any purchaser, as such purchaser, from the Underwriter
of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U> <B>WAIVER OF TRIAL BY JURY</B></U><B>. THE UNDERWRITER AND THE COMPANY HEREBY WAIVE
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM (WHETHER BASED IN
CONTRACT, TORT OR OTHERWISE) RELATED TO OR ARISING OUT OF THIS AGREEMENT.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13. <U>Governing Law and Time</U>. This Agreement shall be governed by the laws of
the State of New Jersey. Specified times of the day refer to New York City time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14. <U>Counterparts</U>. This Agreement may be executed in one or more counterparts,
and when a counterpart has been executed by each party, all such counterparts taken together shall
constitute one and the same agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;15. <U>Miscellaneous</U>. This Agreement, including all Exhibits hereto, constitutes
the entire understanding of the parties and supercedes any and all prior negotiations of the
parties with respect to this subject matter. This Agreement may be amended only in writing signed
by each of the parties. In the event that any term, provision or covenant herein or the application
thereof to any circumstances or situation shall be invalid or unenforceable, in whole or in part,
the remainder hereof and the application of said term, provision or covenant to any other
circumstance or situation shall not be affected thereby, and each term, provision or covenant
herein shall be valid and enforceable to the full extent permitted by law. The failure or delay by
the Underwriter or the Company in exercising any right, power or privilege hereunder shall not
operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or privilege hereunder. If the
Offering is consummated, the Underwriter may, at its option and expense, place an announcement in
such newspapers and periodicals as the Underwriter may choose stating that the Underwriter has so
acted, and the capacity in which it has acted.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(<I>The remainder of this page has been left blank intentionally</I>.)
</DIV>


<P align="center" style="font-size: 10pt">27
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have signed this Agreement and have declared it
effective as of the date written above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CENTRAL FEDERAL CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark S. Allio
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Mark S. Allio&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President, Chief Executive Officer and<BR>
Chairman of the Board of Directors&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">RYAN BECK &#038; CO., INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Charles R. Crowley
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Charles R. Crowley&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">28
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Schedule&nbsp;A</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registration Statement on Form S-2 filed by Central Federal Corporation with the SEC on October&nbsp;28,
2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registration Statement on Form S-1/A filed by Central Federal Corporation with the SEC on December
1, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Free writing prospectus filed by Central Federal Corporation with the SEC on December&nbsp;5, 2005.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT A</B></U>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF PRICE DETERMINATION AGREEMENT</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">January &#95;&#95;&#95;, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ryan Beck &#038; Co., Inc.<BR>
18 Columbia Turnpike<BR>
Florham Park, New Jersey 07932-2289

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Underwriting Agreement, dated January &#95;&#95;&#95;, 2006 (the &#147;Underwriting
Agreement&#148;), among Central Federal Corporation, a Delaware corporation (the &#147;Company&#148;), and Ryan
Beck &#038; Co., Inc., (the &#147;Underwriter&#148;). The Underwriting Agreement provides for the purchase by the
Underwriter from the Company, subject to the terms and conditions set forth therein, of 2,000,000
shares of Common Stock of the Company (&#147;Securities&#148;), subject to the Underwriter&#146;s option to
purchase up to an additional 300,000 Securities (to cover over-allotments, if any). This Agreement
is the Price Determination Agreement referred to in the Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;2 of the Underwriting Agreement, the Company agrees with the Underwriter
as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The public offering price per Security shall be $<B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093;</B>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purchase price for the Securities to be paid by the Underwriter shall be
$<B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093; </B>per Security for Securities sold to the public and $<B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093;</B>
per Security for the directed Securities disclosed in the Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Initial Securities purchased by the Underwriter shall be <B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093;</B>, including <B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093; </B>directed Securities and <B>&#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093; </B>Securities
sold to the public.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company represents and warrants to the Underwriter that the representations and warranties
of the Company set forth in Section 1(a) of the Underwriting Agreement are accurate as though
expressly made at and as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by the laws of the State of New Jersey.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with the understanding of the Underwriter of the agreement
between the Underwriter and the Company, please sign and return to the Company a counterpart
hereof, whereupon this instrument, along with all counterparts and together with the Underwriting
Agreement, shall be a binding agreement between the Underwriter and the Company in accordance with
its terms and the terms of the Underwriting Agreement.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CENTRAL FEDERAL CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark S. Allio
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer, and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Confirmed and accepted as of<BR>
the date first above written:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RYAN BECK &#038; CO., INC.</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Charles R. Crowley
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT B</B></U>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF LOCK-UP AGREEMENT</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January &#95;&#95;&#95;, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ryan Beck &#038; Co., Inc.<BR>
18 Columbia Turnpike<BR>
Florham Park, New Jersey 07932-2289

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned is the beneficial owner of the common stock, $0.01 par value per share (the
&#147;Common Stock&#148;), or securities convertible into or exercisable or exchangeable for the Common
Stock, of Central Federal Corporation, a Delaware corporation (the &#147;Company&#148;), set forth below.
The undersigned understands that the Company has filed a Registration Statement on Form S-2 (File
No.&nbsp;333-129315) (the &#147;Registration Statement&#148;) with the Securities and Exchange Commission (the
&#147;Commission&#148;) in connection with the public offering of the Company&#146;s Common Stock (the
&#147;Offering&#148;). The undersigned also understands that Ryan Beck &#038; Co., Inc. (the &#147;Underwriter&#148;)
proposes to enter into an Underwriting Agreement (the &#147;Underwriting Agreement&#148;) with the Company in
connection with the Offering. All terms not otherwise defined herein shall have the same meanings
as in the Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recognition of the benefit that the Offering will confer upon the undersigned as a
shareholder, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned agrees, for the benefit of the Company and the Underwriter
that, during the period ending one hundred eighty (180)&nbsp;days after the date of the final Prospectus
filed with the Commission pursuant to Rule 424(b) of the Securities Act of 1933, as amended (the
&#147;1933 Act&#148;), promulgated by the Commission, or if no filing under Rule 424(b) is made, the date of
the final Prospectus included in the Registration Statement when declared effective under the Act,
the undersigned will not, without the prior written consent of the Underwriter, directly or
indirectly, (i)&nbsp;offer, sell, offer to sell, contract to sell, hedge, pledge, grant any option to
purchase or otherwise transfer or dispose (or announce any offer, sale, offer of sale, contract of
sale, hedge, pledge, grant of any option to purchase or other sale or disposition) of any shares of
Common Stock, or any other securities convertible into, or exercisable or exchangeable for, shares
of Common Stock, beneficially owned (within the meaning of Rule&nbsp;13d-3 under the 1934 Act
Regulations) by the undersigned on the date hereof or hereafter acquired or (ii)&nbsp;enter into any
swap or other agreement or any transaction that transfers, in whole or in part, directly or
indirectly, the economic consequence of ownership of the Common Stock, or any other securities
convertible into, or exercisable or exchangeable for, shares of Common Stock, whether any such swap
or transaction is to be settled by delivery of Common Stock, or any other securities convertible
into, or exercisable or exchangeable for, shares of Common Stock, in cash or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the undersigned agrees that at any time prior to the effective date of the
Registration Statement, the undersigned will not, without the prior written consent of the
Underwriter, directly or indirectly, offer, sell, offer to sell, contract to sell, pledge, grant
any option to purchase or otherwise sell or dispose (or announce any offer, sale, offer of sale,
contract of sale, pledge, grant of any option to purchase or other sale or disposition) of any
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares of Common Stock, or any other securities convertible into, or exercisable or
exchangeable for, shares of Common Stock, beneficially owned (within the meaning of Rule&nbsp;13d-3
under the 1934 Act Regulations) by the undersigned on the date hereof or hereafter acquired without
first requiring any such offering or acquiring parties execute and deliver to the Underwriter an
agreement of substantially the tenor hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the undersigned may transfer Common Stock of the Company (i)&nbsp;as
a bona fide gift or gifts, provided that prior to such transfer the donee or donees thereof agree
in writing to be bound by the restrictions set forth herein, (ii)&nbsp;to any trust, partnership,
corporation or other entity formed for the direct or indirect benefit of the undersigned or the
immediate family of the undersigned, provided that prior to such transfer a duly authorized
officer, representative or trustee of such transferee agrees in writing to be bound by the
restrictions set forth herein, and provided further that any such transfer shall not involve a
disposition for value, or (iii)&nbsp;if such transfer occurs by operation of law, such as rules of
descent and distribution, statutes governing the effects of a merger or a qualified domestic order,
provided that prior to such transfer the transferee executes an agreement stating that the
transferee is receiving and holding the shares subject to the provisions of this agreement. For
purposes hereof, &#147;immediate family&#148; shall mean any relationship by blood, marriage or adoption, not
more remote than first cousin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby confirms that he, she or it understands that the Underwriter and the
Company will rely upon the representations set forth in this agreement in proceeding with the
Offering. This agreement shall be binding on the undersigned and his, her or its respective
successors, heirs, personal representatives and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and interpreted in accordance with, the laws of the State
of New Jersey.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Exact Name of Stockholder
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Signature
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Title
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT C</B></U>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF OPINION OF COUNSEL FOR THE COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All terms not otherwise defined herein shall have the same meanings as in the Underwriting
Agreement.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of Delaware, with corporate power and authority to own
its properties and conduct its business as described in the Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has an authorized capitalization as set forth in the Prospectus under
&#147;Capitalization,&#148; and the Securities conform to the description of the Common Stock contained
in the Prospectus and are not subject to any preemptive or similar rights.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All of the shares of capital stock of the Company issued (including the Securities being
issued pursuant to the Agreement when delivered against payment therefore) have been duly and
validly authorized and are fully paid and nonassessable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as described in the Prospectus, (a)&nbsp;there are no outstanding rights (contractual or
otherwise), warrants or options to acquire, or instruments convertible into or exchangeable
for, or agreements or understandings with respect to the sale or issuance of, any shares of
capital stock of or other equity interest in the Company except pursuant to the Company&#146;s
stock option plans and awards currently in effect on the date hereof; and (b)&nbsp;there are no
contracts, agreements or understandings between the Company and any person granting such
person the right to require the Company to file a registration statement under the Securities
Act or otherwise register any securities of the Company owned or to be owned by such person.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has been duly qualified as a foreign corporation for the transaction of business
and is in good standing under the laws of each other jurisdiction in which it owns or leases
properties or conducts any business so as to require such qualification, or is subject to any
liability or disability by reason of failure to be so qualified in any jurisdiction, except
where such failure to be so qualified would not have a material adverse effect on the
condition (financial or otherwise), earnings, business affairs, assets or business prospects
of the Company and its subsidiaries, considered as one enterprise (a &#147;Material Adverse
Effect&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank has been duly incorporated and is validly existing as a federal savings bank under
the laws of the United States, in good standing, with power and authority (corporate and
other) to own its properties and conduct its business as described in the Prospectus; the
deposit accounts of the Bank are insured up to the applicable limits by the FDIC; and all of
the issued and outstanding capital stock of the Bank is owned directly by the Company, free
and clear of any pledge, lien, encumbrance, claim or equity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The activities of each subsidiary of the Company as described in the Prospectus are permitted
to subsidiaries of a savings and loan holding company or a Delaware corporation or by the
rules, regulations, policies and practices of the Office of Thrift</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Supervision and the FDIC, as the case may be, and any other federal or state authority
having jurisdiction over such matters. To the best of such counsel&#146;s knowledge, neither the
Company nor any of its subsidiaries has received any communication from any governmental
agency or body having jurisdiction over the Company (&#147;Governmental Entity&#148;) asserting that
the Company or any of its subsidiaries is not in compliance with any statute, law, rule,
regulation, decision, directive or order.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as disclosed in the Prospectus, to the best of such counsel&#146;s knowledge, after inquiry
of the Chairman, Chief Executive Officer and Chief Financial Officer of the Company, there are
no legal or governmental actions or suits, investigations or proceedings before or by any
Government Entity or court, domestic or foreign, now pending or threatened against the Company
or any of its subsidiaries or contemplated by Government Entities, to which the Company or any
of its subsidiaries is a party or of which any property of the Company or any of its
subsidiaries is the subject (a)&nbsp;that is required to be disclosed in the Registration Statement
by the 1933 Act or by the rules and regulations of the Commission thereunder and not disclosed
therein or (b)&nbsp;which, if determined adversely to the Company or any of its subsidiaries,
would, individually or in the aggregate, have a Material Adverse Effect; all pending legal or
governmental proceedings to which the Company or any of its subsidiaries is a party or of
which any of their property is the subject, either individually or in the aggregate, and which
are not described in the Registration Statement, including ordinary routine litigation
incidental to their respective businesses, would not have a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Agreement has been duly authorized, executed and delivered by the Company and, when duly
executed by the Underwriter, will constitute the valid and binding agreement of the Company.
The issue and sale of the Securities by the Company and the compliance by the Company with all
of the provisions of the Agreement and the consummation of the transactions herein
contemplated will not conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument known to such counsel to which the Company or any
of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or
to which any of the property or assets of the Company or any of its subsidiaries is subject,
nor will such action result in any violation of the provisions of the amended and restated
certificate of incorporation or bylaws of the Company or any statute or any order, rule or
regulation known to such counsel of any court or Governmental Entity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No consent, approval, authorization, order, registration or qualification of or with any
court or Governmental Entity is required for the issue and sale of the Securities or the
consummation by the Company of the transactions contemplated by the Agreement, except the
registration of the Securities under the 1933 Act, and except as may be required under the
rules and regulations of Nasdaq and such consents, approvals, authorizations, registrations or
qualifications as may be required under state securities or blue sky laws in connection with
the purchase and distribution of the Securities by the Underwriter.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the best of such counsel&#146;s knowledge, after inquiry of the Chairman, Chief Executive
Officer and Chief Financial Officer of the Company, neither the Company nor any of its
subsidiaries is in violation of its certificate of incorporation or charter (as applicable) or
bylaws or in default in the performance or observance of any material obligation, agreement,
covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which it is a party or by which it or any of its
properties may be bound.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements set forth in the Prospectus under the caption &#147;Description of Our Common
Stock&#148;, insofar as they purport to constitute a summary of the legal terms of the Common
Stock, are accurate and complete in all material respects.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Company and its subsidiaries possess all permits, licenses, approvals, consent
and other authorizations of all Governmental Entities (&#147;Licenses&#148;) and have made all filings,
applications and registrations with all Governmental Entities that are required in order to
permit the Company or such subsidiary to conduct its business as disclosed in the Prospectus,
except where the failure to possess such License or to have made such filing, application or
registration would not, individually or in the aggregate, have a Material Adverse Effect; all
of the Licenses are valid and in full force and effect, except where the invalidity of such
Licenses to be in full force and effect, individually or in the aggregate, would not have a
Material Adverse Effect; to such counsel&#146;s knowledge, neither the Company nor any of its
subsidiaries has received any notice of proceedings relating to the revocation or modification
of any such Governmental Licenses which, individually or in the aggregate, if the subject of
an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the best of such counsel&#146;s knowledge, after inquiry of the Chairman, Chief Executive
Officer and Chief Financial Officer of the Company, neither the Company nor any of its
subsidiaries is a party to or subject to any order, decree, agreement, memorandum of
understanding or similar arrangement with, or a commitment letter, supervisory letter or
similar submission to, any Governmental Entity charged with the supervision or regulation of
depository institutions or engaged in the insurance of deposits (including the FDIC) or the
supervision or regulation of it or any of its subsidiaries and, to such counsel&#146;s knowledge,
neither the Company nor any of its subsidiaries has been advised by any such Governmental
Entity that such Governmental Entity is contemplating issuing or requesting (or is considering
the appropriateness of issuing or requesting) any such order, decree, agreement, memorandum of
understanding, commitment letter, supervisory letter or similar submission.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is not, and after giving effect to the offering and sale of the Securities, will
not be, an &#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment company&#148;, as such
terms are defined in the Investment Company Act of 1940, as amended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The documents incorporated by reference in the Prospectus (other than the financial
statements and related notes and schedules therein, as to which such counsel need express no
opinion), when they were filed with the Commission, complied as to form in all</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>material respects with the requirements of the 1934 Act and the rules and regulations
promulgated thereunder.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registration Statement and the Prospectus and any further amendments and supplements
thereto made by the Company prior to the time of delivery of the Initial Securities and the
Option Securities, respectively, (other than the financial statements and related schedules
therein, as to which such counsel need express no opinion) comply as to form in all material
respects with the requirements of the 1933 Act and the rules and regulations promulgated
thereunder.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT D</B></U>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>NEGATIVE REPRESENTATIONS LETTER</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January &#95;&#95;&#95;, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ryan Beck &#038; Co., Inc.<BR>
18 Columbia Turnpike<BR>
Florham Park, New Jersey 07932

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central Federal Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Issuance and Sale of 2,000,000 Shares of Common Stock</U></TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special counsel to Central Federal Corporation, a Delaware corporation (the
&#147;Company&#148;) pursuant to the terms of the Underwriting Agreement, dated January &#95;&#95;&#95;, 2006 (the
&#147;Underwriting Agreement&#148;), by and between Central Federal Corporation, a Delaware corporation (the
&#147;Company&#148;) and Ryan Beck &#038; Co. (the &#147;Underwriter&#148;) in its capacity as sole managing underwriter, in
connection with the sale by the Company of an aggregate of 2,000,000 common shares, $0.01 par value
(the &#147;Common Stock&#148;). This letter is delivered pursuant to Section&nbsp;5(b)(ii) of the Underwriting
Agreement. Capitalized terms not otherwise defined herein, except as noted below, have the
meanings set forth in the Underwriting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary purpose of our engagement was to consider and advise with respect to legal
matters, and not to determine or verify facts not constituting legal conclusions. In that regard,
we have examined the Registration Statement and Prospectus. In addition, we have examined various
documents and have participated in conferences with representatives of the Company, the Company&#146;s
counsel, the Company&#146;s independent registered public accounting firm and the Underwriter at which
conferences the contents of the Registration Statement and Prospectus and related matters were
discussed. We have not otherwise undertaken any procedures that were intended or likely to elicit
information concerning the accuracy, completeness or fairness of the statements and other
information contained in the Registration Statement or Prospectus. In addition, we are not
advising in this letter with respect to (i)&nbsp;the accuracy, completeness or fairness of the
statements contained in the Registration Statement or Prospectus or (ii)&nbsp;financial statements,
notes to financial statements, schedules and other financial and statistical data included, or
statistical or appraisal methodology employed in the Registration Statement or Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solely on the basis of the foregoing (relying as to factual matters primarily upon the
statements of officers and other representatives of the Company), no information has come to our
attention that causes us to believe (i)&nbsp;that the Registration Statement (except for financial
statements and schedules, notes to financial statements, and other financial, appraisal or
statistical data included therein, as to which we express no view) at the time it became effective,
or any amendment thereof made prior to the Closing Date, as of the date of such amendment,
contained or incorporated by reference or the Prospectus at the time it was declared effective by
the Commission or as of the date hereof, contained or contains any untrue statement of a material
fact or omitted to state any material fact required to be
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and (ii)&nbsp;that the General Disclosure Package (excluding
financial statements and schedules, notes to financial statements, and other financial, appraisal
or statistical data included therein, as to which we express no view), as of the Applicable Time,
contained any untrue statement of a material fact or omitted to state any material fact necessary
in order to make the statements therein, in the light of circumstances under which they were made,
not misleading. The documents in the General Disclosure Package as of the Applicable Time are
specified in <U>Schedule&nbsp;A</U> to this letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter is rendered for the sole benefit of the addressee hereof with respect to the
matters specifically addressed herein, and no other person or entity is entitled to rely hereon.
Copies of this letter may not be made available, and this letter may not be quoted or referred to
in any other document made available, to any other person or entity except (i)&nbsp;to any accountant or
attorney for any person or entity entitled hereunder to rely hereon or to whom or which this letter
may be made available as provided herein and (ii)&nbsp;as otherwise required by law; provided that none
of the foregoing is entitled to rely hereon unless an addressee hereof. We assume no obligation to
revise, supplement or withdraw this letter, or otherwise inform the addressee hereof or other
person or entity with respect to any change occurring subsequent to the delivery hereof in any
applicable fact or law or any judicial or administrative interpretation thereof, even though such
change may affect a legal analysis or conclusion contained herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>l17839aexv99.htm
<DESCRIPTION>EX-99 PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99</TITLE>
</HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PRESS RELEASE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>FOR IMMEDIATE RELEASE</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Date:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="LEFT" valign="top">January&nbsp;12, 2006
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Company:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Central Federal Corporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">2923 Smith Road
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Fairlawn, Ohio 44333
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contact:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Mark S. Allio
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Chairman, President and CEO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Phone:</B>
</DIV></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD align="left" colspan="3" valign="top">330.576.1334</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Fax:</B> 330.666.7959</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Central Federal Corporation Announces Completion of 2 Million Share Stock Offering</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fairlawn,
Ohio &#151; January&nbsp;12, 2006 &#151; Central Federal Corporation (NASDAQ: CFBK) announced today that
it successfully completed the offering of 2&nbsp;million shares of its common stock at a purchase price
of $7.00 per share. The shares sold by the company are expected to raise net proceeds of
approximately $12.6&nbsp;million after offering expenses and underwriting commissions. The sole
managing underwriter, Ryan Beck &#038; Co., Inc., has been granted an over-allotment option of an
additional 300,000 shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;The proceeds from this offering provide us with the capital base we need to take advantage of
opportunities in our markets as we continue to execute our strategy of growth,&#148; said Mark S. Allio,
Chairman, President and CEO. &#147;We are pleased that this offering has allowed us to diversify our
stockholder base to include new individual investors in Columbus and Northeast Ohio as well as new
national institutional investors. We warmly welcome our new shareholders to an already strong and
supportive base of existing Central Federal Corporation shareholders.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The shares were offered pursuant to a registration statement filed with the Securities and Exchange
Commission effective January&nbsp;10, 2006. The offering proceeds will be used to fund continued growth
and expansion of the company and for general corporate purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>About Central Federal Corporation and CFBank</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, Columbus and Wellsville, Ohio and a residential mortgage loan origination office in
Akron, Ohio. Additional information is available at <U>www.CFBankOnline.com</U>.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements contained in this release that are not historical fact may be forward-looking statements
within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the
Securities Exchange Act of 1934, as amended. The company cautions that such statements necessarily
are based on certain assumptions which are subject to risks and uncertainties, including, but not
limited to, changes in general economic and market conditions. Further information on these risk
factors is included in the company&#146;s filings with the Securities and Exchange Commission.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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