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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): December 1, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>CENTRAL FEDERAL CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
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<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-25045</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>34-1877137</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

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    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>2923 Smith Road, Fairlawn, Ohio<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>44333</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(330) 666-7979</B>


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    <TD width="100%">&nbsp;</TD>
</TR>
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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">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:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement</B>
<BR>
<B>Item&nbsp;3.02 Unregistered Sales of Equity Securities</B>
<BR>
<B>Item&nbsp;3.03 Material Modification to Rights of Security Holders</B>


<P align="left" style="font-size: 10pt">On December&nbsp;5, 2008, Central Federal Corporation (the &#147;Company&#148;) completed the sale of $7,225,000 of preferred stock
and a warrant to purchase common stock to the United States Department of the Treasury (the &#147;U.S. Treasury&#148;) under U.S.
Treasury&#146;s Capital Purchase Program under&nbsp;&nbsp;the Emergency Economic Stabilization Act of 2008 (&#147;EESA&#148;).


<P align="left" style="font-size: 10pt">The Company issued and sold (1)&nbsp;7,225 shares of Fixed Rate Cumulative Perpetual Preferred Stock Series&nbsp;A, liquidation
preference of $1,000 per share (the &#147;Preferred Shares&#148;), and (2)&nbsp;a ten-year warrant (the &#147;Warrant&#148;) to purchase up to
336,568 shares of the Company&#146;s common stock (&#147;Common Stock&#148;) at an exercise price of $3.22 per share, or an aggregate
purchase price of $1,083,750 in cash. Cumulative dividends on the Preferred Shares will accrue on the liquidation
preference at a rate of 5% per annum for the first five years, and at a rate of 9% per annum thereafter.


<P align="left" style="font-size: 10pt">The issuance of the Preferred Shares and the Warrant was exempt from registration as a transaction by an issuer not
involving any public offering under Section&nbsp;4(2) of the Securities Act of 1933.&nbsp;&nbsp;The securities purchase agreement,
dated December&nbsp;5, 2008 (the &#147;Purchase Agreement&#148;), between the Company and the U.S. Treasury, pursuant to which the
Preferred Shares and the Warrant were sold, provides that the Company must file a shelf registration statement for the
resale of the Preferred Shares, the Warrant and the Common Stock underlying the Warrant.


<P align="left" style="font-size: 10pt">The Purchase Agreement limits the payment of dividends on the Common Stock to the current quarterly cash dividend of
$0.05 per share, limits the Company&#146;s ability to repurchase its Common Stock, and subjects the Company to certain of
the executive compensation limitations included in the EESA. You should refer to the documents incorporated herein by
reference for a complete description of these limitations.


<P align="left" style="font-size: 10pt">The Purchase Agreement, the Warrant and the Certificate of Designations for the Preferred Shares are exhibits to this
Report on Form 8-K. The foregoing summary of certain provisions of these documents is qualified in its entirety by
reference to them.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers</B>


<P align="left" style="font-size: 10pt">As a condition to the closing of the transaction, each of the Company&#146;s Senior Executive Officers (as defined in the
Purchase Agreement) executed a waiver voluntarily waiving any claim against the Treasury or the Company for any changes
to their compensation or benefits, as required to comply with the regulation issued by the U.S. Treasury under the TARP
Capital Purchase Program as published in the Federal Register on October&nbsp;20, 2008.&nbsp;&nbsp;The Senior Executive Officers also
acknowledged that the regulation may require modification of the compensation, bonus, incentive and other benefit
plans, arrangements and policies and agreements (including so-called &#147;golden parachute&#148; agreements) as they relate to
the period the U.S. Treasury holds any equity or debt securities of the Company acquired through the Capital Purchase
Program.&nbsp;&nbsp;The form of waiver is an exhibit to this Report on Form 8-K.

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<P align="center" style="font-size: 10pt; display: none">2
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<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year</B>


<P align="left" style="font-size: 10pt">On December&nbsp;1, 2008, the Company filed a Certificate of Designations (the &#147;Certificate of Designations&#148;) with the
Delaware Secretary of State for the purpose of amending its Certificate of Incorporation to fix the designations,
preferences, limitations and relative rights of the Preferred Stock. The Certificate of Designations is an exhibit to
this Report on Form 8-K.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.01 Other Events</B>


<P align="left" style="font-size: 10pt">On December&nbsp;5, 2008, the issued a press release announcing that it completed the sale of the Preferred Shares and
Warrant to the U.S. Treasury.&nbsp;&nbsp;A copy of the press release is attached hereto as Exhibit&nbsp;99.1.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 Financial Statements, Pro Forma Financial Information and Exhibits</B>


<P>
<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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The following exhibits are filed herewith:

<DIV align="center">
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    <TD width="13%">&nbsp;</TD>
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    <TD width="82%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description of Exhibit</B></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>3.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Certificate of Designations for the Preferred Stock</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>4.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Warrant to purchase up to 336,568 shares of Common Stock,
Issued December&nbsp;5, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>10.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Letter Agreement, dated December&nbsp;5, 2008 including the
Securities Purchase Agreement &#150; Standard Terms incorporated by
reference therein, between the Company and the U.S. Treasury</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>10.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Form of Waiver of Senior Executive Officers</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Press Release issued by Central Federal Corporation on
December&nbsp;5, 2008</TD>
</TR>
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<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">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.



<P align="left" style="margin-left:46%; font-size: 10pt">Central Federal Corporation


<P align="left" style="font-size: 10pt">Date: December&nbsp;5, 2008



<P align="left" style="margin-left:46%; font-size: 10pt; margin-top: -11pt">By: <U><B>/</B>s/ Therese Ann Liutkus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Therese Ann Liutkus, CPA
<BR>
Treasurer and Chief Financial Officer

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<P align="center" style="font-size: 10pt; display: none">4
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<P align="center" style="font-size: 10pt">EXHIBIT INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Certificate of Designations for the Preferred Stock</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Warrant to purchase up to 336,568 shares of Common Stock, Issued
December&nbsp;5, 2008</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Letter Agreement, dated December&nbsp;5, 2008 including the
Securities Purchase Agreement &#150; Standard Terms incorporated by
reference therein, between the Company and the U.S. Treasury</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Form of Waiver of Senior Executive Officers</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>Press Release issued by Central Federal Corporation on December<BR>
5, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<P align="center" style="font-size: 10pt; display: none">5




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{"company-data": {"conformed-name": "CENTRAL FEDERAL CORP", "cik": "0001070680", "assigned-sic": "6035", "irs-number": "341877137", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25045", "film-number": "081232452"}, "business-address": {"street1": "C/O CENTRAL FEDERAL BANK", "street2": "601 MAIN ST", "city": "WELLSVILLE", "state": "OH", "zip": "43968", "phone": "3305321517"}, "mail-address": {"street1": "C/O CENTRAL FEDERAL BANK", "street2": "601 MAIN ST", "city": "WELLSVILLE", "state": "OH", "zip": "43968"}, "former-company": {"former-conformed-name": "GRAND CENTRAL FINANCIAL CORP", "date-changed": "19980918"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 1, 2008
CENTRAL FEDERAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
0-25045
34-1877137
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
2923 Smith Road, Fairlawn, Ohio
44333
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(330) 666-7979
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
Item 3.02 Unregistered Sales of Equity Securities
Item 3.03 Material Modification to Rights of Security Holders
On December 5, 2008, Central Federal Corporation (the "Company") completed the sale of $7,225,000 of preferred stock
and a warrant to purchase common stock to the United States Department of the Treasury (the "U.S. Treasury") under U.S.
Treasury's Capital Purchase Program under  the Emergency Economic Stabilization Act of 2008 ("EESA").
The Company issued and sold (1) 7,225 shares of Fixed Rate Cumulative Perpetual Preferred Stock Series A, liquidation
preference of $1,000 per share (the "Preferred Shares"), and (2) a ten-year warrant (the "Warrant") to purchase up to
336,568 shares of the Company's common stock ("Common Stock") at an exercise price of $3.22 per share, or an aggregate
purchase price of $1,083,750 in cash. Cumulative dividends on the Preferred Shares will accrue on the liquidation
preference at a rate of 5% per annum for the first five years, and at a rate of 9% per annum thereafter.
The issuance of the Preferred Shares and the Warrant was exempt from registration as a transaction by an issuer not
involving any public offering under Section 4(2) of the Securities Act of 1933.  The securities purchase agreement,
dated December 5, 2008 (the "Purchase Agreement"), between the Company and the U.S. Treasury, pursuant to which the
Preferred Shares and the Warrant were sold, provides that the Company must file a shelf registration statement for the
resale of the Preferred Shares, the Warrant and the Common Stock underlying the Warrant.
The Purchase Agreement limits the payment of dividends on the Common Stock to the current quarterly cash dividend of
$0.05 per share, limits the Company's ability to repurchase its Common Stock, and subjects the Company to certain of
the executive compensation limitations included in the EESA. You should refer to the documents incorporated herein by
reference for a complete description of these limitations.
The Purchase Agreement, the Warrant and the Certificate of Designations for the Preferred Shares are exhibits to this
Report on Form 8-K. The foregoing summary of certain provisions of these documents is qualified in its entirety by
reference to them.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
As a condition to the closing of the transaction, each of the Company's Senior Executive Officers (as defined in the
Purchase Agreement) executed a waiver voluntarily waiving any claim against the Treasury or the Company for any changes
to their compensation or benefits, as required to comply with the regulation issued by the U.S. Treasury under the TARP
Capital Purchase Program as published in the Federal Register on October 20, 2008.  The Senior Executive Officers also
acknowledged that the regulation may require modification of the compensation, bonus, incentive and other benefit
plans, arrangements and policies and agreements (including so-called "golden parachute" agreements) as they relate to
the period the U.S. Treasury holds any equity or debt securities of the Company acquired through the Capital Purchase
Program.  The form of waiver is an exhibit to this Report on Form 8-K.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
On December 1, 2008, the Company filed a Certificate of Designations (the "Certificate of Designations") with the
Delaware Secretary of State for the purpose of amending its Certificate of Incorporation to fix the designations,
preferences, limitations and relative rights of the Preferred Stock. The Certificate of Designations is an exhibit to
this Report on Form 8-K.
Item 8.01 Other Events
On December 5, 2008, the issued a press release announcing that it completed the sale of the Preferred Shares and
Warrant to the U.S. Treasury.  A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits
(d)
Exhibits
The following exhibits are filed herewith:
Exhibit No.
Description of Exhibit
3.1
Certificate of Designations for the Preferred Stock
4.1
Warrant to purchase up to 336,568 shares of Common Stock,
Issued December 5, 2008
10.1
Letter Agreement, dated December 5, 2008 including the
Securities Purchase Agreement – Standard Terms incorporated by
reference therein, between the Company and the U.S. Treasury
10.2
Form of Waiver of Senior Executive Officers
99.1
Press Release issued by Central Federal Corporation on
December 5, 2008
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Central Federal Corporation
Date: December 5, 2008
By:
/
s/ Therese Ann Liutkus
Therese Ann Liutkus, CPA
Treasurer and Chief Financial Officer
EXHIBIT INDEX
Exhibit
Description
3.1
Certificate of Designations for the Preferred Stock
4.1
Warrant to purchase up to 336,568 shares of Common Stock, Issued
December 5, 2008
10.1
Letter Agreement, dated December 5, 2008 including the
Securities Purchase Agreement – Standard Terms incorporated by
reference therein, between the Company and the U.S. Treasury
10.2
Form of Waiver of Senior Executive Officers
99.1
Press Release issued by Central Federal Corporation on December
5, 2008