SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 SCHEDULE 13E-3
                                 (RULE 13e-100)

                                (Amendment No. 1)

           TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE SECURITIES
                 EXCHANGE ACT OF 1934 AND RULE 13e-3 THEREUNDER

              RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(e)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                           CENTRAL FEDERAL CORPORATION
                              (Name of the Issuer)

                           Central Federal Corporation
                       (Names of Person Filing Statement)

                     Common Stock, par value $0.0l per share
                         (Title of Class of Securities)

                                    15346Q103
                      (CUSIP Number of Class of Securities)

                                Eloise L. Mackus
                           Central Federal Corporation
                                 2923 Smith Road
                              Fairlawn, Ohio 44333
                                  330.666.7979

(Name, Address and Telephone Number of Person Authorized to Receive Notices and
              Communications on Behalf of Persons Filing Statement)

                                   Copies to:
                               Stanley E. Everett
                Brouse McDowell, A Legal Professional Association
                        Suite 500, 388 South Main Street
                             Akron, Ohio 44311-4407
                                  330.535.5711

This statement is filed in connection with (check the appropriate box):

[X] The filing of solicitation materials or an information statement subject to
    Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities
    Exchange Act of 1934
[ ] The filing of a registration statement under the Securities Act of 1933 
[ ] A tender offer 
[ ] None of the above





Check the following box if the soliciting materials or information statement
referred to in checking box (a) are preliminary copies: [X}

Check the following box if the filing is a final amendment reporting the results
of the transaction: [ ]

                            Calculation of Filing Fee

--------------------------------------------------------------------------------

        Transaction Valuation*                    Amount of Filing Fee**
--------------------------------------------------------------------------------

              $1,395,683                                  $245.91
--------------------------------------------------------------------------------

   * Central Federal Corporation will purchase approximately 96,254 shares of
     its common stock for $14.50 per share for a total Transaction Valuation of
     $1,395,683. This Transaction Valuation is a reduction from the anticipated
     Transaction Valuation of $1,940,811 when the Schedule 13E-3 was filed on
     November 24, 2004. These are shares comprised of fractional interests
     resulting from a one-for-500 reverse stock split of the Company's common
     stock. The price to be paid per share is the fair market value determined
     by an appraisal; such price exceeds the highest closing price on any day
     during the thirty-day (30-day) period prior to November 18, 2004, the date
     of the appraisal.

  ** Pursuant to Rule 0-11 of the Securities Exchange Act of 1934, the Amount of
     Filing Fee has been calculated by multiplying $1,940,811, the Transaction
     Valuation at the time of filing on November 24, 2004, by 0.00012670

[X]  Check the box if any part of the fee is offset as provided by Exchange Act
     Rule 0-11(a)(2) and identify the filing with which the offsetting fee was
     previously paid. Identify the previous filing by registration statement
     number, or the Form and Schedule and the date of its filing.



                                                                  
     Amount Previously Paid:   $245.91               Filing Party: Central Federal
                                                                   Corporation
     Form or Registration No.: Schedule 13E-3;       Date Filed:   November 24, 2004
                               File No. 5-55853









                                  INTRODUCTION

This Amendment No. 1 to Rule 13e-3 Transaction Statement on Schedule 13E-3 (the
"Statement") is submitted by Central Federal Corporation, a Delaware corporation
(the "Company"). This Statement relates to a proposed amendment to the Company's
Certificate of Incorporation (the "Certificate of Incorporation") to effect a
one-for-500 reverse stock split of the Company's common stock and a
proportionate, corresponding reduction in the authorized shares of its capital
stock (the "Charter Amendment").

On October 22, 2004, the Company's Board of Directors unanimously approved the
Charter Amendment and called for consideration of the Charter Amendment at a
special meeting of stockholders (the "Special Meeting").

On November 18, 2004, the Board determined the fair market price for the
redemption of fractional shares to be $14.50 per pre-split share, based upon an
appraisal received from Donnelly, Penman & Partners, an independent valuation
firm, in which the fair market value was determined to be $14.04 per share as of
November 15, 2004. The Board added a premium of $0.46 per share to the fair
market value to arrive at a redemption price of $14.50 per pre-split share for
any fractional share resulting from the split.

If approved by the stockholders, the Charter Amendment will be filed with the
Secretary of State of the State of Delaware on or about _________, 2005. The
Charter Amendment will be effective on the date it is accepted for filing by the
Secretary of State.

This Statement is intended to satisfy the reporting requirements of Section
13(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
The Company's preliminary proxy statement for the Special Meeting (the "Proxy
Statement") was filed with the Securities and Exchange Commission (the
"Commission") on November 24, 2004, and Amendment No. 1 thereto was filed
immediately prior to the filing of this Statement on January 12, 2005.

Item 1   Summary Term Sheet

         The information set forth in the Proxy Statement under the caption
         "Summary Term Sheet," beginning on page 2 is incorporated herein by
         reference.

Item 2   Subject Company Information

          (a)  Names and Addresses. The information set forth on the cover page
               of the Proxy Statement is incorporated herein by reference.

          (b)  Securities. The information set forth in the Proxy Statement
               under the caption "Trading, Market Prices and Dividends" on page
               25 is incorporated herein by reference.

          (c)  Trading Market and Price. The information set forth in the Proxy
               Statement under the caption "Trading, Market Prices and
               Dividends" on page 25 is incorporated herein by reference.

          (d)  Dividends. The information set forth in the Proxy Statement under
               the caption "Trading, Market Prices and Dividends" on page 25 is
               incorporated herein by reference.

          (e)  Prior Public Offerings. Not applicable.

          (f)  Prior Stock Purchases. The information set forth in the Proxy
               Statement under the caption "Prior Stock Purchases" on page 26 is
               incorporated herein by reference.




Item 3   Identity and Background of Filing Persons

          (a)  Names and Address. Central Federal Corporation, the subject
               company, is the only filing person. The information set forth on
               the cover page of the Proxy Statement is incorporated herein by
               reference.

          (b)  Business and Background of Entities. Not applicable

          (c)  Business and Background of Natural Persons. The information set
               forth in the Proxy Statement under the caption "Directors and
               Executive Officers" beginning on page 26 is incorporated herein
               by reference.

Item 4   Terms of the Transaction

          (a)  Material Terms. The information set forth in the Proxy Statement
               under the captions: "Summary Term Sheet" beginning on page 2,
               "Special Factors - Purposes of and Reasons for the Transaction"
               beginning on page 8, "- Effects of the Transaction on the
               Company" beginning on page 9, "- Effects of the Transaction on
               Stockholders" beginning on page 10 and "- United States Federal
               Income Tax Consequences of the Transaction" on page 11 and 
               "Amendment to Certificate of Incorporation" beginning on page 22
               is incorporated herein by reference.

          (c)  Different Terms. The information set forth in the Proxy Statement
               under the caption "Amendment to Certificate of Incorporation -
               Description of the Transaction" beginning on page 22 is
               incorporated herein by reference.

          (d)  Appraisal Rights. The information set forth in the Proxy
               Statement under the captions "Amendment to Certificate of
               Incorporation - No Appraisal Rights" on page 25 and "Summary Term
               Sheet - Do I Have Appraisal Rights in Connection with the Reverse
               Stock Split?" on page 4 is incorporated herein by reference.

          (e)  Provisions for Unaffiliated Security Holders. The information set
               forth in the Proxy Statement under the caption "Amendment to
               Certificate of Incorporation - Description of the Transaction"
               beginning on page 22 is incorporated herein by reference.

          (f)  Eligibility for Listing or Trading. Not applicable

Item 5   Past Contracts, Transactions, Negotiations and Agreements

          (a)  Transactions. The information set forth in the Proxy Statement
               under the caption "Directors and Executive Officers - Certain
               Relationships and Related Transactions" on page 28 is
               incorporated herein by reference.

          (b)  Significant Corporate Events. Not applicable

          (c)  Negotiations or Contacts. Not applicable.

          (e)  Agreements Involving the Company's Securities. The information
               set forth in the Proxy Statement under the caption "Stock
               Ownership - Equity Compensation Plan Information" on page 30 is
               incorporated herein by reference.

Item 6   Purposes of the Transaction and Plans or Proposal

          (b)  Use of Securities Acquired. Use of Securities Acquired. The
               information set forth in the Proxy Statement under the caption
               "Amendment to Certificate of Incorporation - Description 


               of the Transaction - Authorized Capital Stock Following the
               Reverse Stock Split Will Not Change" on page 23 is incorporated
               herein by reference.

          (c)  Plans

               (1)  The information set forth in the Proxy Statement under the
                    caption "Amendment to Certificate of Incorporation -
                    Description of the Transaction" beginning on page 22 is
                    incorporated herein by reference.

               (2)  The information set forth in the Proxy Statement under the
                    caption "Amendment to Certificate of Incorporation -
                    Description of the Transaction" beginning on page 22 is
                    incorporated herein by reference.

               (3)  Not applicable

               (4)  Not applicable

               (5)  Not applicable

               (6)  The information set forth in the Proxy Statement under the
                    caption "Special Factors - Effects of the Transaction on the
                    Company" beginning on page 9 is incorporated herein by
                    reference.

               (7)  The information set forth in the Proxy Statement under the
                    caption "Special Factors - Effects of the Transaction on the
                    Company" beginning on page 9 is incorporated herein by
                    reference.

               (8)  The information set forth in the Proxy Statement under the
                    caption "Special Factors - Effects of the Transaction on the
                    Company" beginning on page 9 is incorporated herein by
                    reference.

Item 7   Purposes, Alternatives, Reasons and Effects

          (a)  Purposes. The information set forth in the Proxy Statement under
               the caption "Special Factors - Background of the Transaction "
               beginning on page 6 and " - Purposes of and Reasons for the
               Transaction" on page 8 is incorporated herein by reference.

          (b)  Alternatives. The information set forth in the Proxy Statement
               under the caption "Special Factors - Alternatives Considered"
               beginning on page 8 is incorporated herein by reference.

          (c)  Reasons. The information set forth in the Proxy Statement under
               the caption "Special Factors - Purposes of and Reasons for the
               Transaction" on page 8 is incorporated herein by reference.

          (d)  Effects. The information set forth in the Proxy Statement under
               the captions "Special Factors - Effects of the Transaction on the
               Company" beginning on page 9 "- Effects of the Transaction on
               Stockholders" beginning on page 10 and " - United States Federal
               Income Tax Consequences of the Transaction" on page 11 is 
               incorporated herein by reference.

Item 8   Fairness of the Transaction

          (a)  Fairness. The information set forth in the Proxy Statement under
               the captions "Special Factors - Fairness of the Transaction to
               Stockholders" beginning on page 12 and " - Opinion of Financial
               Advisor" beginning on page 16 is incorporated herein by
               reference.

          (b)  Factors Considered in Determining Fairness. The information set
               forth in the Proxy Statement under the captions "Special Factors
               - Fairness of the Transaction to Stockholders" beginning on page
               12 and " - Opinion of Financial Advisor" beginning on page 16 is
               incorporated herein by reference.

          (c)  Approval of Security Holders. The information set forth in the
               Proxy Statement under the caption "Summary Term Sheet - What Vote
               is Required to Approve the Proposal?" on page 2 is incorporated
               herein by reference.

          (d)  Unaffiliated Representative. The information set forth in the
               Proxy Statement under the caption "Amendment to Certificate of
               Incorporation - Description of the Transaction - Unaffiliated
               Stockholders" on page 23 is incorporated herein by reference.

          (e)  Approval of Directors. The information set forth in the Proxy
               Statement under the caption "Special Factors - Fairness of the
               Transaction to Stockholders - Procedural Fairness" beginning on
               page 12 is incorporated herein by reference.

          (f)  Other Offers. The information set forth in the Proxy Statement
               under the caption "Special Factors - Fairness of the Transaction
               to Stockholders - Other Offers" on page 15 is incorporated herein
               by reference.

Item 9   Reports, Opinions, Appraisals and Negotiations

          (a)  Report, Opinion or Appraisal. The information set forth in the
               Proxy Statement under the caption "Special Factors - Opinion of
               Financial Advisor" beginning on page 16 is incorporated herein by
               reference.

          (b)  Preparer and Summary of the Report, Opinion or Appraisal. The
               information set forth in the Proxy Statement under the caption
               "Special Factors - Opinion of Financial Advisor" beginning on
               page 16 is incorporated herein by reference.

          (c)  Availability of Documents. The information set forth in the Proxy
               Statement under the caption "Special Factors - Opinion of
               Financial Advisor" beginning on page 16 is incorporated herein by
               reference.

Item 10  Source and Amount of Funds or Other Consideration

          (a)  Source of Funds. The information set forth in the Proxy Statement
               under the caption "Amendment to Certificate of Incorporation -
               Description of the Transaction - Source of Funds and Expenses" on
               page 24 is incorporated herein by reference.

          (b)  Conditions. None

          (c)  Expenses. The information set forth in the Proxy Statement under
               the caption "Amendment to Certificate of Incorporation -
               Description of the Transaction - Source of Funds and Expenses" on
               page 24 is incorporated herein by reference.

          (d)  Borrowed Funds. Not applicable

Item 11  Interest in Securities of the Subject Company

          (a)  Securities Ownership. The information set forth in the Proxy
               Statement under the caption "Stock Ownership - Security Ownership
               Of Directors And Executive Officers" on page 29 and " - Equity
               Compensation Plan Information" on page 30 is incorporated herein
               by reference.


          (b)  Securities Transactions. The information set forth in the Proxy
               Statement under the caption "Recent Securities Transactions" on
               page 26 is incorporated herein by reference.

Item 12  The Solicitation or Recommendation

          (d)  Intent to Tender or Vote in a Going-Private Transaction. The
               information set forth in the Proxy Statement under the captions
               "Amendment to Certificate of Incorporation - Description of the
               Transaction - Source of Funds and Expenses" on page 24 and
               "Summary Term Sheet - What is the Voting Recommendation of the
               Board of Directors?" on page 5 is incorporated herein by
               reference.

          (e)  Recommendations of Others. The information set forth in the Proxy
               Statement under the caption "Summary Term Sheet - What is the
               Voting Recommendation of the Board of Directors?" on page 5 is
               incorporated herein by reference.

Item 13  Financial Statements

          (a)  Financial Information. The information set forth in the Proxy
               Statement under the caption "Financial Statements" beginning
               after page 31 is incorporated herein by reference.

          (b)  Pro Forma Information. The information set forth in the Proxy
               Statement under the caption "Pro Forma Information" beginning
               after the financial statements, which begin after page 31, is
               incorporated herein by reference.

Item 14  Persons/Assets, Retained, Employed, Compensated or Used

          (a)  Solicitations or Recommendations. The information set forth in
               the Proxy Statement under the caption "Summary Term Sheet - Who
               is Soliciting Proxies and Paying Solicitation Costs?" on page 3
               is incorporated herein by reference.

          (b)  Employees and Corporate Assets. The information set forth in the
               Proxy Statement under the caption "Summary Term Sheet - Who is
               Soliciting Proxies and Paying Solicitation Costs?" on page 3 is
               incorporated herein by reference.

Item 15  Additional Information

          (b)  Other Material Information. None

Item 16  Exhibits

          (a)  Disclosure Materials. Amendment No. 1 to the Company's
               Preliminary Proxy Statement, including all appendices thereto,
               and related Notice of Annual Meeting of Stockholders
               (incorporated by reference to Amendment No. 1 to Preliminary
               Proxy Statement filed with the Commission on January 12, 2005)

          (b)  Loan Agreement. None

          (c)  Report, Opinion or Appraisal.

               (i)  Fairness Opinion Letter of Donnelly, Penman & Partners, 
                    dated November 18, 2004
               (ii) Valuation Report of Donnelly, Penman & Partners, dated 
                    November 18, 2004

          (d)  Contracts, Arrangements or Understandings.  None


               (f)  Statement of Appraisal Rights. None

               (g)  Oral Solicitation Material. None

                                    SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.

                                             Central Federal Corporation


                                             By:   /s/David C. Vernon        
                                                   --------------------------
                                                      David C. Vernon
                                                      Chairman, President and
                                                      Chief executive Officer

                                             Date: January 12, 2005