Exhibit 99

PRESS RELEASE

FOR IMMEDIATE RELEASE: April 3, 2013

CENTRAL FEDERAL CORPORATION ANNOUNCES RESULTS FOR THE QUARTER AND YEAR TO DATE PERIODS ENDED DECEMBER 31, 2012

Highlights

Fairlawn, Ohio – April 3, 2013 – Central Federal Corporation (Nasdaq: CFBK) (the “Holding Company” and together with its subsidiaries, the “Company”) announced earnings available to common stockholders of $0.9 million for the twelve months ending December 31, 2012, and a loss available to common stockholders of $0.4 million for the quarter ended December 31, 2012. As a result of the Company’s redemption at a discount of its TARP obligations from the U.S. Department of the Treasury on September 26, 2012, the Company’s earnings available to common stockholders increased by $5.0 million, which resulted in $0.14 earnings per diluted common share, for the year ended December 31, 2012. The Company recorded a net loss of $3.8 million for the year ended December 31, 2012 (which excludes the discount on the redemption of the TARP obligations) compared to a net loss of $5.4 million for the year ended 2011.

Overview of Results

The Company’s net loss of $0.4 million, or $(.03) loss per diluted common share, for the quarter ended December 31, 2012 represented a $925,000 decrease, from the net loss of $1.4 million, or $(1.78) loss per diluted common share, for the quarter ended December 31, 2011. This decrease in the Company’s net loss was primarily due to a $933,000 decrease in provision expense and a $387,000 decrease in noninterest expenses, partially offset by a $321,000 decrease in net interest income and a $74,000 decrease in noninterest income.

The Company’s net loss of $3.8 million for the twelve months ended December 31, 2012 (excluding the $5.0 million discount on redemption of the TARP obligations) represented a $1.7 million, or 31.2%, decrease from the net loss of $5.4 million for the twelve months ended December 31, 2011. This decrease in the net loss was primarily due to a $2.2 million decrease in the provision for loan losses and a $1.1 decrease in noninterest expense, partially offset by a $1.5 million decrease in net interest income and a $118,000 decrease in noninterest income.

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Management’s ongoing assessment of CFBank’s loan portfolio resulted in a $0.9 million decrease in the provision for loan losses during the quarter ended December 31, 2012, compared to the quarter ended December 31, 2011. The decrease in the provision for loan losses was primarily due to a decrease in nonperforming loans during the current year quarter.

The provision for loan losses decreased $2.2 million during the twelve months ended December 31, 2012, compared to the twelve months ended December 31, 2011. The decrease in the provision for loan losses was due to a decrease in criticized and classified loans, past due loans, net loan write-offs and overall average loan portfolio balances compared to the prior year period.

Nonperforming loans decreased $1.9 million, or 23.4%, and totaled $6.4 million at December 31, 2012, compared to $8.3 million at December 31, 2011. Criticized and classified loans decreased $13.0 million, or 31.2%, and totaled $28.7 million at December 31, 2012, compared to $41.7 million at December 31, 2011. Past due loans decreased $2.4 million, or 42.7%, and totaled $3.2 million at December 31, 2012, compared to $5.6 million at December 31, 2011. Overall net loan portfolio balances increased nearly $2.0 million, or 1.3%, during the twelve months ended December 31, 2012. The ratio of the allowance for loan losses (ALLL) to total loans was 3.31% at December 31, 2012, compared to 3.89% at December 31, 2011.

Tim O’Dell, CEO, commented, “Since our new management team was inserted on August 21, 2012, we have been totally focused on continuing to clean up the bank’s legacy problems while positioning the bank for future profitability. While there will still be some issues to work through in the legacy loan portfolio, we continue to believe that we have a solid foundation, and that we will have a strongly capitalized, growing and increasingly profitable bank as our plans are fully implemented. While the work we are doing is not necessarily reflected in 2012 results as earning assets deteriorated before the capital raise, here are some of the actions we have taken that provide reason for optimism:

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Completion of Common Stock Offering

On August 20, 2012, the Holding Company announced the successful completion of its common stock offering. The Holding Company sold 15.0 million shares of its common stock at $1.50 per share, resulting in gross proceeds of $22.5 million, before expenses of $2.2 million. A portion of the proceeds from the stock offering were retained by the Holding Company for general corporate purposes and are estimated to be sufficient to support the Holding Company’s cash requirements for the foreseeable future based on our current business plan. The Holding Company contributed $13.5 million of the proceeds from the stock offering to CFBank to improve its capital ratios and support future growth and expansion. As a result of this capital infusion, CFBank was in compliance with the capital ratios required by its Order to Cease and Desist (the “CFBank Order”) at both September 30, and December 31, 2012.

TARP Redemption

On September 26, 2012, the Company announced the redemption of its TARP obligations. Pursuant to an agreement with the U.S. Department of the Treasury, the Company utilized a portion of the proceeds from its completed stock offering to redeem the Preferred Stock, including all accrued but unpaid dividends and the warrant issued in connection with the Troubled Asset Relief Program (TARP) Capital Purchase Program (together, the “TARP obligations”).

Bob Hoeweler, Chairman of the Board, added, “We are grateful for the support of all of the stockholders that elected to invest alongside our standby investor group. The board and management are committed to completing the clean-up of the remaining problems, while positioning the bank to perform at a high level going forward. We are all very focused on creating long-term stockholder value while effectively serving the needs of our customers and communities.”

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Net interest income

Net interest income decreased $321,000 and $1.5 million, respectively, for the quarter and year ended December 31, 2012, compared to the prior year periods. Net interest margin totaled 2.06% for the quarter ended December 31, 2012, compared to 2.29% for the quarter ended December 31, 2011. Net interest margin totaled 2.22% for the year ended December 31, 2012, compared to 2.44% for the year ended December 31, 2011. The decrease in net interest margin during the quarter and year ended December 31, 2012 was due primarily to a decrease in loan and securities yields, a decrease in the average balance of loans outstanding, which was partially offset by a decrease in funding costs.

Provision for loan losses

The provision for loan losses totaled $186,000 for the quarter ended December 31, 2012 and decreased $933,000, or 83.4%, compared to $1.1 million for the quarter ended December 31, 2011. The decrease in the provision for loan losses for the quarter ended December 31, 2012 was primarily due to a decrease in nonperforming loans during the current year quarter.

The provision for loan losses totaled $1.1 million in 2012, and decreased $2.2 million, compared to $3.4 million in 2011. The decrease in the provision for loan losses in 2012 was due to a 23.4% decrease in nonperforming loans, a 31.1% decrease in classified and criticized loans, a 42.7% decrease in past due loans and a 0.6% increase in overall loan portfolio balances compared to 2011.

Net charge-offs totaled $2.0 million, or 1.43% of average loans, in 2012, compared to $7.0 million, or 3.97% of average loans, in 2011. The decrease in net charge-offs in 2012 was primarily in the multi-family residential real estate loan portfolio and, to a lesser extent, the commercial and commercial real estate portfolios.

Noninterest income

Noninterest income decreased $74,000 and $118,000, respectively, for the quarter and year ended December 31, 2012, compared to the prior year periods. The decrease for the quarter and year ended December 31, 2012 was primarily due to lower gains on the sale of securities.

Noninterest expense

Noninterest expense decreased $387,000, or 20.3%, and $1.1 million, or 11.5%, for the fourth quarter of 2012, and the year ended December 31, 2012, respectively. The decrease in noninterest expense for both periods was primarily due to decreases in net foreclosed assets expenses, FDIC premiums, franchise taxes, and depreciation expense.

Balance sheet activity

General

Assets totaled $215.0 million at December 31, 2012 and decreased $35.9 million, or 14.3%, from $250.9 million at December 31, 2011. The decrease was due to a $36.3 million decrease in cash, a $877,000 decrease in securities available for sale, and an $845,000 decrease in foreclosed assets.

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Cash and cash equivalents

Cash and cash equivalents totaled $25.2 million at December 31, 2012 and decreased $36.3 million, or 59.1%, from $61.4 million at December 31, 2011. The decrease in cash and cash equivalents was a result of the investment of excess liquidity in securities and a mortgage purchase program. Prior to the successful capital raise, CFBank had utilized higher cost brokered deposits to increase liquidity to meet regulatory requirements. Since the capital raise has been completed, CFBank is eliminating such high-cost brokered deposits as they mature. Further, as a result of the capital raise, CFBank has reduced its dependency on selling loans and securities, as was done to improve liquidity in 2011. The increase in liquidity had a negative impact on net interest margin through September 2012 because the yield on cash and cash equivalents was significantly less than the yield on securities and loans.

Securities

Securities available for sale totaled $17.6 million at December 31, 2012 and decreased $877,000, or 4.74%, compared to $18.5 million at December 31, 2011. The decrease was due to sales and scheduled maturities and repayments in excess of purchases during 2012 as management acted to increase liquidity, as discussed previously.

Loans

Net loans totaled $153.0 million at December 31, 2012, and increased nearly $2.0 million, or 1.3%, from $151.2 million at December 31, 2011. The increase was primarily due to $25.4 million of loan participations in the Mortgage Purchase Program associated with Northpointe Bank, partially offset by decreases in other loan categories. During the fourth quarter of 2012, loan runoff in various other loan categories, such as commercial, has started to stabilize and CFBank is experiencing a positive trend as the Bank is starting to replace loan runoff that occurred prior to the capital raise.

Allowance for loan losses (ALLL)

The ALLL totaled $5.2 million at December 31, 2012, and decreased $873,000, or 14.3%, from $6.1 million at December 31, 2011. The decrease in the ALLL was due to the charge-off of certain nonperforming loans, a 23.4% decrease in nonperforming loans, a 42.7% decrease in past due loans, and a 31.2% decrease in criticized and classified loans during the year ended December 31, 2012. The ratio of the ALLL to total loans was 3.31% at December 31, 2012, compared to 3.89% at December 31, 2011. The decrease in the ratio of nonperforming loans to total loans was due largely to a decline in nonperforming loans.

Foreclosed assets

Foreclosed assets totaled $1.5 million at December 31, 2012 and decreased $845,000, or 35.7%, from $2.4 million at December 31, 2011. The decrease was due to the sale of three pieces of commercial real estate property partially offset by the addition of one single family and one multi-family property.

The level of foreclosed assets may increase in the future as we continue our workout efforts related to nonperforming and other loans with credit issues.

Deposits

Deposits totaled $173.5 million at December 31, 2012 and decreased $43.5 million, or 20.0%, from $217.0 million at December 31, 2011. The decrease was primarily due to a $12.8 million decrease in CDARs balances, a $2.7 million decrease money market balances, a $24 million decrease in certificate of deposits, and a $4.2 million decrease in interest bearing checking balances. Although deposits have decreased year over year, deposit runoff has started to slow and stabilize during the fourth quarter of 2012, and noninterest bearing deposits have increased during the last two quarters of 2012.

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CFBank is a participant in the Certificate of Deposit Account Registry Service^® (CDARS) program, a network of banks that allows us to provide our customers with FDIC insurance coverage on certificate of deposit account balances up to $50 million. Customer balances in the CDARS program totaled $4.2 million at December 31, 2012 and decreased $7.8 million, or 65.0%, from $12.0 million at December 31, 2011. The FDIC, to date, has provided periodic waivers to CFBank which allow us to renew the CDARS certificates with existing customers.

Long-term FHLB advances

Long-term FHLB advances totaled $10.0 million at December 31, 2012 and decreased $5.7 million, or 36.5%, from $15.7 million at December 31, 2011 due to repayment of maturing advances.

Stockholders’ equity

Stockholders’ equity totaled $23.6 million at December 31, 2012 and increased $13.7 million, or 137.8%, from $9.9 million at December 31, 2011. The increase was primarily due to $20.3 million in net proceeds from the stock offering, partially offset by $2.2 million related to redemption of the TARP obligations, a $3.8 million net loss, $289,000 in preferred stock dividends related to the TARP Capital Purchase Program attributable to the period prior to redemption of the TARP obligation and a $279,000 decrease in unrealized gains in the securities portfolio.

About Central Federal Corporation and CFBank

Central Federal Corporation is the holding company for CFBank, a federally chartered savings association formed in Ohio in 1892. CFBank is a full service bank providing retail/consumer, business banking and residential mortgage loan products and services. We serve the greater Akron and Columbus, Ohio markets through our offices in Fairlawn and Worthington, Ohio, and have offices in Calcutta and Wellsville, Ohio, which are located in what is considered the Utica Shale investment corridor. Additional information about CFBank’s banking services and the Company is available at www.CFBankOnline.com.

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Forward-Looking Information

Statements in this earnings release and in other communications by the Company that are not statements of historical fact are forward-looking statements which are provided to assist in understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of the Holding Company or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements. Words such as “estimate,” “forecast,” “project,” “strategy,” “may,” “believe,” “anticipate,” “expect,” “predict,” “intend,” “plan,” “targeted,” and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements. The following, among other factors, could cause such differences:

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Forward-looking statements are not guarantees of performance or results. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. The Company believes it has chosen these assumptions or bases in good faith and that they are reasonable. We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The forward-looking statements included in this report speak only as of the date of the report. We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.

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