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Director discloses increased stake in Central Federal Corp.

Central Federal Corp. director James Frauenberg II reported an increase in his beneficial ownership to 907,333 shares, representing 5.49% of the company's outstanding common stock.

The director previously reported beneficial ownership of 856,333 Central Federal shares, or 5.18% of then-outstanding common shares.

The beneficially owned shares include 25,000 common shares that the director may acquire upon the exercise of stock options. The options are currently exercisable or will be exercisable within 60 days. In addition, the beneficially owned shares include 400,000 common shares which may be acquired in case the Worthington, Ohio-based company converts shares of its 6.25% noncumulative convertible perpetual preferred stock; and 91,000 common shares that the director may acquire if he exercises warrants to buy Central Federal common shares.

The latest stake is calculated based mainly on 16,002,910 common shares outstanding as of Sept. 30.