8-K

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                                  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) September 7, 2000

                          GRAND CENTRAL FINANCIAL CORP.
                          -----------------------------
             (Exact name of registrant as specified in its charter)

      Delaware                         0-25945                 34-1877137
      --------                        ---------                ----------
(State or other Jurisdiction of       (Commission            (IRS Employer
incorporation or organization)        File Number)           Identification No.)

              601 Main Street, P.O. Box 345, Wellsville, Ohio 43968
              -----------------------------------------------------
                    (Address of principal executive offices)

                                 (330) 532-1517
                                 ---------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)




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ITEM 5.  OTHER EVENTS.
         -------------

      On September 7, 2000, Grand Central Financial Corp. (the "Company") issued
a press  release  which  reported  the  completion  of its  five  percent  stock
repurchase program.

      A press release  announcing  the Company's  completion of its five percent
stock repurchase program is attached as Exhibit 99.

ITEM 7.  FINANCIAL STATEMENTS AND OTHER EXHIBITS.
         ---------------------------------------

      Exhibit 99    Press Release dated September 7, 2000











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                                   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.



Dated: September 8, 2000              By: /s/ William R. Williams
                                           -------------------------------------
                                           William R. Williams
                                           President and Chief Executive Officer









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EX-99

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EXHIBIT 99         PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT:    BILL WILLIAMS, PRESIDENT & CEO
     OR     JAY RIFE, EXECUTIVE VICE PRESIDENT & CFO
            PHONE:  1-330-532-1517

                          GRAND CENTRAL FINANCIAL CORP.
                    ANNOUNCES COMPLETION OF STOCK REPURCHASE

Wellsville, Ohio - September 07, 2000 -- Grand Central Financial Corp. announced
the completion of its previously  announced stock  repurchase  program which was
initiated  in April.  The Company  repurchased  5% of its  outstanding  stock or
92,096 shares at an average price of $9.41 or  $866,316.00.  To date,  since its
inception on December 30, 1998,  Grand Central  Financial  Corp. has repurchased
189,040 of its shares.

Grand  Central  Financial  Corp.,  a holding  company  owning  all the shares of
Central  Federal Savings & Loan  Association of Wellsville,  Ohio, was formed in
connection with the mutual to stock  conversion of Central Federal  completed on
December 30, 1998.

Central  Federal Savings & Loan,  organized in 1892, will continue  operation of
its three offices located within Columbiana and Jefferson Counties, Ohio.

Statements  contained  in this news  release,  which are not  historical  facts,
contain  forward-looking  statements  as that  term is  defined  in the  Private
Securities  Litigation Reform Act of 1995. Such  forward-looking  statements are
subject to risk and  uncertainties,  which could cause actual  results to differ
materially  from those currently  anticipated due to a number of factors,  which
include,  but are not limited to,  factors  discussed in documents  filed by the
Company with the Securities and Exchange Commission from time to time.