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 17% INCREASE IN QUARTERLY DIVIDENDS

Wellsville,  Ohio - December 27, 2000 - Grand Central  Financial Corp.  (NASDAQ:
Small Cap: GCFC) announced  today that its Board of Directors,  at their meeting
on December 21, 2000,  declared a cash  dividend of $.07 per share on its common
stock  payable  January  23,  2001 to  stockholders  of  record  at the close of
business  on  January 9,  2001.  This  represents  an  increase  of 17% over the
previous  quarterly  pay out.

At the end of the  fourth  quarter  2000,  Grand  Central  Financial  Corp.  had
1,749,831  shares of common  stock  outstanding  which  will  represent  a total
dividend paid of $122,488.17.

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,  operates  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.