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) December 27, 2000

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

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


              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 December 27, 2000,  Grand  Central  Financial  Corp.  (the  "Company"),
issued a press release which reported the declaration of a cash dividend payable
January 23, 2001 to  stockholders  of record at the close of business on January
9, 2001.

      A press release announcing the Company's declaration of a cash dividend is
attached as Exhibit 99.

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

      Exhibit 99    Press Release dated December 27, 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:   December 27, 2000             By:/s/ William R. Williams
                                          -----------------------
                                          William R. Williams
                                          President and Chief Executive Officer












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EX-99

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.