0000909654-01-500356.txt : 20011030
0000909654-01-500356.hdr.sgml : 20011030
ACCESSION NUMBER: 0000909654-01-500356
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011025
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011026
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GRAND CENTRAL FINANCIAL CORP
CENTRAL INDEX KEY: 0001070680
STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
IRS NUMBER: 341877137
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-25045
FILM NUMBER: 1767796
BUSINESS ADDRESS:
STREET 1: C/O CENTRAL FEDERAL SAVINGS AND LOAN
STREET 2: ASSOCIATION OF WELLSVILLE 601 MAIN ST
CITY: WELLSVILLE
STATE: OH
ZIP: 43968
BUSINESS PHONE: 3305321517
MAIL ADDRESS:
STREET 1: C/O CENTRAL FEDERAL SAVINGS & LOAN
STREET 2: WELLSVILLE /601 MAIN ST
CITY: WELLSVILLE
STATE: OH
ZIP: 43968
8-K
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central8k.txt
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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) October 25, 2001.
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 October 25, 2001 Grand Central Financial Corp. (the "Company")
issued a press release announcing its intention to repurchase up to 5% of the
Company's outstanding shares of its common stock.
A press release announcing the Company's stock repurchase is attached
as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS.
Exhibit 99 Press Release dated October 25, 2001.
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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: October 25, 2001 By: /s/ William R. Williams
--------------------------------------
William R. Williams
President and Chief Executive Officer
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EX-99
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centralexh99.txt
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PRESS RELEASE
CONTACT: William R. Williams, President and CEO
Grand Central Financial Corp.
Phone: (330) 532-1517
GRAND CENTRAL FINANCIAL CORP. TO REPURCHASE COMMON STOCK
Wellsville, Ohio - (October 25, 2001) - Grand Central Financial Corp. (NASDAQ
Small Cap: GCFC), the holding company for Central Federal Savings and Loan
Association of Wellsville, Wellsville, Ohio, has announced its intention to
repurchase up to 87,492 shares of its common stock.
William R. Williams, President and Chief Executive Officer of Grand Central
Financial Corp. said that the Company has been authorized by its Board of
Directors to repurchase up to 5% of the Company's 1,749,831 outstanding shares
during the next six months.
Mr. Williams commented, "We believe that the repurchase of the shares will
enhance shareholder value as such repurchases have the effect of increasing the
earnings per share and the book value of the remaining shares outstanding. The
last trade of common stock on October 24, 2001 was at approximately 92% of its
tangible book value which was at $10.41 per share (as of September 30, 2001).
Based on this we believe that the repurchase of our shares is an excellent
long-term investment."
The repurchases will be made in open-market transactions, subject to the
availability of stock.
Grand Central Financial Corp. completed its initial public offering of common
stock in connection with the conversion of Central Federal Savings and Loan
Association of Wellsville from a federally chartered mutual savings and loan
association to the federally chartered stock savings and loan association, on
December 30, 1998. In the conversion, Grand Central sold 1,938,871 shares at
$10.00 per share, raising $19,388,710 in gross proceeds.
Central Federal Savings and Loan Association of Wellsville is headquartered in
Wellsville, Ohio and operates through its home office and its full service
branch in Columbiana County in Eastern 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.