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) March 27, 2002.

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

         Delaware                      0-25045                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 March 27, 2002 Grand Central Financial Corp. (the "Company") issued a
press release which reported the declaration of a cash dividend payable April
22, 2002 to stockholders of record at the close of business on April 8, 2002.

      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 March 27, 2002.





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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: March 27, 2002             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 QUARTERLY DIVIDEND

Wellsville, Ohio - March 27, 2002 - - Grand Central Financial Corp. (NASDAQ:
Small Cap: GCFC) announced today that its Board of Directors, at their meeting
on March 21, 2002, declared a cash dividend of 9(cent) per share on its common
stock payable April 22, 2002 to stockholders of record at the close of business
on April 8, 2002.

As of March 27, 2002, Grand Central Financial Corp. had 1,742,331 shares of
common stock outstanding which will represent a total dividend paid of
$156,809.79.

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 1982, operates two offices located
with Columbiana County, 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.