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 - September 20, 2002 - - Grand Central Financial Corp. (NASDAQ
Small Cap: GCFC), announced today that its Board of Directors,  at their meeting
on  September  19,  2002,  declared a cash  dividend of 9(cent) per share on its
common stock payable  October 21, 2002 to stockholders of record at the close of
business on October 7, 2002.

As of September 19, 2002, Grand Central  Financial Corp. had 1,645,921 shares of
common  stock  outstanding  which  will  represent  a  total  dividend  paid  of
$148,132.89.

Grand  Central  Financial  Corp.,  a holding  company  owning  all the shares of
Central Federal Savings and 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 two offices located
within 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.