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 20, 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, 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 19, 2002,  the Board of Directors of Grand  Central  Financial
Corp. (the  "Company")  declared a quarterly cash dividend of $0.09 per share on
the Company's outstanding common stock, payable January 15, 2003 to stockholders
of record at the close of business on January 3, 2003.

      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 20, 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:  December 23, 2002             By: /s/ Williams 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 QUARTERLY DIVIDENDS

Wellsville,  Ohio - December 20, 2002 - - Grand Central Financial Corp. (NASDAQ:
Small Cap: GCFC), announced today that its Board of Directors,  at their meeting
on  December  19,  2002,  declared a cash  dividend  of 9(cent) per share on its
common stock payable  January 15, 2003 to stockholders of record at the close of
business on January 3, 2003.

At the end of November 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 & 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
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.