<SEC-DOCUMENT>0000914317-01-500359.txt : 20011009
<SEC-HEADER>0000914317-01-500359.hdr.sgml : 20011009
ACCESSION NUMBER:		0000914317-01-500359
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20010924
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20010927

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:		1746110

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k40881-927.txt
<DESCRIPTION>8-K
<TEXT>
                                  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) September 24, 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)

<PAGE>


ITEM 5.  OTHER EVENTS.
         ------------

      On September 24, 2001 Grand Central Financial Corp. (the "Company") issued
a press release which reported the declaration of a cash dividend payable
October 23, 2001 to stockholders of record at the close of business on October
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 September 24, 2001.


                                        2

<PAGE>


                                   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:   September 24, 2001            By: /s/ William R. Williams
                                           -------------------------------------
                                           William R. Williams
                                           President and Chief Executive Officer


                                        3


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex-99.txt
<DESCRIPTION>EX-99
<TEXT>
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 14% INCREASE IN QUARTERLY DIVIDENDS

Wellsville, Ohio - September 24, 2001 - - Grand Central Financial Corp. (NASDAQ:
Small Cap: GCFC) announced today that its Board of Directors, at their meeting
on September 20, 2001, declared a cash dividend of 8(cent) per share on its
common stock payable October 23, 2001 to stockholders of record at the close of
business on October 9, 2001. This represents an increase of 14% over the
previous quarterly payout.

At the end of the third quarter 2001, Grand Central Financial Corp. had
1,749,831 shares of common stock outstanding which will represent a total
dividend paid of $139,986.48.

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.


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>