8-K

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                       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):               May 2, 1994




                        GREYHOUND FINANCIAL CORPORATION
             (Exact name of registrant as specified in its charter)



DELAWARE                                 1-7543                  94-1278569
(State or Other Jurisdiction          (Commission             (I.R.S. Employer
     of Incorporation)                File Number)           Identification No.)



DIAL CORPORATE CENTER, PHOENIX, ARIZONA                             85077
(Address of principal executive offices)                         (Zip Code)



Registrant's telephone number, including area code:             602/207-6900
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Item 5.  Other Events.

         GFC Financial Corporation, the parent company of Greyhound
         Financial Corporation, announced on May 2, 1994 the completion
         of the acquisition of TriCon Capital Corporation, the Paramus,
         New Jersey-based commercial finance and equipment leasing
         services subsidiary of Bell Atlantic Corporation, in an
         all-cash transaction valued at $344.3 million.

Item 7.  Financial Statements and Exhibits.

         (c)  Exhibits.

              Exhibit                       Title
              -------                       -----
                28               Press Release of GFC Financial Corporation
                                 dated May 2, 1994





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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 thereunto duly authorized.




                        GREYHOUND FINANCIAL CORPORATION

                                  (Registrant)



Dated:  May 2, 1994       By  /s/  Bruno A. Marszowski       
                            ------------------------------------------------
                            Bruno A. Marszowski, Vice President - Controller
                            Principal Financial Officer/Authorized Officer





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EX-28

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                                                                   Exhibit 28





       Nancy Archer                                                    5/02/94
       602/ 207-2821




                           GFC FINANCIAL CORPORATION

                     COMPLETES ACQUISITION OF BELL ATLANTIC

                            COMMERCIAL FINANCE UNIT




PHOENIX, Arizona, May 2, 1994  --  GFC Financial Corporation (NYSE:GFC) has
completed the acquisition of TriCon Capital Corporation, the Paramus, New
Jersey-based commercial finance and equipment leasing services subsidiary of
Bell Atlantic Corporation, in an all- cash transaction valued at $344.3
million, Samuel L. Eichenfield, Chairman of GFC, said today.

         Mr. Eichenfield stated, "We are excited about the addition of TriCon
into the GFC organization.  TriCon provides critical mass to GFC Financial as
well as earnings power, while increasing our assets by more than fifty percent
to $5 billion, and further enhancing our position as a lender to the
middle-market."

         On a pro forma basis, TriCon Capital reported income from continuing
operations of $31.6 million in 1993 on total revenues of $245.3 million, with
assets of $1.8 billion at year-end.  TriCon Capital is a niche-oriented
provider of middle-market financing, with seven specialized business groups
that serve three market sectors nationally:  end-user (medical





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finance, commercial equipment and government), program financing (vendor
service, franchise finance and commercial credit groups) and capital services.

         GFC Financial is a major domestic commercial finance company that
provides secured financing in selected markets: corporate finance,
transportation, communications, commercial real estate and resort finance.  GFC
Financial also provides asset based lending, consumer rediscounting, and
factoring.





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