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PRESS RELEASE

CONTACT:   William R. Williams, President and CEO
           Grand Central Financial Corp.
           Phone: (330) 532-1517


            GRAND CENTRAL FINANCIAL CORP. TO REPURCHASE COMMON STOCK

Wellsville,  Ohio - (October 25, 2001) - Grand Central  Financial Corp.  (NASDAQ
Small Cap:  GCFC),  the holding  company for  Central  Federal  Savings and Loan
Association  of  Wellsville,  Wellsville,  Ohio,  has announced its intention to
repurchase up to 87,492 shares of its common stock.

William R.  Williams,  President  and Chief  Executive  Officer of Grand Central
Financial  Corp.  said  that the  Company  has been  authorized  by its Board of
Directors to repurchase up to 5% of the Company's  1,749,831  outstanding shares
during the next six months.

Mr.  Williams  commented,  "We believe  that the  repurchase  of the shares will
enhance  shareholder value as such repurchases have the effect of increasing the
earnings per share and the book value of the remaining shares  outstanding.  The
last trade of common stock on October 24, 2001 was at  approximately  92% of its
tangible  book value which was at $10.41 per share (as of September  30,  2001).
Based on this we  believe  that the  repurchase  of our  shares is an  excellent
long-term investment."

The  repurchases  will be  made  in  open-market  transactions,  subject  to the
availability of stock.

Grand Central  Financial  Corp.  completed its initial public offering of common
stock in  connection  with the  conversion of Central  Federal  Savings and Loan
Association  of Wellsville  from a federally  chartered  mutual savings and loan
association to the federally  chartered stock savings and loan  association,  on
December 30, 1998. In the  conversion,  Grand Central sold  1,938,871  shares at
$10.00 per share, raising $19,388,710 in gross proceeds.

Central Federal Savings and Loan  Association of Wellsville is  headquartered in
Wellsville,  Ohio and  operates  through  its home  office and its full  service
branch in Columbiana County in Eastern 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.