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 12.5% INCREASE IN QUARTERLY DIVIDENDS

Wellsville,  Ohio - December 26, 2001 - - Grand Central Financial Corp. (NASDAQ:
Small Cap: GCFC) announced  today that its Board of Directors,  at their meeting
on December  20,  2001,  declared a cash  dividend  of 9(cents) per share on its
common stock payable  January 18, 2002 to stockholders of record at the close of
business  on January 7, 2002.  This  represents  an  increase  of 12.5% over the
previous quarterly pay out.

At the end of the  fourth  quarter  2001,  Grand  Central  Financial  Corp.  had
1,742,331  shares of common  stock  outstanding  which  will  represent  a total
dividend paid of $156,809.79.

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.