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      EXHIBIT 5.0    OPINION OF MULDOON, MURPHY & FAUCETTE LLP RE: LEGALITY




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DRAFT




                                August 9, 1999



Board of Directors
Grand Central Financial Corp.
601 Main Street
Wellsville, OH 43968

      Re: Grand Central Financial Corp. 1999 Stock-Based Incentive Plan

Gentlemen:

      We have been requested by Grand Central Financial Corp. (the "Company") to
issue a legal opinion in connection with the  registration  under the Securities
Act of 1933 on Form S-8 of 271,441  shares of the Company's  Common Stock,  $.01
par value (the  "Shares")  that may be issued under the Grand Central  Financial
Corp. 1999 Stock-Based Incentive Plan (the "Plan").

      We have made such  legal and  factual  examinations  and  inquiries  as we
deemed advisable for the purpose of rendering this opinion.  In our examination,
we have assumed and have not verified (1) the genuineness of all signatures, (2)
the  authenticity  of  all  documents  submitted  to us as  originals,  (3)  the
conformity with the originals of all documents supplied to us as copies, and (4)
the accuracy and completeness of all corporate  records and documents and of all
certificates  and statements of fact, in each case given or made available to us
by the Company or its subsidiary, Central Federal Savings Bank of Wellsville.

      Based on the  foregoing and limited in all respects to Delaware law, it is
our opinion that the Shares  reserved  under the Plan have been duly  authorized
and upon payment for and  issuance of the Shares in the manner  described in the
Plan, will be legally issued, fully paid and nonassessable.

      The following  provisions of the Certificate of  Incorporation  may not be
given effect by a court applying Delaware law, but in our opinion the failure to
give  effect to such  provisions  will not affect the duly  authorized,  validly
issued, fully paid and nonassessable status of the Common Stock:






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Board of Directors
August 6, 1999
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      (a)  Subsections  C.3 and C.6 of Article  FOURTH and  Section D of Article
EIGHTH, which grant the Board the authority to construe and apply the provisions
of  those  Articles,  subsection  C.4 of  Article  FOURTH,  to the  extent  that
subsection  obligates  any person to provide to the Board the  information  such
subsection  authorizes the Board to demand,  and the provision of subsection C.7
of Article  EIGHTH  authorizing  the Board to determine the fair market value of
property  offered or paid for the Company's stock by an interested  stockholder,
in each case to the extent,  if any, that a court applying  Delaware law were to
impose equitable limitations upon such authority; and

      (b) Article NINTH of the Certificate of  Incorporation,  which  authorizes
the Board to  consider  the  effect  of any  offer to  acquire  the  Company  on
constituencies other than stockholders in evaluating any such offer.


      We note that,  although certain portions of the registration  statement on
Form S-8 (the financial  statements and  schedules)  have been included  therein
(through  incorporation  by reference) on the authority of "experts"  within the
meaning of the Securities Act, we are not experts with respect to any portion of
the  Registration   Statement,   including  without   limitation  the  financial
statements  or schedules or the other  financial  information  or data  included
therein.

      We hereby  consent to the filing of this opinion as an exhibit to, and the
reference to this firm in, the Company's registration statement on Form S-8.


                                Sincerely,

                                /s/ Muldoon, Murphy & Faucette LLP



                                MULDOON, MURPHY & FAUCETTE LLP