EXHIBIT 99

                                  PRESS RELEASE
                       FIRST CENTRAL FINANCIAL CORPORATION

FOR IMMEDIATE RELEASE, May 21,1997:

                       FIRST CENTRAL FINANCIAL CORPORATION
                   ENTERS LETTER OF INTENT FOR SALE OF CONTROL
                                   OF COMPANY

                  NEW YORK,  NEW YORK,  May 21, 1997 - First  Central  Financial
Corporation of Lynbrook, New York (AMEX: FCC) announced today that it has signed
a letter of intent to negotiate  the sale of shares of common stock and warrants
to  a  group  of  investors  led  by  Connor  Clark  Ltd.  of  Toronto,  Canada.
Consummation  of this  transaction  is  subject  to  additional  due  diligence,
approval of the Board of Directors of both parties, approval of the shareholders
of First Central Financial  Corporation,  certain  regulatory  approvals and the
execution of a definitive Purchase Agreement.

                  If consummated,  the net proceeds of this transaction would be
applied to recapitalize  First Central  Financial  Corporation and First Central
Insurance  Company,  a wholly owned subsidiary of FCC, to a level that meets the
requirements of all relevant regulatory authorities and rating agencies.

                  The ultimate  purchase  price will be related to First Central
Financial  Corporation's  book value at or near the closing date, after a number
of adjustments.  The transaction  contemplates  the issuance of shares of common
stock and warrants.  A minimum of  $14,000,000  will be derived from the sale of
such  number of shares of common  stock as are  issuable  at the final  purchase
price.  As a result  of the  transaction,  Connor  Clark  Ltd.,  along  with the
minority  investors  in the  proposed  new  issue,  will  acquire a  controlling
interest in First Central Financial Corporation.

                  The closing of the proposed  transaction  is expected to occur
in September 1997.

                  CONTACT:   Joan Locascio, Chief Financial Officer
                             Vincent Esposito, Controller
                             (516) 593-7070