EXHIBIT 99

                        FOR RELEASE:     January 20, 1998
                        CONTACT:         Andrew W. Attivissimo, President
                                         First Central Financial Corporation
                                         266 Merrick Road
                                         Lynbrook, NY 11563

        Lynbrook, New York, January 20, 1998 - First Central Financial
Corporation announced today that the proposed purchaser of First Central's two
operating subsidiaries has indicated that it is not prepared to proceed with the
transaction on the terms previously reported. Discussions with the proposed
purchaser are proceeding but it does not appear that such purchaser will make
any significant funds available to First Central. In addition, First Central
continues to seek investors or other purchasers of First Central's primary
subsidiary, First Central Insurance Company, but such efforts have
been unproductive.

        In its Quarterly Statement filed with the New York Insurance Department
on November 14, 1997, First Central Insurance Company reported a deficit in
statutory surplus of $2,164,786 at September 30, 1997. As a result of such
deficit, rehabilitation and/or liquidation proceedings may shortly be
commenced with respect to First Central Insurance Company. In such event, it
is unlikely that First Central would realize any significant value for
First Central Insurance Company and accordingly, no significant sums would be
available to holders of First Central's 9% Convertible Subordinated Debentures
due 2000 or to First Central's shareholders.

Except for historical information, this news release contains forward-looking
statements which involve unknown risks and uncertainties that may cause First
Central's actual results or outcomes to be materially different from those
anticipated and discussed herein. Important factors that might cause such
differences are discussed in First Central's filings with the Securities and
Exchange Commission.