SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE

                       THE SECURITIES EXCHANGE ACT OF 1934

         Date of Report (Date of earliest event reported)     January 23, 1998

                      FIRST CENTRAL FINANCIAL CORPORATION
               (Exact Name of Registrant as Specified in Charter)

                                                                                  
               NEW YORK                                    1-9138                                      11-2648222
   (State or Other Jurisdiction of                (Commission File Number)              (I.R.S. Employer Identification Number)
            Incorporation)

                                266 MERRICK ROAD
                            LYNBROOK, NEW YORK 11563
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's telephone number, including area code (516) 593-7070


















ITEM 5.  OTHER EVENTS

         Pursuant to Paragraph F of the General Instructions to Form 8-K, the
Company hereby incorporates by reference herein the press release issued by the
Company on January 23, 1998, which is attached hereto as Exhibit 99.

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

         (C)      EXHIBITS

                  Exhibit  Description

                  99       Press release, dated January 23, 1998


                                        2




















                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                    FIRST CENTRAL FINANCIAL CORPORATION

January 23, 1998                    By: /s/ Andrew W. Attivissimo
                                       --------------------------
                                        Andrew W. Attivissimo
                                        President


                                        3



















                                INDEX TO EXHIBITS

Exhibit                                            Description

  99                                     Press release, dated January 23, 1998