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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 21, 2000
GRAND CENTRAL FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-25945 34-1877137
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
601 Main Street, P.O. Box 345, Wellsville, Ohio 43968
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(Address of principal executive offices)
(330) 532-1517
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
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On March 20, 2000, Grand Central Financial Corp. (the "Company"), issued a
press release which reported the declaration of a cash dividend payable April
13, 2000 to stockholders of record at the close of business on March 30, 2000.
A press release announcing the Company's declaration of a cash dividend is
attached as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS.
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Exhibit 99 Press Release dated March 20, 2000
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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.
Dated: March 21, 2000 By: /s/ William R. Williams
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William R. Williams
President and Chief Executive Officer
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EXHIBIT 99 PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: William R. Williams, President and CEO
or Jay Rife, Executive Vice President & CFO
Phone: 1-330-532-1517
GRAND CENTRAL FINANCIAL CORP.
ANNOUNCES QUARTERLY DIVIDEND
Wellsville, Ohio, March 20, 2000 - - Grand Central Financial Corp. (Nasdaq
SmallCap: GCFC) announced today that its Board of Directors, at their meeting on
March 16, 2000, declared a cash dividend of $0.06 per share on its common stock
payable April 13, 2000 to stockholders of record at the close of business on
March 30, 2000.
As of the end of the first quarter 2000, Grand Central Financial Corp. had
1,841, 923 shares of common stock outstanding which will represent a total
dividend paid of $110,515.38.
Grand Central Financial Corp. just completed a tax free return of capital
of $6.00 per share to shareholders of record on March 6, 2000 payable March 17,
2000 with an ex-dividend date of March 20, 2000.
Additionally, Grand Central Financial Corp initiated and completed a 5%
stock buy-back in August 1999. 96,943 shares were purchases at an average price
of $13.25 or $1,284,494.75. Also, 4% or 77,554 shares were purchased for the MRP
at an average price of $13.25 or $1,027,590. This resulted in a reduction of the
number of shares outstanding thereby increasing the book value per share to
$18.21. Another buy-back of 92,096 shares is scheduled for later this month or
early April.
Grand Central Financial Corp, a holding company owning all of the shares
of Central Federal Savings and 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 1892, operates three offices
located within Columbiana and Jefferson Counties, 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.
