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EXHIBIT 99 PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: BILL WILLIAMS, PRESIDENT & CEO
OR JAY RIFE, EXECUTIVE VICE PRESIDENT & CFO
PHONE: 1-330-532-1517
GRAND CENTRAL FINANCIAL CORP.
ANNOUNCES QUARTERLY DIVIDEND
Wellsville, Ohio - September 22, 2000 -- Grand Central Financial Corp. (NASDAQ:
Small Cap: GCFC) announced today that its Board of Directors, at their meeting
on September 21, 2000, declared a cash dividend of 6(cent) per share on its
common stock payable October 17, 2000 to stockholders of record at the close of
business on October 3, 2000.
As of the end of the third quarter 2000, Grand Central Financial Corp. had
1,749,831 shares of common stock outstanding which will represent a total
dividend paid of $104,989.86.
In March, Grand Central Financial Corp. completed a tax free return of capital
of $6.00 per share to shareholders of record on March 6, 2000.
Grand Central Financial Corp., a holding company owning all 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. During the third quarter of 1999 Grand Central Financial
Corp. initiated and completed a buy-back of 96,943 shares. During the third
quarter of 2000, Grand Central Financial Corp. repurchased 92,096 shares making
a total of 189,039 shares repurchased.
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.
