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 17% INCREASE IN QUARTERLY DIVIDENDS
Wellsville, Ohio - December 27, 2000 - Grand Central Financial Corp. (NASDAQ:
Small Cap: GCFC) announced today that its Board of Directors, at their meeting
on December 21, 2000, declared a cash dividend of $.07 per share on its common
stock payable January 23, 2001 to stockholders of record at the close of
business on January 9, 2001. This represents an increase of 17% over the
previous quarterly pay out.
At the end of the fourth quarter 2000, Grand Central Financial Corp. had
1,749,831 shares of common stock outstanding which will represent a total
dividend paid of $122,488.17.
Grand Central Financial Corp., a holding company owning all the shares of
Central Federal Savings & 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.
