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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 COMPLETION OF STOCK REPURCHASE
Wellsville, Ohio - September 07, 2000 -- Grand Central Financial Corp. announced
the completion of its previously announced stock repurchase program which was
initiated in April. The Company repurchased 5% of its outstanding stock or
92,096 shares at an average price of $9.41 or $866,316.00. To date, since its
inception on December 30, 1998, Grand Central Financial Corp. has repurchased
189,040 of its shares.
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, will continue operation of
its 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.
