| Business Summary | | Grand
Central
Financial
Corp.
was
organized
as
the
holding
company
for
Central
Federal
Savings
and
Loan
Association
(Association),
in
connection
with
the
Association's
conversion
from
a
mutual
to
stock
form
of
organization.
The
Company
does
not
transact
any
material
business
other
than
through
the
Association.
The
Association's
principal
business
consists
of
attracting
deposits
from
the
general
public
in
its
primary
market
area,
and
investing
those
deposits
and
other
funds,
such
as
those
generated
from
operations
and
Federal
Home
Loan
Bank
(FHLB)
of
Cincinnati
advances.
Retail
savings
deposits
and,
to
a
lesser
extent,
principal
and
interest
payments
on
loans
and
investment
securities,
FHLB
advances
and
proceeds
from
the
sale
of
loans
are
the
primary
sources
of
funds
for
the
Association. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | GCFC
is
a
bank
holding
company
for
the
Central
Federal
Savings
and
Loan
Association
of
Wellsville.
For
the
six
months
ended
6/30/01,
interest
income
rose
5%
to
$5.1
million.
Net
interest
income
rose
less
than
1%
to
$2.1
million.
Net
income
totaled
$271
thousand,
up
from
$101
thousand.
Interest
income
reflects
an
increase
in
volume
of
loans,
partially
offset
by
an
increase
in
deposits.
Net
income
benefitted
from
lower
salaries
and
employee
benefits. | More
from
Market Guide: Significant
Developments |
| Officers | | | FY2000 Pay | |
| Gerry Grace, 62 Chairman | -- | William Williams, 57 Pres,
CEO, Director | $292K | John Rife, 45 Exec.
VP and Treasurer | 179K | Daniel Galeoti, 45 VP
of Mortgage Operations and Corp. Sec. | -- | Charles Standley, 47 VP
of Commercial and Consumer Lending | 171K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|