EXHIBIT 99.1

RELIANCE BANCORP, INC.
585 STEWART AVENUE                                    (516) 222-9300
GARDEN CITY, NY 11530                         FAX:    (516) 222-4559

                                                  NEWS RELEASE 


FOR IMMEDIATE RELEASE         March 19, 1997
                              For Information Contact:
                              Paul D. Hagan
                              V.P. - Chief Financial Officer
                              (516) 222-9300 extension 286



           RELIANCE BANCORP, INC. ANNOUNCES INCREASE IN THIRD QUARTER
                       CASH DIVIDEND FOR FISCAL YEAR 1997


Garden City, New York, March 19, 1997

Reliance  Bancorp,  Inc.  (NASDAQ/NMS:RELY),  today  announced that its Board of
Directors has declared a regular cash dividend of $0.16 per common share for the
quarter  ending March 31,  1997,  an increase of $0.02 or 14.3% from the regular
cash dividend paid for the second quarter of fiscal year 1997. The dividend will
be payable on April 18, 1997 to stockholders of record on April 4, 1997.

Raymond A.  Nielsen,  President  and Chief  Executive  Officer  commented,  "The
increase in the cash  dividend  reflects  the  Company's  continued  strong cash
earnings  and is  consistent  with the Board of  Directors  stated  objective of
enhancing  long term  stockholder  value.  Sharing  Company  profitability  with
Reliance  stockholders  through  the  payment of cash  dividends  is an integral
component of our plan for generating earnings for our stockholders".

Reliance Bancorp,  Inc. is the holding company for Reliance Federal Savings Bank
and has assets of $1.9  billion.  Reliance  Bancorp,  Inc. and Reliance  Federal
Savings Bank are  headquartered  in Garden City, New York and operate 28 banking
offices,  located in the New York City metropolitan areas of Queens,  Nassau and
Suffolk.   Reliance  Federal  is  a  consumer  oriented  financial   institution
specializing in providing deposit and credit services for its communities.