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       April 4, 1997
                            For Information Contact:
                            Paul D. Hagan
                            V.P. - Chief Financial Officer
                            (516) 222-9300 extension 286



                  RELIANCE BANCORP, INC. ANNOUNCES FIFTH STOCK
                               REPURCHASE PROGRAM


Garden City, New York, April 4, 1997

Reliance  Bancorp,  Inc.  (NASDAQ/NMS:RELY)  the holding  company  for  Reliance
Federal  Savings  Bank  announced  that its  Board  of  Directors  approved  the
Company's  fifth stock  repurchase  plan. The Company has been authorized by its
Board of Directors to repurchase up to 5% of the Company's 8,819,457 outstanding
shares during the next twelve months.

Raymond A. Nielsen,  President and Chief Executive Officer stated that the Board
of Directors and management are committed to growing long-term value for Company
stockholders  and believe the  repurchase  of common  stock  represents  a sound
investment of Company funds and a good capital  management  tool. The repurchase
will be made in open-market or privately negotiated transactions, subject to the
availability  of  stock,  acceptable  pricing  of  the  stock  and  such  timing
limitations as may be appropriate.

Reliance Federal Savings Bank is  headquartered  in Garden City, N.Y.  operating
through its administrative  office in Garden City and 28 banking offices located
in the New York counties of Queens,  Nassau and Suffolk. The Bank's deposits are
insured by The Federal Deposit Insurance Corporation.