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     October 17, 1997
                          For Information Contact:
                          Paul D. Hagan
                          Reliance Bancorp, Inc.
                          Senior Vice President and CFO
                          (516) 222-9300 ext. 286

                  RELIANCE BANCORP, INC. COMPLETES ACQUISITION
                               OF CONTINENTAL BANK

Garden City, New York,  October 17, 1997 - Reliance Bancorp,  Inc.  (NASDAQ/NMS:
RELY)  ("Reliance")  based  in  Garden  City,  New  York,  announced  today  the
successful  completion of its acquisition of Continental Bank (OTC BB: COBG) and
its  merger  into  Reliance  Federal  Savings  Bank,   Reliance's   wholly-owned
subsidiary. In accordance with the terms of the merger agreement,  Reliance will
issue  1.10  shares of its common  stock for each  outstanding  common  share of
Continental.  The total transaction value is estimated to be $24.0 million.  The
acquisition of Continental  Bank increased the total number of Reliance  banking
offices to 30 and will  expand  its  lending  and  deposit  services  to include
commercial  banking  services.  Reliance now has  approximately  $2.2 billion in
assets and $1.6 billion in deposits.

Raymond A. Nielsen,  President and Chief Executive  Officer of both Reliance and
Reliance  Federal  Savings  Bank  said,  "We  are  extremely  pleased  with  the
acquisition  of  Continental  Bank and  extend  a very  sincere  welcome  to all
Continental  customers  and  stockholders.   We  also  welcome  the  established
Commercial Banking staff joining Reliance whose experience and expertise will be
a  significant  asset in  maintaining  existing  relationships  and building new
relationships  throughout  the  Reliance  franchise.  Becoming  more  active  in
commercial  banking is consistent with being a full service  community bank, and
this strategic  in-market  acquisition is consistent with our stated  strategies
for  increasing  both  earnings  per share and the rate of return  generated  on
stockholders'  equity.  We  expect  that the loan  portfolio  and  deposit  base
additions, together with the significant operational efficiencies, will increase
earnings and create additional value for Reliance stockholders."

Reliance  Bancorp,  Inc. and Reliance Federal Savings Bank are  headquartered in
Garden City,  New York and operate 30 banking  offices,  located in the New York
City  metropolitan  areas of Queens,  Nassau and Suffolk.  Reliance Federal is a
community  based  financial  institution  specializing  in deposit  services and
providing  multi-family,  residential,  commercial  and consumer  lending to its
customers.