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                       January 12, 1998
                                            For Information Contact:
                                            Paul D. Hagan
                                            Senior Vice President-CFO
                                            (516) 222-9308 extension 215


                  RELIANCE BANCORP, INC. ANNOUNCES SIXTH STOCK
                               REPURCHASE PROGRAM


Garden City, New York, January 12, 1998

Reliance  Bancorp,  Inc.  (NASDAQ/NMS:RELY)  the holding  company  for  Reliance
Federal  Savings  Bank  announced  that its  Board  of  Directors  approved  the
Company's  sixth stock  repurchase  plan. The Company has been authorized by its
Board of  Directors to  repurchase  up to 500,000 of the  Company's  outstanding
shares during the next twelve months which shall commence upon the completion of
the  Company's  fifth stock  repurchase  program which was announced in April of
1997. The Company has  approximately  99,000 shares  remaining to be repurchased
under the fifth stock repurchase program.

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 30 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.