EXHIBIT 99.1


RELIANCE BANCORP, INC.
585 STEWART AVENUE                                            (516) 222-9300
GARDEN CITY, NY 11530                                 FAX:    (516) 222-1997

                                                              NEWS RELEASE



FOR IMMEDIATE RELEASE:         February 19, 1998

                               For Information Contact:
                               Paul D. Hagan
                               Senior Vice President and
                               Chief Financial Officer
                               (516) 222-9308 Ext. 215



             RELIANCE BANCORP, INC. COMPLETES FIFTH STOCK REPURCHASE


Garden City, New York, February 19, 1998

Reliance Bancorp, Inc. (NASDAQ/NMS:RELY),  today announced that it has completed
its  previously  announced  5% stock  repurchase  program.  The Company  said it
repurchased  440,973 shares of its outstanding  common stock, par value $.01 per
share,  in open  market  transactions  at an  aggregate  cost  of  approximately
$13,379,000.  Upon  settlement of the last  transaction on or about February 24,
1998 there will be  9,595,427  shares of Reliance  Bancorp,  Inc.  common  stock
outstanding.

Reliance Federal Savings Bank is headquartered in Garden City, N.Y. and operates
through its  administrative  office in Garden  City and through 30 full  service
banking offices in the Long Island, N.Y.  metropolitan area. The Bank's deposits
are insured by The Federal Deposit Insurance Corporation.