EXHIBIT 99.1


RELIANCE BANCORP, INC.
585 STEWART AVENUE                                TEL NO.:   (516) 222-9300
GARDEN CITY, NY 11530                             FAX:       (516) 222-1997

                                                          NEWS RELEASE



FOR IMMEDIATE RELEASE            March 18, 1998
                                 For Information Contact:
                                 Paul D. Hagan
                                 S.V.P. - Chief Financial Officer
                                 (516) 222-9300 extension 215


           RELIANCE BANCORP, INC. ANNOUNCES INCREASE IN THIRD QUARTER
                       CASH DIVIDEND FOR FISCAL YEAR 1998


Garden City, New York, March 18, 1998

Reliance  Bancorp,  Inc.  (NASDAQ/NMS:RELY),  today  announced that its Board of
Directors has declared a regular cash dividend of $0.18 per common share for the
quarter  ending March 31,  1998,  an increase of $0.02 or 12.5% from the regular
cash dividend paid for the second quarter of fiscal year 1998. The dividend will
be payable on April 17, 1998 to stockholders of record on April 3, 1998.

Raymond A. Nielsen,  President and Chief Executive Officer commented, "The Board
of  Directors'  action  to  increase  the cash  dividend  is  reflective  of the
Company's  strong  cash  earnings  and  consistent  with  the  Company's  stated
objective of enhancing long term stockholder value."

Reliance Bancorp,  Inc. is the holding company for Reliance Federal Savings Bank
and has assets of $2.2  billion.  Reliance  Bancorp,  Inc. and Reliance  Federal
Savings Bank are  headquartered  in Garden City, New York and operate 30 banking
offices,  located in the Long Island,  New York  counties of Queens,  Nassau and
Suffolk.   Reliance  Federal  is  a  consumer  oriented  financial   institution
specializing in providing deposit and credit services for its communities.