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        March 17, 1999
                             For Information Contact:
                             Paul D. Hagan
                             S.V.P. - Chief Financial Officer
                             (516) 222-9308 extension 215

        RELIANCE BANCORP, INC. ANNOUNCES 16.7% INCREASE IN THIRD QUARTER
                       CASH DIVIDEND FOR FISCAL YEAR 1999

Garden City, New York, March 17, 1999

Reliance  Bancorp,  Inc.  (NASDAQ/NMS:RELY),  today  announced that its Board of
Directors has declared a regular cash dividend of $0.21 per common share for the
quarter  ending March 31,  1999,  an increase of $0.03 or 16.7% from the regular
cash dividend paid for the second quarter of fiscal year 1999. The dividend will
be payable on April 16, 1999 to stockholders of record on April 2, 1999.

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.  As a result of our past
acquisitions,  the Company has been  experiencing  strong  cash  earnings  which
enables the Company to use tangible  capital  growth to increase cash  dividends
and  repurchase  stock." Mr.  Nielsen also  indicated that the Company still has
authorization  under  its  previously  announced  stock  repurchase  program  to
repurchase up to 500,000 of the Company's outstanding shares. Based upon today's
closing stock price of $28.00, the increased dividend represents an annual yield
of 3.0% and the stock is  presently  trading at a price  earnings  ratio of 11.6
based upon the prior quarter annualized diluted earnings per share. In addition,
using prior quarter  annualized  diluted cash  earnings per share,  the stock is
trading at a price cash earnings ratio of 8.9.

Reliance Bancorp,  Inc. is the holding company for Reliance Federal Savings Bank
and has assets of $2.5  billion.  Reliance  Bancorp,  Inc. and Reliance  Federal
Savings Bank are  headquartered  in Garden City, New York and operate 29 banking
offices,  located in the Long Island,  New York  counties of Queens,  Nassau and
Suffolk.  Reliance Federal is a community bank specializing in providing deposit
and credit  services  for its  consumer  and  commercial  customers.  Additional
information  on the  Company  and Bank can be found on our  Internet  website at
www.reliance- federal.com.