EXHIBIT 23(d)

              [FREIDMAN, BILLINGS, RAMSEY & CO., INC. LETTERHEAD]



May 4, 1998



Gentlemen:

This letter will constitute our consent to the inclusion of our opinion
regarding the acquisition of Southwest Bancshares, Inc. by Alliance Bancorp
("Alliance") in Alliance's registration statement on Form S-4 (the "Registration
Statement") and to the inclusion of the summary of such opinion and the use of
our name in the Registration Statement.  In giving the foregoing consent, we do
not admit that we come within the category of persons whose consent is required
under Section 7 of the Securities Act of 1933, as amended (the "Securities
Act"), or the rules and regulations of the Securities and Exchange Commission
(the "Commission") with respect to any part of such Registration Statement
within the meaning of the term "experts" as used in the Securities Act and the
rules and regulations of the Commission promulgated thereunder.

                         Very truly yours,

                         FREIDMAN, BILLINGS, RAMSEY & CO., INC.


                         /s/ Eugene S. Weil
                         Eugene S. Weil
                         Managing Director