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                      November 6, 1998
                                           For Information Contact:
                                           Paul D. Hagan
                                           Senior Vice President-CFO
                                           (516) 222-9308 extension 215

                 RELIANCE BANCORP, INC. COMPLETES SEVENTH STOCK
            REPURCHASE AND ANNOUNCES EIGHTH STOCK REPURCHASE PROGRAM

Garden City, New York, November 6, 1998

Reliance  Bancorp,  Inc.  (NASDAQ/NMS:RELY)  the holding  company  for  Reliance
Federal  Savings  Bank today  announced  that it has  completed  its  previously
announced  seventh stock  repurchase  program.  The Company said it  repurchased
500,000 shares of its  outstanding  common stock,  par value $.01 per share,  in
open market  transactions at an aggregate cost of  approximately  $13.9 million.
Upon  settlement of the last  transaction on or about  November 12, 1998,  there
will be 8,686,844 shares of Reliance Bancorp, Inc. common stock outstanding.

The Company also  announced  that its Board of Directors  approved the Company's
eighth 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. 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.

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. 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  repurchase  its
stock.  For the quarter  ended  September 30, 1998,  the Company's  diluted cash
earnings per share of $0.70 were 40% percent  higher than  diluted  earnings per
share of $0.50 calculated under generally accepted accounting principles.

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.  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.