Exhibit 99.1


Press Release                              FOR IMMEDIATE RELEASE
                                           Contact:    Dennis D. Cirucci, CEO
                                                       Peter J. Meier, CFO
                                           Telephone:  610-353-2900



         ALLIANCE BANK ANNOUNCES RESULTS OF SUBSCRIPTION OFFERING,
                    EXTENSION OF COMMUNITY OFFERING AND
               COMMENCEMENT OF SYNDICATED COMMUNITY OFFERING


     Broomall, Pennsylvania - (December 20, 2006) Alliance Bank (the "Bank")
(Nasdaq/Capital Market: ALLB) today announced that the subscription offering
of shares of common stock of its proposed mid-tier holding company, Alliance
Bancorp, Inc. of Pennsylvania (the "Company"), concluded on December 18, 2006.
The Company received 488 orders in the subscription and community offering for
approximately 830,000 shares, or $8.3 million based on the $10.00 per share
offering price.  All orders will be maintained at the Bank with interest until
completion of the offering.

     The Company also announced that it has extended the community offering and
concurrently commenced a syndicated community offering to complete the sale of
shares.  The Company currently expects to complete the offering in January 2007.
The syndicated community offering will be conducted through a syndicate of
broker-dealers that will be managed by Sandler O'Neill & Partners, L.P.  Neither
Sandler O'Neill & Partners, L.P. nor any other member of the syndicate group
will be required to purchase any shares in the offering.  The terms and
conditions of the syndicated community offering are more fully set forth in
the Company's prospectus dated November 13, 2006 and the prospectus supplement
dated December 20, 2006.  To facilitate the sale of additional shares, the
Company has increased the maximum purchase limitations in the offering for
both individuals and associates or groups acting in concert to $850,000,
notwithstanding current ownership of any shares of Alliance Bank common stock.
The Company must sell a minimum of 1,807,339 to complete the offering.

     Subscribers who have previously submitted an order in the subscription
or community offering for the maximum number of shares of common stock are
being given the opportunity to increase their orders to the new maximum
limitation.  Any increased orders will be due by 4:00 p.m., Eastern time, on
January 5, 2007.

     The Bank also announced today that at a special meeting held on December
15, 2006, its stockholders approved the Bank's Agreement and Plan of
Reorganization, whereby the Bank will reorganize into the mid-tier stock
holding company form by creating Alliance Bancorp, Inc. of Pennsylvania, a
new federally-chartered mid-tier holding company, which will hold all of the
issued and outstanding shares of the Bank upon completion of the
reorganization.  The completion of the reorganization and the offering is
subject to regulatory approval, including the approval by the Office of Thrift
Supervision of an updated appraisal.



     The Bank is a Pennsylvania-chartered stock savings bank headquartered in
Broomall, Pennsylvania and conducts business through nine full service offices
in Delaware and Chester Counties, Pennsylvania.

     This news release contains certain forward-looking statements. Forward-
looking statements can be identified by the fact that they do not relate
strictly to historical or current facts.  They often include the words
"believe," "expect," "anticipate," "intend," "plan," "estimate" or words of
similar meaning, or future or conditional verbs such as "will," "would,"
"should," "could" or "may."

     Forward-looking statements, by their nature, are subject to risks and
uncertainties.  A number of factors - many of which are beyond the Bank's
control - could cause actual conditions, events or results to differ
significantly from those described in the forward-looking statements.  The
Bank's reports filed from time-to-time with the Federal Deposit Insurance
Corporation, including the Bank's Form 10-KSB for the year ended December 31,
2005 and the Company's Prospectus, dated November 13, 2006, describe some of
these factors, including general economic conditions, changes in interest
rates, deposit flows, the cost of funds, changes in credit quality and interest
rate risks associated with the Company's business and operations.  Forward-
looking statements speak only as of the date they are made. The Bank does not
undertake to update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are made or
to reflect the occurrence of unanticipated events.

     This release is neither an offer to sell nor a solicitation of an offer
to buy common stock, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws or
laws of any such state or jurisdiction.  The offer will be made only by the
prospectus and the prospectus supplement. The shares of common stock are not
savings accounts or savings deposits, may lose value and are not insured by
the federal deposit insurance corporation or any other government agency.

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