<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 24, 1996
(Date of earliest event reported)
RELIANCE BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Commission File No. 0-27624
WISCONSIN 39-1834823
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
3140 SOUTH 27TH STREET
MILWAUKEE, WISCONSIN 53215
(Address of principal executive offices) (Zip Code)
(414) 671-2222
(Registrant's telephone number, including area code)
<PAGE> 2
ITEM 5. OTHER EVENTS
On October 25, 1996, the Registrant announced that its Board of
Directors had declared a special distribution of $3.00 per share (the "Special
Distribution"), payable on November 15, 1996 to shareholders of record on
November 6, 1996. A significant portion of the Special Distribution is
expected to represent a non-taxable return of capital to stockholders that
would result in a reduction in the cost basis of each share. The exact amount
of the Special Distribution that could be considered non-taxable will be
determined after the Registrant's results of operations for the period
beginning April 18, 1996 through December 31, 1996 have been finalized, and
shareholders will be advised as soon as such determination has been made.
For further information, reference is made to the press release dated
October 25, 1996, which is attached hereto and incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
99 Press Release dated October 25, 1996.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RELIANCE BANCSHARES, INC.
Date: October 24, 1996 By: /s/ Allan T. Bach
-----------------------------------
Allan T. Bach, President and
Chief Executive Officer
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT SEQUENTIAL
NUMBER DESCRIPTION PAGE NUMBER
- ------ ----------- -----------
<S> <C> <C>
99 Press Release dated October 25, 1996 6
</TABLE>
<PAGE> 1
EXHIBIT 99
PRESS RELEASE
DATED OCTOBER 25, 1996
<PAGE> 2
RELIANCE BANCSHARES, INC. NEWS RELEASE
3140 SOUTH 27TH STREET
MILWAUKEE, WI 53215 FOR IMMEDIATE RELEASE
RELIANCE BANCSHARES, INC.
FOR MORE INFORMATION CONTACT: DECLARES ONE-TIME SPECIAL
DISTRIBUTION OF $3.00 PER
ALLAN T. BACH SHARE
PRESIDENT AND CEO
(414) 671-2222
________________________________________________________________________________
Milwaukee, Wisconsin, October 25, 1996... Reliance Bancshares, Inc.
(the "Company") (NASDAQ:RELI), the parent company of Reliance Savings Bank (the
"Bank"), today announced that the Board of Directors of the Company has
authorized payment of a special distribution of $3.00 per share payable on
November 15, 1996 to shareholders of record on November 6, 1996.
The Company has been advised that a significant portion of the special
distribution will represent a non-taxable return of capital that would result
in a reduction in the cost basis of each share. The exact amount of the
distribution that could be considered non-taxable will be determined after the
Company's results of operations for the period beginning April 18, 1996 through
December 31, 1996 have been finalized and shareholders will be advised
accordingly as soon as such determination has been made. Shareholders are
urged to consult their own tax advisors to determine their individual income
tax situation regarding the special distribution.
Allan T. Bach, President and Chief Executive Officer of the Company,
commented that "The Board of Directors has continued to analyze the Company's
capital position from the outset of its becoming a public company and has
determined that this is an excellent opportunity to deploy some of our excess
capital to further our commitment to maximize the return to our shareholders."
Reliance Bancshares, Inc. became the holding company of Reliance
Savings Bank upon consummation of the conversion of the Bank from mutual to
stock form on April 18, 1996. As part of the Conversion, the Company sold
2,562,344 shares of its common stock at $8.00 per share. The Company, with
total assets of $47.8 million at June 30, 1996, operates one full service
banking facility in the southern portion of Milwaukee.
