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
Date of Report (Date of earliest event
reported) October 17, 1997
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COMMISSION FILE NO.: 0-23126
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RELIANCE BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 11-3187176
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(State or other Jurisdiction of Incorporation (IRS Employer or
organization) Identification No.)
585 Stewart Avenue, Garden City, New York 11530
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(Address of principal executive officer) (Zip Code)
Registrant's telephone number, including area code: (516) 222-9300
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Items 1 through 4, 6, 8.
Not applicable.
Item 5. Other Events
On October 17, 1997, Reliance Bancorp, Inc. announced the successful
completion of the acquisition of Continental Bank. In accordance with the terms
of the merger agreement, Reliance will issue 1.10 shares of its common stock for
each outstanding common share of Continental. The total transaction value is
estimated to be $24.0 million.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit No. Description
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99.1 Press Release issued on October 17, 1997, Reliance
Bancorp, Inc. completes the acquisition of Continental Bank.
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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.
By: /s/ Raymond A. Nielsen
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Raymond A. Nielsen
President and
Chief Executive Officer
Dated: October 17, 1997
EXHIBIT 99.1
RELIANCE BANCORP, INC.
585 STEWART AVENUE (516) 222-9300
GARDEN CITY, NY 11530 FAX: (516) 222-4559
NEWS RELEASE
FOR IMMEDIATE RELEASE October 17, 1997
For Information Contact:
Paul D. Hagan
Reliance Bancorp, Inc.
Senior Vice President and CFO
(516) 222-9300 ext. 286
RELIANCE BANCORP, INC. COMPLETES ACQUISITION
OF CONTINENTAL BANK
Garden City, New York, October 17, 1997 - Reliance Bancorp, Inc. (NASDAQ/NMS:
RELY) ("Reliance") based in Garden City, New York, announced today the
successful completion of its acquisition of Continental Bank (OTC BB: COBG) and
its merger into Reliance Federal Savings Bank, Reliance's wholly-owned
subsidiary. In accordance with the terms of the merger agreement, Reliance will
issue 1.10 shares of its common stock for each outstanding common share of
Continental. The total transaction value is estimated to be $24.0 million. The
acquisition of Continental Bank increased the total number of Reliance banking
offices to 30 and will expand its lending and deposit services to include
commercial banking services. Reliance now has approximately $2.2 billion in
assets and $1.6 billion in deposits.
Raymond A. Nielsen, President and Chief Executive Officer of both Reliance and
Reliance Federal Savings Bank said, "We are extremely pleased with the
acquisition of Continental Bank and extend a very sincere welcome to all
Continental customers and stockholders. We also welcome the established
Commercial Banking staff joining Reliance whose experience and expertise will be
a significant asset in maintaining existing relationships and building new
relationships throughout the Reliance franchise. Becoming more active in
commercial banking is consistent with being a full service community bank, and
this strategic in-market acquisition is consistent with our stated strategies
for increasing both earnings per share and the rate of return generated on
stockholders' equity. We expect that the loan portfolio and deposit base
additions, together with the significant operational efficiencies, will increase
earnings and create additional value for Reliance stockholders."
Reliance Bancorp, Inc. and Reliance Federal Savings Bank are headquartered in
Garden City, New York and operate 30 banking offices, located in the New York
City metropolitan areas of Queens, Nassau and Suffolk. Reliance Federal is a
community based financial institution specializing in deposit services and
providing multi-family, residential, commercial and consumer lending to its
customers.
