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) November 6, 1998
COMMISSION FILE NO.: 0-23126
RELIANCE BANCORP, INC.
(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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Item 5. Other Events
The Company 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.
Item 7 (c). Exhibits
Exhibit 99.1 Press Release for the completion of seventh stock repurchase and
announcing the eighth stock repurchase program.
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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: November 13, 1998
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.
